Leadership

How to make smart decisions for your business

Being smart comes in various degrees, and not just from earning a perfect 4.0 on the grade point scale in college or finishing with not just a Bachelor’s Degree, but also Master’s and Doctorate’s degrees with the highest honors that read like a grocery list for Thanksgiving during the commencement ceremony.

Knowledge comes from more than what is discussed in a classroom; it also derives from experiences and other factors that help create better decisions made in the development and growth of a new business. Most successful companies also have a variety of people who are rational in their decision-making processes that move a company from the bad paths to more fruitful ones to meet today’s requirements for flexibility and change.

Make time to project for the future

A big mistake made by various companies that fall hard are not projecting ahead as time goes by, meaning that decisions are often made without the proper information necessary to make the best decision in the correct context. Some companies that often failed made the mistake of making important decisions when a crisis arose where in many cases, it was too late to react. But they felt more comfortable putting out fires than preventing them.

Get off the track to find new ideas

Staying on the beaten path only means you will find yourself at the same finishing line where all of the medals have been passed out to those who have already beaten you to the punch. To be successful means being innovative, which in turn means generating more initiatives and more projects that are unique to industry standards. This type of approach helps develop new strategic options that test limits and guide new paths to where there are new gains that haven’t been discovered yet.

Learn from mistakes

Everything that happens in life is done through trial and error. It is a fact that everyone will make mistakes because how else will we learn what does and does not work. Those who succeed as business owners learn from the mistakes they make early on. How did the early caveman know that fire was hot if he didn’t reach his hand into it and burn himself?

Answers not always available

There’s a common belief that those who think they know everything in the world will more likely annoy those who do. Those who are smart and savvy in business don’t have to constantly remind everyone remind them how good they are and act like know-it-alls. They should be smart enough to realize that they don’t know everything and that’s okay. Being successful in business means always willing to learn something new every day.

Surround yourselves with good company

A successful business person is not someone who remains on an island by himself. It takes a community to make a business grow and a council to create plans for a city to grow. While an individual may feel he or she knows what to do, it’s better to employ a variety of opinions found within a group of like-minded people. Otherwise, one person will have control of everything and could miss an important side note that could have a great impact on how their plan succeeds or fails.

Being resourceful

Those who succeed are those who know how to adapt and create new ways to perform in an evolving world that surrounds them to achieve a variety of results. This is why human beings have the evolutionary advantage of intelligence that several other species do not have.

Reasoning as a tool

There are people who, despite being presented with indisputable evidence that they are wrong in their assumptions or planning, will constantly hold their ground as if it was a matter of life and death. This is why critical thinking, logical reasoning, causality and a scientific method are the big things that separate our generation from those in the dark ages.

Don’t follow fads

In today’s world, fads go away as fast as they enter the biggest stage of popularity. And with social media, a fad can go through this cycle in a much faster time because users are constantly finding something new every day, every hour and every minute. The dumbing down of society is often best described by Urban Dictionary’s explanation of the movie Idiocracy as what was supposed to be a comedy “became a documentary.” Just remember that there’s a reason that vinyl records are not manufactured like they used to.

Live within means

In our younger years, we sometimes stretch ourselves beyond our budget because we want to get the latest music CD or the biggest screen television we can fit on our wall without the weight bringing a chuck of it down with it. When it comes to something you wouldn’t’ want to lose, it’s better not to let it squander by living beyond your business plan’s budget – as if you really needed the high-tech coffee maker that can play music and read you the news.

Being your own worst enemy

Not only is a person’s own worst critic themselves, but we have an emotional blind spot developed in our brain’s frontal lobes that can haunt a person for an extended period of time. Sometimes that blind spot is what creates a contradiction to what makes a person smart in the business world. But both are important in a coexisting balance, like the yin and yang creates a perfectly balanced circle. It’s important not to beat yourself up because there’s no time to do that in the competitive world of business.

If at first you don’t succeed ….

Thomas Edison had 999 failed experiments before he found success in creating the lightbulb, which eventually had a hand in creating everything we sometimes take for granted. When it comes to succeeding in the world of business, an entrepreneur isn’t always going to find a success on the very early attempts. Failures eventually lead to building on a knowledge of what works and what doesn’t that will lead to the creation of a successful business model that will be your lightbulb.

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