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Decision making is simply choosing one alternative over several others due to it’s greater feasibility which is established after weighing the pros and cons of each alterntive.This is a difficult job. As an entrepreneur you probably have to make a million decisions every day. In business the stakes can be high and you cannot afford to make too many mistakes. Despite careful study and thought however, you can go wrong when you make a decision. There is no sure-shot way to always help you make the right choice, but you can improve your decision making skills by following a few simple guidelines. Here are some ways for you to learn to make better decisions.
1) Identify the purpose: It is extremely important to know exactly what the purpose of taking a particular decision is.Analyse the problem and then identify the purpose.
2) Data Collection: Collect as much information as possible about the situation. Arming yourself with knowledge (of the problem) is the best way to tackle a hard decision.
3) Brainstorm: Brainstorm and think of as many possible solutions as possible. Maybe you could use them in combination with each other. Brainstorming leads to generation of options that earlier might not even have been thought of.
4) Weigh your choices: Weight the pros and cons of each alternative. See what works for you. Try and pick one which requires minimum input, thus saving your resources, and which will be the most productive.
5) Take action: Once you have made your decision, put it into action. Formulate a specific plan of action and follow it through.
6) Evaluate the decision: Always evaluate the decision after you put into practice and see what can be learnt from it. This will help you to always improve upon yourself.
When you have a reasonable amount of time, try and stick with these tips as you can be assured of a good decision.However, sometimes when you have to make a split second decision you may not have the time to follow through steps. At times like these, follow your instinct and always keep your eyes on the goal.
