Starting or buying a small business doesn't require special credentials. It doesn't even require that the individual be of a certain gender, race or religion in order for the business to succeed. All types of individuals can be successful in operating a small business -- as long as they excel in one area - DECISION MAKING!
In my experience, decision making is something children learn early in life by being given the opportunity of choices. If you learn that choices have consequences then you are more than likely to be careful in making your decisions. You may remember Monty Hall and Let's Make A Deal - go here to explore and learn about the probability of decisions The Monty Hall Problem.
Monty gave his costumed contestants an opportunity to win big prizes (cars, trips, $$$). Contestants were asked to pick one of three doors and generally stumbled over making even this simple decision. Once the decision was made, Monty would counter with an opportunity to take a guaranteed prize of cash or smaller prize. The contestant most often went for broke and took the chance on the unopened door. Yes, you've got it, more times than not the contestant went home with a goat, a donkey or nothing. We at home scoffed at the greediness of the decision as we, being of sound mind and sound body, would have decided on the guarantee of "a real prize".
Well, small business may not be a game, but it is often played with as much sense as the costumed contestant on Let's Make A Deal. On a daily basis, you, women leaders and CEOs, must make decisions that will effect the operation of your business. The decisions you must make are often loike the 3 doors: do this, do that, or don't do anything at all. Each door holds the outcome to your business's future. As in the example linked above when you choose not to do anything at all - it is the same door that the contestant chooses on the show when Monty pushes her toward the other 2 doors. Making a decision - regardless of the outcome - is the only way to move a business forward. Not every decision works out the way we would like, but we are better off winning the goat and learning that every decision has consequences than risking it all by doing nothing.
But the fact that we’re hard-wired to make decisions doesn’t by itself make us good decision-makers. That takes discipline: discipline to do at least four things all the time and well.
- Realize when and why you need to make a decision.
- Declare the decision: decide what the decision is, how you’ll work it, and who should be involved.
- Work the decision: generate a complete set of alternatives, gather the information you need to understand the possibilities and probabilities, and ultimately make a choice that best fits your values.
- Commit resources and act.
