One of the first and most important steps in making decisions is to understand the myths surrounding it. Usually, a myth only exists in people’s minds and is only activated when it needs to be disproved. To dispel a myth, you need to find another story that explains the myth’s origin. The alternative story should be not only true, but also interesting, compelling and memorable.
Many people believe that they can make decisions simply by trusting their gut feelings. Although this method can work in many situations, it is not advisable for big decisions. It can cause you to make wrong choices based on your confirmation bias. To avoid this trap, you need to learn to pause, reflect, and consider your options before making a decision. Practicing this technique will improve your decision-making skills and help you make better decisions.
The myth of choice overload has become a popular topic these days. However, this is not generally the case. Depending on how the options are organized, it may be beneficial to increase the number of options. On the other hand, it can have negative effects. When making a decision, it is important to consider the facts behind the decision. It will help you make better decisions in the long run.
While trusting your gut is often praised these days, it’s often not a good idea when making big decisions. Instead, it is better to make a clear and thoughtful decision based on the facts and information available. Avoid affirmation bias, which is responsible for many bad decisions. If your gut tells you to take a certain step, you should take an extra step to make sure it’s a good one.
One of the most important myths about decision making is that people are rewarded for their actions immediately. But it is important to make the right decision after considering all the facts. By taking the time to think carefully, you can make better and more accurate decisions. This myth is very common in business. It affects the way we think and behave in general. It is the source of many bad decisions.
You should not believe everything you read or hear. Your gut can be a great guide, but it’s also a bad decision. If you are unsure of your gut instinct, you will be disappointed. But if you’re confident, trusting your gut will be a good sign. Ultimately, a better decision is made by avoiding decisions based on confirmation bias.
It is a mistake to think that a decision is the right one. It is not. It’s not true. Instead, you need to make the right decision for your situation. This means putting your values first and foremost. When you are unsure of something, try to think about how they relate to the situation. For example, you will need to ask yourself if you are not sure whether or not you need to consult a solicitor.
In other words, you should pause and reflect before making a decision. In business, the concept of trusting your gut can be extremely useful. However, it is not a good idea to make a decision based on your gut. When a decision is made quickly, the process can be rushed and can lead to a wrong choice. It’s important to take your time and look at all the facts surrounding your decision.
There are many myths about the topic of choice. It is common to have too many options and make an impulsive decision in the end. But when you have to choose between several choices, you’ll need to choose between two sides and decide which one is best. And the more choices you have, the more likely you are to be able to make the right decision.
“Come on, Harry, for God’s sake make up your mind.”
Decisions, decisions, we make every day, but do we make them good? Okay, maybe you can ask Siri or Google which car to buy, but I don’t think you can ask them what price to charge for the license for the new software.
I fund a very small new business in the DIY (do it yourself) space, D2C (direct to consumers). So the management team is hot and heavy in the early decision-making process, and often the most important. My basic mantra for the team is to “test” assumptions, but I don’t get any points for that. A / B testing and SEO data mining is now an old hat. But I can always improve in this area, so I turned to Columbia Business School professor Cheryl Einhorn to dispel some classic myths and mistakes about decision-making.
“I like to be efficient.” But we also know that sometimes speed can kill. It is important not to make a decision before you need to. Extra input usually improves the process. And not all decisions require painstaking research. Order the pasta primavera and return to work.
“I need to solve this problem right now.” This is the classic failure to understand the impact of the mesh network of all interrelated decisions. Requires macro view, forest v. trees, or unintended consequences will inevitably arrive.
“This is just my decision.” I’d say, puky march to that one. “There is no man / woman in the island,” John Donne.
“I know I’m right; I just want you to agree with me. ” This is a confirmed bias on steroids. Creates a high risk of group thinking and a reluctance to seek explanations or other data.
“I trust my gut.” Given that I am an investor in a micro-biomass company, I can say with reasonable certainty that the gut is not that good at making decisions. There are about 39 billion microbial cells in the human body. Which one are you going to trust?
“Decision making is linear.” No. It’s round and can often look like a rhombic dodecahedron. That’s why it’s really important to write things down. I go to several restaurants in the neighborhood at lunch time. The first thing I ask for is a large sheet of butcher paper, I take notes and then I take the table cloth with me.
You think you know what you think you said but maybe it’s not what you meant or what the other party heard. The pasta stain next to the words will help to remind you.
“I have all the information I need.” It’s what you don’t know that you don’t know will kill you – and sometimes other people as well. The subtext here is also where you get your information. Does it come from someone with an agenda, with a bias? Is it on point or tangential? It can be effective to keep asking questions, but equally, you need to ask in a way that is not considered a prosecution. Give room for adjustment without losing face.
“I’m a rational person.” Certainly you and 330 million other citizens. Take vaccines for example, of course we all agree.
“There’s only one way to do this,” followed by her cousin, “Because we’ve always done it this way in the past.” This is obviously wrong of course, but as we know, both of these are common default choices when we face a challenge to our leadership. We are afraid to appear weak, so we default to strong-man stupidity.
It takes time to make good decisions, those that really affect and define your company. And new data often requires what Einhorn calls “cheetah pause.” He developed the phrase after learning that “the cheetahs’ tremendous hunting skill is not because of his speed (60 miles per hour), but because of his ability to slow down and change course.” They turn a dime on. A useful skill for a wide receiver as well as a CEO.
And finally, it’s hard to know if your decision was a good one, because often the feedback loop isn’t straight.
Well, suppose you can trust me on that one?
Rule No. 700: Sure, gimme the primavera pasta.
Senturia is a serial entrepreneur investing in early-stage technology companies. You can hear her weekly podcast on innovation and entrepreneurship at imthereforyoubaby.com. Email ideas to Neil at [email protected]