Good Decision, Bad Decision, No Decision.

Over the six-plus years I’ve been writing this blog I’ve quoted some of the best business thinkers of our age. I’ve drawn on their wisdom, their experience and their recipes for success. And without exception, there’s been one thing they’ve all agreed on.

Action.

Especially in your decision making.

As that deep-thinking business guru Tony Soprano put it, A wrong decision is better than indecision.

You can correct a wrong decision. You can put it right and move on. Indecision? You haven’t a hope. Paralysis by analysis as the old saying goes.

The late (we think) and much missed Tony is supported by any number of real life businessmen. Here’s Scott McNealy, the co-founder of Sun Microsystems:

The best decision is the right decision. The next best decision is the wrong decision. The worst decision is no decision.

…And Anthony Robbins, Awakening the Giant Within:

At any moment the decision you make can change the course of your life forever.

Obviously, I agree with them. It’s what I’ve preached for years. Nothing happens without action. Soprano, McNealy, Robbins, Reid – united as one.

…And apparently, completely wrong.

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Along comes business psychologist, Professor Adam Grant. He sets out his thesis in Originals: How Non-Conformists Change the World.

Grant says that procrastinating – putting off difficult decisions or delaying starting a project – can actually open an entrepreneur’s mind to more creative thinking and “lead to a more opportune time to launch a new product. Procrastination lets you have time for ideas to percolate … and new technologies to emerge.”

I’ll absolutely concede that non-conformists see the world differently. Yes, I agree that giving yourself time to think, keeping an open mind and asking the right questions are all important. But you cannot wait for ever. As Norman Schwarzkopf says in his autobiography, It Doesn’t Take a Hero, “when you’re placed in command, take charge.”

Ask most of my generation who’s ‘changed the world’ the most and I’d guess that a good percentage would say Steve Jobs. Now no-one would call Jobs a conformist (especially if you’ve seen the biopic…) but he emphatically didn’t change the world by not making decisions.

And, clearly, he didn’t wait for new technologies to emerge. You simply cannot do that today. We’re now living in an age where a ‘new technology’ emerges every week. If you put off making decisions because you’re waiting to see what happens with technology you’ll sit at your desk until it’s time to retire, watching an endless stream of new apps whizz past you.

There are almost as many different ways of being successful as there are successful entrepreneurs. That’s one of the great beauties of business. But I simply don’t believe that avoiding decisions is one of them. It may be superficially attractive – and it’s certainly easy. But it’s also potentially fatal for your business.

Fortunately, there’s an antidote – to both the wrong decision and no decision.

I refer to TAB members round the boardroom table. They’ll do two things: firstly their collective wisdom and experience will go a long way towards helping you make the right decision. Secondly they have this really irritating habit of holding you to account – of saying, ‘So what’s happened in the last month?’

‘Nothing’ isn’t really the answer they’re looking for. But to date no-one has tried, ‘I’ve been sitting at my desk waiting for new technology to emerge.’ I’ll look forward to that one. The replies should be spectacular…

 

Five Key Questions you Need to Ask Yourself

“Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for life.”

We’re all familiar with that saying. In fact, we’re so familiar with it that we don’t even register the words any more. ‘Oh yeah, it’s that fish one…’

But the saying is fundamentally true: whether you’re talking about food shortages in the third world or educating your own children, ‘teach a man to fish’ always applies.

It applies with my business as well – especially when I’m wearing my ‘business coach’ hat. I can dispense advice very easily: but it doesn’t always work in the long term.

Farmers, fishermen, children or entrepreneurs, people learn best when they discover things for themselves. So my job – either in a 1 to 1 or with the help of half a dozen successful people round a TAB boardroom table – is to help entrepreneurs ask themselves the right questions. Or to put it another way: “Give a man advice and he’ll follow it for a month. Help him discover the advice for himself and he’ll follow it for life.”

So what are the questions I want entrepreneurs to ask themselves?

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Obviously some vary with the entrepreneur and the nature of their business, but looking back over the last seven years of TAB York certain key questions crop up over and over again. They apply to every member of TAB York – and to every entrepreneur I’ve worked with:

What do I really want from my business?

“I want more time and more money, Ed.” That’s almost always the first thing someone says to me – but in itself it’s meaningless. It’s a lazy way of thinking. So I need to ask some direct questions. How much more time? What will you do it with? How much more money? Why? What difference will it make? No-one can motivate themselves with a mental image of an abstract ‘more time and more money.’ It’s much easier imagining your house in Portugal; Friday on the golf course or handing your daughter the keys to her first car.

Can I please everyone?

As I’ve written many times on the blog, human nature dictates that we like to say ‘yes’ – whether it’s to a new client or a new commitment outside the office. But all the successful people I know say ‘no’ on a regular basis. If you want to avoid what Stephen Covey famously termed being ‘in the thick of thin things;’ if you truly want more time, then you’ll need to ask yourself this question – and sooner rather than later.

Am I in my comfort zone?

Let’s trot out another old saying: ‘Ships are safe in the harbour, but that’s not what ships are built for.’ And being safe in your comfort zone isn’t what an entrepreneur is built for. Staying in your comfort zone limits your growth; it gives you a false sense of security. Stay too long in your comfort zone and there’s a real danger that – when you finally pop your head above the parapet – you won’t recognise the new world.

Am I prepared for criticism?

As I wrote last week, we’re now living in an age where everyone has an opinion – and it’s easier than it’s ever been to voice that opinion. You can’t please all the people all the time and today those that aren’t pleased will reach for their keyboards. So be it. Criticism – and its attendant handmaiden, jealousy – is an integral part of a successful entrepreneur’s life. Focus on your long term goals and let it wash over you.

Do I know everything I need to know?

As Mario Andretti famously said, “If everything seems under control you’re not going fast enough.” And if you think you know everything you need to know, you don’t. In fact, with the world changing so quickly it’s safe to safe that the more you think you have to learn the better. Right now, all I know for certain is that on December 3rd 2017 there’ll be more items in my ‘need to learn/need to read’ file than there are now…

Five very simple questions: but they apply to virtually every entrepreneur I’ve ever worked with. And successful entrepreneurs don’t just ask those questions once: they keep asking them. So sometime between now and locking the office on December 23rd take ten minutes and a piece of paper and ask yourself these five questions. It’ll be some of the best preparation you do for 2017…