#4 Tips for Entrepreneurs to Make Smart Decisions Faster Somewhere switching between multiple tasks, there comes a time in every entrepreneur's life when he/she needs to make a quick business decision.
By Nidhi Singh
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The everyday life of an entrepreneur is full of highs and lows. The day starts with endless meetings, follow ups with clients via phone call or email and ends with stress and pressure. Somewhere switching between multiple tasks, there comes a time in every entrepreneur's life when he/she needs to make a quick business decision. People who make fast and effective decisions enjoy many benefits like better opportunities, less anxiety and a lasting good impression on consumers.
So, always remember, If you want to stay ahead of your competitors, you will have to decide quicker than they do.
Entrepreneur India lists out few key tips for budding entrepreneurs to improve their decision making skills.
Ask Your Mentor's Advice:
An entrepreneur is a sole commander of his business. His actions and the power of taking decisions, define the fate of his startup and the ones under his circle. According to Sudeep Singh, Chief Evangelist and Co-Founder at GoWork, when it comes to taking decisions, timeliness is the most important factor. The more experience you have in the industry, the strenuous it is to contemplate upon the right decision.
"Firstly, one should always channel the information they have collected in a way so that it is easy and quick to figure trends that will be useful for deciding. Secondly, always, consider the advice of your mentors for guidance and refer to the previous case of others in the industry. Chances are that what you are going through has been someone else's experience in the past," shared Singh.
Visualize the End Result :
For Pinky Daga, CEO, Thriive Art & Soul, the number one activity that can help entrepreneurs in making smart decisions faster is meditation at regular intervals during the day.
"This calms the mind and allows creativity and intuition full play. Also, before going into a meeting, especially when you anticipate it being a stressful one-on-one, have a 'mind meeting' with that person. This sends the right vibes across and subliminally gets that person also into the frame of mind that's positive towards you," said Daga.
She also further went on to say that there are often no good or bad decisions, only consequences. So, one must visualise the end result of a particular decision.
"If the end result raises your energy levels, go ahead with it.Lastly, begin every morning with affirmations that include being an 'effective decision-maker," she added.
Learn From Others:
Like any other thing in life, the more you practice the better you become at it. Afsar Zaidi, CEO, HRX and Founder Exceed Entertainment. advises the entrepreneurs to hone the skill of decision making by taking more decisions till such time it starts coming sub consciously, without too much deliberation.
"Key is to ensure whatever decision you take, you make good of it, because like everything in life every situation can be converted into an opportunity or an obstacle. As entrepreneurs we need to be nimble at all times.We will save ourselves a lot of effort if we learn from others' experiences. It's not necessary to go through something on your own, so, always listen to others, read a lot, talk to people and learn from all the information that you get," said Zaidi
Create a Culture of Dissent:
Namita Thapar, CEO – Young Entrepreneurs Academy (YEA) firmly believes that in today's complex world, for an entrepreneur, speed & gut instinct are as or more important than mere data analysis & prior experience. Perfectionism & analysis paralysis can be serious limitations. She believes a culture of dissent ensures better decision making.
