Think Fast or Slow: What Should be the Ideal Thinking Speed of an Entrepreneur?
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If you are an entrepreneur, there is probably nothing more important for you than to take the right decision and that too at the right time. It isn't unknown to the world that it takes more than just a few thoughts to make decisions that could change the lives of your start-ups.
Then how do you manage to make the right ones in the right amount of time?
You'd come across a plethora of books, self-help articles, blogs, movies, and so much more, guiding young entrepreneurs in making the right decisions, but if you ask us, there isn't one single way to go about making decisions. Have you ever come across anyone in life who says, "I'll make all my decisions based on a single strategy"?
No, right? Same goes for making decisions for your business. There isn’t a single right way to go about it. However, one way to know for sure that you're making correct decisions is to work on your time.
The right thinking speed for your mind helps a lot in deciding how your decisions would turn out to be.
Here are a few ways you can work on your thinking speeds for different situations. We’d provide you with a number of suitable examples to help you figure out the exact speed, timings, and ways of taking the right decisions.
1.Think Divergent vs Convergent, and Then Figure Out Your Speed
The first question that comes up whenever you’re working on a thought is whether you wish to think logically. If you come across an issue, which needs to be sorted, try using the following pathway to go about it:
A. Start with forming a timeline for your decision. Consider how much time you can devote to it.
B. Once you’ve formulated the amount of time you’d like to devote to the issue at hand, try to figure out whether it is a logical decision or a creative one.
C. If it is a logical decision, you need to work fast on finding a solution to it. Logic does not take much time to be inferred, and this is where divergent thinking comes into play.
A divergent decision is one that allows thinking on your feet. Divergence is typically signified by the capacity to produce many or a greater number of complicated or complex ideas from a single idea or simple triggers or ideas. It calls for making unexpected combinations, changing information into unanticipated forms, identifying connections among remote associates, and the like. In divergent thinking, a single question returns multiple answers, and though the answers vary considerably depending on the person, all answers are of equal value.
D. However, if on the other hand, you come across an issue which is based more on your creative set of mind, you’ll need more time working on it. Creative thinking, also known as the convergent form of thinking allows for a more creative bent of thought and making rash decisions based on your creative thoughts never works. You need to think slowly.
Thus, if we justify time concerns and thinking speeds based on the type of decision to be made, a more divergent issue at hand requires a lesser amount of time, while a convergent issue at hand requires a more time-consuming thinking process.
2.Thinking Speed Based on Your Risk-Taking Factor
Consider an entrepreneur confused in the midst of an issue at hand that requires taking a major risk. Risk-taking generally refers to the readiness to be courageous and daring — take risks or experiment with new things so as to stand apart. But if you're working towards building up a new business, it doesn't make sense for you to take any risks based on just a few minutes of thought.
Try looking at it in terms of taking ‘calculated risks’. Base this method of thinking on the magnitude of the risk that you're willing to take, and on a number of repercussions, it might have.
The heavier the risk, more is the time you should devote thinking on it.
3. Base Your Thinking Speed on the Number of Issues at Hand
Imagine having 10 issues to resolve, with just a few hours to think on all of them. It would hardly make sense for you to keep thinking on a single thing for far too long. It just doesn't make sense. If you're running a start-up, you, wouldn’t want to spend too much time thinking about matters that don’t make that much of a difference.
Base the speed of your thoughts on the number of issues you have in mind. We suggest you make a list one night prior to your work day of the issues that need resolving. More the number of issues, lesser time should you devote thinking on each, faster should be your thinking speed!
With these quick methods of deducing your thinking speed, we’re sure that you’d make wiser, faster decisions in your life as an entrepreneur. We know how important time management is for you, and we wouldn't want you to waste any of that!