13 Jun 2019, 13:03 — 8 min read
Background: There are times when we find ourselves rattling our brains over a making a single decision in our lives. And as an entrepreneur, you have to make decisions all the time and this ‘decision making process’ is an important step in becoming an effective entrepreneur. After all, your choices define the person you are. Read this interesting article by Roshan Dsouza where he explains why the decision making process is so vital.
Life is all about making the right decision and not regretting it!
Uncertainty is the reason for the confusion in our lives. If we had a crystal ball, the need to make a decision would have been so much easier, but unfortunately soothsayers are not always right. When we are faced with a situation that we have to make a choice, how do we use the options to narrow down to the decision of choosing?
The methods of decision making are normally done by weighing the options for their pros and cons, the future impact and the status quo change. When we make the choice it is based on the information we have at that given time to empower us into making the decision.
Or that is the way we would like to think it happens.
The decision making process is not scientific and neither artistic. It is a matter of heart over mind or vice versa.
How do we make a decision?
Are we actually deciding with the options or have we already made up our mind with a preconceived thought?
The decision making process is not scientific and neither artistic. It is a matter of heart over mind or vice versa. The choice would be logical or emotional. We have to make a balance to both of these before making a decision.
Logical choices: This is based on the information in hand and the opportunities that a decision will make to our current status. Weighing it is much easier as we have facts and figures to make a choice from.
Emotional choices: These are based on the emotional conditioning we are in at the moment of making a choice. Measuring emotions is a subjective process and can differ in each test to the intensity or the measurement value, depending on the subjects mental conditioning at the time of taking a test.
Choosing between the two and balancing the choice is easier said than done but making the right choice is even more important given that our decision can make or break our confidence in ourselves. The decisions that give a positive outcome have an empowering effect on our personality and the decisions that have a negative effect have a deflating effect on our personality. Both can make or break us.
Businesses and careers of individuals have made a significant change when the choices they make are favourable to their situation and bring positive change in their lives.
Contrary, majority of people make bad decisions and are in a stage of regret. Thereby not breaking the cycle of their bad decision-making-abilities and continuing their string of decisions.
Components of the decision making process
1. Recognising the problem: Every decision making process is triggered by a problem or some disagreements. Usually there is a gap between the current stage which you are in and the desired stage where you want to go. Understanding that and questioning yourself time and again about the problems in reaching your desired state can help solve the quandary.
2. Analysing the problem and finding possible solutions: This step is important because unless you analyse and understand your problem, you won’t possibly find an answer to it. For example you need to make a decision on hiring an extra staff for a project. You are in a fix because you don’t want to invest more money on a new resource. What do you do? You look for options that can help you get the work done. Some possible solutions maybe:
3. Select the best solution and implement the decision: A decision making process isn’t complete without implementing the decision. You have to select the choice that suits you the best keeping in mind the interest of your employees and the company. This way you have successfully managed to take a good decision.
Let’s understand what goes into making a good decision.
Good decisions are made by those who have confidence in themselves and weigh the options of choice with a clean slate, no past experiences, no emotions and no influences.
A decision to be taken is always the best when you make it with a thought that has been germinating for a time that needs thought. For example, you need to buy a car. You may have the finances for it but then you do not have the maintenance plan for the car, the EMI will be eating into your expenses for the month and you will be having less to save. You will not be able to afford the sky-high price of fuel; the commute will be longer there are so many more reasons that you are thinking of.
But the influences of the parents, family, friends and society at large force you to have a car of your own. You are in the grave and do not know how to get out of it.
The logical choice would be to hire a car when needed and be chauffeured to any destination of the city without the need of driving or parking. You do not pay for the maintenance of the car, the insurance or the fuel. But it is lesser than the EMI and is available (maybe not as easily as we would like) but for an effort you can avoid buying a car at all and save the money for better use.
The emotional choice is to boost the ego of our parents, family, friends and society at large that you have a car and can now drive around anywhere in the city when you feel like. You will be free to go anywhere in the world and there is no reason for not buying the car.
These are the options that you are set with to make a decision. Be it logical or emotional, both have their own pros and cons and will benefit and harm you. The emotional decision has benefits that are more sentimental than practical.
Since we live in a practical world, we need to be pragmatic in the decisions we take. Instead of renting a cheaper version of the car you are hiring, you can rent a premium version and be at the destination with fan and fare. The costing of the hire will still be lesser than the cost of the car and you would be able to satisfy both your logical and emotional needs.
This solution might or might not make you happy, but it will definitely make you rich!
In the next article the author explains how your past can affect your present day decisions and how a good or bad choice can make or break you. Stay tuned!
Did this article make your decision making process easier? Let us know in the comments section below.
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