How to Make the Best Decision as an Entrepreneur
3 questions to ask when measuring decisions:
1. What could’ve been done differently?
2. Was the timing proper?
3. Could it have waited 6 or 12 months from now?
The decision measuring formula: DTR
1. Stretching the DOLLAR
2. Least amount of TIME needed
3. The RETURN
There are 2 areas that require constant decision making:
1. Offense (Opportunity)
2. Defense (Problem)
iii. Protection against a competitor or market correction
Questions to ask as you make decisions:
1. What issue will the decision solve?
2. How urgent is the issue (Opportunity or problem)?
3. How much will it cost?
4. How much time is needed to address the issue?
5. What type of results will it give?
c. Return of money
d. Protection of loss
Make a list of blind spots of things that could go wrong or go right with the decision:
e. It’s easy to get excited about possibilities but you need to also think
about what could go wrong.
Inspect your track record of making decisions:
1. How often do you make the right choice?
2. How quickly do you make devisions and pivots compared to the competition in your industry?
3. How effective is the decision making process?
a. Last 10 major decisions that all were $1,000,000, $100k decisions or $10k?
4. How much has it taken you away from your core strength to grow the company?
(Core strength is to advance the business)
The purest measurement of the decisions you’re making for your
company come down to results.