Do You Understand What Drives Your Entrepreneurial Decision-Making?

Millennial magazine - decision making

As an entrepreneur, you need to be able to make a habit out of gutsy and reliable decision-making. When building and growing a business, the ability to be decisive and to get the wheels spinning is vital. However, the decisions that we make are not random. They are driven by elements that, if we can seek to understand, we can get a better idea of our motivations, our weaknesses, and what might sometimes trigger us to make a bad decision. Here, we’re going to take a look at how to find out how you make your decisions.

Think about your values.

We are value-driven creatures. Though sometimes we come at odds between our gut and our brain, when we’re planning things out in the long-term, it’s our brain and our values that typically take the front seat. You should make sure that you’re well aware of your values as an entrepreneur.

Are you brave or are you more cautious and calculating? Do you follow your own vision or do you have a talent for iterating on ideas already out there? Take the time to figure out which of the core values apply to you the most, and understand that these are going to play a strong factor in your decision-making.

The image that you want to portray.

There are people who will tell you that they “don’t care” what people think of them, they’re only going to be true to themselves. These people are already showing they care what you think by telling you that in the first place. We all have some cognizance of how we are seen, or how we think we are seen.

To that end, rather than worrying about it, and how your actions impact the way that others perceive you, you can simply come up with a personal brand. Take an honest look at your values, at the story that you want to tell, and make sure that you’re making decisions and running your business in a way that lends credence to that story.

Your personality.

It might seem like a rather blanket answer to say that your personality is going to guide decision-making. However, there’s no getting away from it. There’s also a more concrete way to understand your personality and, as a result, your motivations, a lot better. With the help of a Myers Briggs test online, you can see which of the personality archetypes you fall under, based on whether you’re extroverted or introverted, sensing or intuitive, thinking or feeling, and judging or perceiving.

These can help you get a better idea of where your “gut” is going to be when you’re making decisions in the heat of the moment, which can help you get better control over those decisions as well as what drives you to make those decisions in the first place.

How you identify your goals

You can better understand why you make the decisions that you do with the tools above. However, how do you improve your decision-making processes? One of the best ways to do this is to make sure that you always have your goals in mind. In the long-term, this means making a business plan online that goes beyond just the funding process.

A business plan that clearly outlines your long-term goals can make it easier to see if the decisions you are making are bringing you closer or further away from those goals. Otherwise, being able to identify your short-term goals is important, as well. Before you make decisions, think about what, specifically, is the problem, the cause of that problem, and the best-fitting solution.

Your ability to clear your head

Some people operate well under stress, and risk-takers especially might feel a certain elation at being in the moment, with the adrenaline pumping. However, for the vast majority of people, stress can get the better of you and have you making decisions that are off-base. To that end, if you’re feeling rushed to make a decision, take the time to relax, cool your head, and think more rationally about the pros and cons of each choice. If you’re able to take some time with a decision, don’t be in a rush to make it. If it’s a little more time-sensitive, then even a quick meditation session can help you make the decision more soundly.

Be the devil’s advocate

You might believe strongly in a decision, to the point that you’re likely to defend it against others who would disagree with it. Rather than doing that, take a moment to put on their shoes, and to argue against your gut decision as strongly as you would argue for it.

Play the devil’s advocate, taking a contrary stance and outlining everything that someone might be able to reasonably see is wrong with your decision. This can help you not only see the risks behind rash decision-making but is also a good way of getting an idea of whether you’re making a decision because it’s the right one or because it’s the one that you want to make.

Get data-driven with it

Everyone has trouble making a decision at some point or another. Subjective opinions can only be so enlightening or assuring and, at some point, a better understanding of the decision from an objective angle can be very helpful. To this end, a lot of businesses have started to take the data-driven approach to decision-making.

For instance, a lot of businesses are collecting more data on their target market to help them better understand customer behavior, which can help with decisions around marketing, storefront design, customer support, and so on. Your business, if it’s based online, could be collecting data more effectively and this data could help you make decisions, so it might be worth investing in.

With the tips above, you can get a better idea of why you make the decisions you do. This can help you more confidently make those decisions or even sometimes change the record if you need to.

What do you think?

Written by JR Dominguez

JR Dominguez is the technology, finance and music editor for MiLLENNiAL. When he's not writing, you can find him day-trading stocks, playing video games, or composing commercial scores.

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