Tag Archive: Business

A Simple Way to Make a Decision

Do you have a decision to make? Are you unable to make decisions? Here’s a tactic we heard on the To the Lost episode of Boardwalk Empire:

Flip a coin.

Whether it comes up heads or tails barely matters. What does matter is how you feel when it’s in the air. What are you hoping for?

It’s your intuition at work. And ultimately, it can be an important decision-making tool. If you prefer, you can use a Magic 8 ball to make your next decision.

(Unless you usually get it wrong. Then you may want to use
George Costanza’s technique.)

Whatever you do, there’s an important concept underlying these methods. It’s a systematic way to apply your intuition. Once you grasp it, it will help you make decisions in life.

Frame your options as a binary choice: heads or tails, yes or no, this or that, either or.

For example, let’s say you want to start a business. One question you may ask is when.

So get out your coin. Heads you’ll go into business now. Tails you’ll wait.

Flip the coin in the air. Do you feel a knot in your stomach? Which side do you want to come up?

More importantly, don’t stop there. Take the hoped-for answer and expand on it. Create a series of choices:

Part-time or full-time? Online or off? Start or buy? Independent or franchise?

Of course, the choices will be determined in part by the type of business you want to own. Step-by-step, you’re creating a decision tree.

By getting it on paper, you’ll be able to quickly see how choices now affect options later. You can weigh what you’re giving up against what you’re getting. Then you’ll be able to make a decision that leads to BIGG success!

Image in this post from stock.xchng

Women Entrepreneurs and the Problem with a Safety Net

women entrepreneur succeed BIGG with no safety netWe saw a great post on BNET a while back. It was by Margaret Heffernan, author of a great book Women on Top. She talked about entrepreneurs and risk.

When writing her book, she conducted a study and found:

  • women generally start their businesses with less money
  • they have a higher success rate
  • their firms are more profitable
  • they create more jobs

What is their secret?

She notes that “the most successful had taken huge risks.”

What did they have on the line?
Savings? Check.
Houses? Check.
Retirement accounts? Check.

Did they have a product? No.
Customers? No.

Most importantly, she points out that they had no safety net.

This reminds us of something one of our friends once told us.

He started out in the corporate world. He was receiving promotions and pay increases.

So his employer was disappointed when he told them he was going to leave to start his own business. They told him he could come back at any time.

That’s where the story gets interesting. He told us that whenever things got tough, he always remembered what they said.

And it almost kept him from succeeding!

So he mentally threw their offer away. He told himself he had no other options. He had to make it. He had to win. He had to be a BIGG success.

Now he’s a millionaire many times over, in part, because he wouldn’t turn back. He wouldn’t lose. Because he couldn’t afford to.

A safety net can keep you from reaching BIGG success. Do you have a safety net?

Image in this post from Flickr

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