1. Do you identify your goals?
When it comes to your business goals, having a clear picture of what they are and the results you want to obtain play a significant role in guiding your decision making process. Creating a roadmap for success with timelines and detailed descriptions of the tasks at hand leads to higher levels of motivation and a sense of accountability. Going through this exercise increases the odds of making more informed, strategic decisions during your entrepreneurial journey.
2. Do you reflect on past decisions?
With every decision you make, for better or for worse, you learn and grow from it. Never move so fast that you fail to reflect on past choices and the outcomes that resulted. This is the time to review and identify areas for improvement – as well as what worked to your benefit. At the end of the day, it is a fine balancing act. You don’t want to obsess over the things you can’t change so be sure to keep the momentum going and focus on the opportunities that are in front of you. Don’t let one wrong turn take you on a huge detour. The most successful business owners push through challenges, believe in themselves and their visions.
3. Do you consider all the options?
Alternatives are usually abundant in the beginning phase of the decision making process so be sure not to rush into anything. Doing your due diligence and identifying every potential path means you are more likely to make a decision that results in a successful outcome. If you have teammates, another course of action is to include them in the process. It is never a bad idea to gain fresh perspectives from other people in the company – or even outsiders who are not familiar with or too close to your brand. Removing ego and bias from the equation is a big part of being a better boss, entrepreneur, and decision maker.
4. Do your personality traits impact your decision making?
Some personality traits tend to handle pressure better than others and/or have an innate ability to make decisions with confidence. For example, those who are natural-born risk-takers may not have to deal with fear of failure getting in the way of making tough choices. There is also a benefit to those who are more risk-averse. As they are more likely to think things through, it is less likely for any rash decisions to be made. Being calculated in your choices is a good thing, as long as it doesn’t prevent you from committing to a decision. Trusting your gut is also an important quality to possess. As a business owner, there will be times where your intuition will steer you in the right direction. The good news is traits don’t define success, but it is helpful to evaluate your personality type and to be aware of how it impacts the way in which you make decisions.
“Be willing to make decisions. That’s the most important quality in a good leader.”
– George S. Patton
5. Do you stay open-minded?
As an entrepreneur, maintaining an open mind is crucial. Drawing conclusions too quickly or leaving no room for flexibility in your business plan can hinder your ability for achieving long-term success. Of all the lessons learned by small business owners during the pandemic, having the ability to innovate, be flexible, and pivot, must be a top priority for every entrepreneur. By staying open-minded and recognizing that every decision is an opportunity to take your business to new heights, you will go from loathing having to make a choice to loving it!
Enhancing your decision-making skills and other leadership qualities is an ongoing journey. It is a gradual process built on the backs of the choices that have come before. tBp looks forward to supporting your growth with a community of fellow entrepreneurs where confidence blossoms around every corner.