These Tips will Help you Augment your Decision Making Abilities
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Who should we hire? Where to invest money? Should we go for product A or product B? Which marketing strategy should we adopt to popularize the brand? Entrepreneurs are faced with such questions every day. While on some days, they nail every deal and make the best out of them, there are days when their minds get stuck in too many things and they are just not able to function.
As nobody is born with qualities and we all learn on the ground while working on certain projects, we thought of taking recommendations of experts on how you can improve your decision-making skills.
Do not Lose your Focus
Entrepreneurs often encounter situations when they come on the verge of losing their focus, which should not be the case. Handling too many things at a time can be difficult but entrepreneurs have to keep a constant eye on each and everything happening in the organization. The founder of Marico and the master mentor to big corporates, Harsh Mariwala advises entrepreneurs to maintain their focus on key things. As focus leads a person to the depth of a particular issue and this depth leads to excellence. Entrepreneurs can learn to be the wise decision makers.
Motivation comes from a burning desire to succeed. Over the period of time, it should turn into a purpose," said Mariwala.
Keep Promoter's Mindset
Understanding the entrepreneurial mindset, Dr. Srividya Raghavan, Professor of Entrepreneurship at IFIM Bengaluru suggests entrepreneurs to have a promoter's mindset while making decisions for the best interest of the company. Entrepreneurs generally have two kinds of mindset wherein one includes, a promoter's side of it and the other one includes the preventive side of it. While a promoter's mindset always calls for the betterment of resources to run a company and the preventive mindset works to reduce the risk factor in a situation, Raghavan's tip for aspiring entrepreneurs is to use the promoter mindset while making key decisions instead of opting for preventive mindset.
She further explained that the objective of the promoter's mindset is to always enhance the company; on the other hand, preventive mindset leads to the protection of resources.
Opinion of Different People Helps
Counter-intuitive approach helps towards difficult decisions. At times, entrepreneurs come across a situation when they are too tied up with the clutter of things that they overlook something very obvious. Sharing his personal journey, the Founder and CEO of Authorito, Mohit Mamoria said, "I have realized that often I make a decision and then try to defend it using poor reasons, which is not right. There are many entrepreneurs who go through this phase. But getting a third opinion of others on your opinion always helps."
Sometimes, the analogy of others in a matter works wonders. Therefore while making tough business decisions; one should take the help of others, he further added.