Making decisions is a key part of life and business. After building several businesses and exiting one, I’ve realized that strong decision-making skills are crucial. Here are seven easy-to-understand methods used by the best in the business that can help you in everyday life.
1. Rapid Decision-Making Framework (Jeff Bezos)
Jeff Bezos, the founder of Amazon, suggests two types of decisions:
- Reversible Decisions: These are low-stakes choices that you can change later. Make these quickly.
- Irreversible Decisions: These require careful thought since they can’t be undone. Take your time here.
This helps you use your energy wisely and ensures important decisions are well-considered.
2. The 2-Minute Rule (David Allen)
David Allen recommends the 2-Minute Rule:
- If a task takes less than two minutes, do it right away.
This clears small tasks quickly, allowing you to focus on bigger decisions without distractions.
3. Decision Fatigue Avoidance (Barack Obama)
Barack Obama simplified his daily choices to save mental energy. Here’s how you can do it:
- Limit Daily Choices: By cutting down on small decisions, you save your brainpower for more important ones.
This helps you avoid feeling overwhelmed when big decisions come up.
4. First Principles Thinking (Elon Musk)
Elon Musk uses first principles thinking:
- Break Down Problems: Look at issues from the ground up, ignoring assumptions.
- Build Solutions: From the basic parts, create clear solutions.
This method encourages fresh thinking and innovation.
5. Gut-Check Decision (Oprah Winfrey)
Oprah Winfrey believes in trusting your intuition:
- Follow Your Gut: When you don’t have all the data, listen to your instincts.
- Balance Logic and Intuition: Combine what you know with how you feel to make decisions.
This mix can lead to better choices.
6. 10-10-10 Rule (Suzy Welch)
Suzy Welch offers the 10-10-10 Rule:
- Think About Impact: Before deciding, consider how it will affect you in 10 minutes, 10 months, and 10 years.
This helps you see the long-term effects of your choices.
7. Bias Checklist (Daniel Kahneman)
Daniel Kahneman emphasizes spotting biases:
- Know Common Biases: Be aware of biases that can cloud your judgment.
- Use Facts: Make decisions based on data, not assumptions.
Checking for biases helps you make smarter choices.
Conclusion
Start using one of these methods to improve your decision-making. Remember, your life is shaped by the decisions you make.
Reflective Question
What’s the hardest decision you’ve ever had to make? Share your thoughts!
♻️ Feel free to share this to help others improve their decision-making skills!
P.S. I’m on a mission to make entrepreneurship simple for everyone. Let’s do this together!
