Do you consider yourself an emotional or a rational decision-maker? If you are like many leaders I have met in the entrepreneurial ranks, you’ll think you are both. Some of my clients would just argue that their emotions are rational.
Regardless, what I would like you to consider is that your decisions may not be as good as you think they are. Depending on your circumstances, you may need to use different approaches to your decision-making process.
Do your tendencies get in the way? I find that many leaders are capable of making good decisions, but their leadership tendencies get in the way. This can include:
Many outgrow these tendencies after they lose enough money and/or relationships. However, too often they don’t make enough adjustments, and many do not realize they have the above tendencies. The problem is we do not keep score of wrong and right decisions. Many times, it is impossible or too costly to find out whether a decision we made was the right one.
Learn more about the common problems with decision-making.
Do not confuse your ability to earn wealth with good decision-making. I have encountered many wealthy executives that would be great candidates for reality television shows because of the way they go about decision-making on a day-to-day basis. They would have crowds laughing for days.
Picture an investment broker that advises you to purchase 10 stocks. Nine of those stocks lose money pretty badly, but one makes a lot of money, so the portfolio shows a profit. Would you want to keep that broker? My wealthy reality TV candidates would try to convince you they were great stock pickers because they made money.
In any given day, a leader makes many decisions. Here are some questions that I suggest you consider before you possibly make another bad decision:
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