Make Informed Decisions

Decision making in business requires more than confidence. It requires preparation.

Before making an important decision, look at the evidence. Where possible, use empirical evidence to understand what has worked, what has not and what the likely outcomes could be.

Think before you decide. Ask questions. Seek the perspective of a mentor or someone who has travelled the journey before you. Their experience can help you see things you may have overlooked.

Most importantly, understand that every decision has consequences. When you make a decision, you should be prepared to take responsibility for the results that follow.

Have a plan. Have a contingency where possible. Know your capacity and do not commit beyond what you can realistically manage.

If you want to enter a new area of business, take time to study it. Understand the market, the risks, the potential returns and what it will take to succeed.

Do not enter a business simply because you see your neighbour succeeding in it.

Make informed decisions. Have a roadmap. Then commit to the journey.