Execution

Role of Effective Decision Making in setting up your Startup!

Role of Effective Decision Making in setting up your Startup

TheStartupMojo

The Startup Mojo is a community which unveils the learning of the startup world to empower the budding entrepreneurs. We sincerely intend to build a network for entrepreneurs, thereby helping them to cross leverage their skills and resources to overcome their early challenges.

Each minute hold sixty seconds and each day has same number of hours. With so much diversity, if there is something common for each one of us, is Time and to value time you would have to take better decisions. Many of us understand the value of good decision making but fail to execute it appropriately, which further leads to discontentment and a depressed mind.  Each time your efforts are compromised with bad decision making, your success is deferred! Tweet Now!

Let’s factor these reasons, to further understand how the decision making is affected.

  • Internal factors affecting your decision making

You have thought for long, to bring in the idea of becoming an entrepreneur. You have been visualising yourself as an entrepreneur and with your references such as friends, mentors and online portals that you refer to, are flooded with the success stories.Your mind is always seeing the picture of an entrepreneur gaining success and heights.You have been asked to “read, eat and think positive! Anything negative shall bring in negativity and a bad fortune so don’t even stare at it”. You have been either told so or you have instructed your mind to react in the same manner, with your relevant readings, suggestions and experiential learning.

The above feed which you shared with your mind has developed so much positivism that it starts ignoring the mistakes that we tend to do in the early on days as a learner and thus it brings “Error Blindness” – A stage where your mind ignores subconsciously the mistakes that you do and instructs you to continue doing it.

When your mind is full of confusions take the help of a pen and a paper!

For each time your mind is telling you to think positive, you have to keep generating thoughts which instruct your mind to be alert to the environment and the pragmatic situations. Bring in thoughts which helps you to balance between objectivity & subjectivity in your decisions. Each time you are infected with abundance of positive thoughts, remember you are not factoring the right way.  Best way to kill the dilemma is to get a pen and a paper to list thoughts and performing the comparable analysis (Reading helps you to form new thoughts).  Attached below is the Comparable Analysis Sheet to help you take better decisions.

  • External Factors affecting your decision making

You come from a culture that promotes saving money always! Each penny save is penny earned. Now, when you have no money and you are surviving with your savings to fuel your basic general expenses, your mind instigates the alarm button which tries to defer the stage of being empty handed by saving money from places that may adversely affect you and also start living with the ideology of “pay as you go” . For example,  you start recharging your monthly commodities weekly, so that you have more money for the current week but what you forget is the time which you spend to pay your bills has increased 4 times (each month has approx 4 weeks) and the amount remains the same. This relation of time and money has to be dealt a little more logically and sensibly.

Plan your general expenses against time!

Suppose you have limited money to live your expenses. What you should do is prepare a spreadsheet (attached below) which helps you to plan the general affairs in a wise manner and cut down costs which are not important. You can pay off the bills (fixed) and insurance policies, children fees, loan instalments and important general expenses (Internet, phone, electricity, house tax & maintenance, rent etc)  in advance so that in case of any emergency you are safe against time. Now save big time on your food bills, transportation and other sources of money expenditures. The only thing that you have to understand is that you have limited time and money to reach your first success. Giving maximum time to your aim is your priority and you should always put the rest of the things in the right priority order. Know the power of Prioritising. Read More

Wisdom & Frugality can help save on money and time!

While your mental frame of mind is a controllable factor the external factors affecting the decision making can be dealt with the right state of mind and with the concept of Frugality. Your organisation would need you to spend less and ensure that the wastage is minimal but not every time, and on everything. You would have to make the decision in the light of Wisdom (what is right for your users and your organisation) and Frugality.Read More

Remember you can only take better decision if  your house is sorted. You cannot have a shaky base and daily threats helping you to build a steady and a stable organisation.Tweet Now!

 

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