Forums: Discussions for entrepreneurs and small business.

Great point Craig.

I dedicate a chapter to `Decisiveness` in my new book (just finished it and getting it proof read - hence why I`ve been quiet in the forum for the last week).

Here`s an extract:

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Decisiveness is the mark of the successful entrepreneur. Because they’re clear in their mind about what they want and are trying to achieve, reaching a decision is relatively easy for them. It involves taking logical steps towards a predetermined outcome.

Their decisions tend to be guided by a plan or business model. So when presented with an opportunity, it’s easy for them to decide whether it meets their objectives or not.

Indecisive people on the other hand are unclear about what they want. And because of that, making decisions becomes a traumatic experience. 

As a result, they’re easily swayed by external circumstances or the opinions of others. They`re no longer masters of their own destiny. Instead they’re like a rudderless ship, sailing in whatever direction the wind blows.

I’ve lost count of the number of times I’ve seen entrepreneurs presented with great opportunities to introduce new product lines, expand their business, etc. But because they’re indecisive, they need to get the opinions of family, friends and everyone else before they can make a decision.

But the funny thing is...

More often than not, they seek the opinions of people WHO AREN’T and have never been in the same situation -- so those opinions aren’t even based on experience.

Not smart, you’d agree?

What they fail to realise is that opinions are one of the cheapest, most readily available commodities on the planet -- everyone has at least one they want to share.

Armed with all these different, often conflicting opinions, the entrepreneur is now left more confused than before they started. So they randomly choose one to follow and hope for the best.

Typically, it all ends in disaster because the decision they made was someone else’s -- not theirs.

That’s when they learn the hard way that “one man`s meat is another man’s poison.”

Because successful entrepreneurs know what they want, they’re able to make quick decisions. This is one of the secrets to Dell and Microsoft’s success. They made mistakes quick and early, learnt from them and moved on.

That’s the thing about decisiveness -- it enables you to try more things than the average person, thereby increasing your chances of success.
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I`m glad you mentioned this. While it is very important to be decisive, one must also know that making decisions straight from the hip without any information isn`t exactly a good trait. Leaders, entrepreneurs and managers have the constant problem of making decisions off of little information, so some from-the-gut decision making has to take place, but entrepreneurs should always strive to at least base their decision making on some information--be it in data, research or even a plan as you mentioned.

Nice work

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Motivation for Entrepreneurs
Entre-Propel.com

Making decisions "from the hip" reminds me of the difference between being spontaneous versus whimsical.

I wonder if a whimsical decision isn`t a contradiction in terms? But I`d argue that an intuitive decision is valid.

Thanks Matt

I think the most important part about decisiveness, as you mentioned Ade, is that it allows the entrepreneur to try more things than the average person. Therefore, the chances of success are increased.  Entrepreneurs believe that they can always improve things. As a result, they tend to make incremental improvements over time. They view wrong decisions as necessary components in reaching the correct decision.

Non-entrepreneurs have a different outlook. They have the "right first time" belief system. This belief system makes non-entrepreneurs afraid of failure. So, therefore, they tend to stay away from risk. 

What an excellent point, Bymeof01...! I hadn`t really thought about the ramifications of "right the first time." Really great point!

I`d go further and add that the way we`re raised has the most to do with whether or not we "need" to be right the first time, with no room for error.

Hi Byrneof01

Great point you make here!

This is another point I dedicate a whole chapter to in my new book, Secrets of the Entrepreneur Mind.

Here`s a brief extract for the chapter on Failure:

"Successful entrepreneurs view failure as a necessary part of the journey. And because they know that failure comes before success -- even in the dictionary -- they brush themselves off, learn the lesson, and continue forward in pursuit of their goals.

On the other hand, unsuccessful entrepreneurs see failure as permanent and evidence they can’t achieve their goals."

Here`s another extract:

"Successful entrepreneurs know that each time you refuse to accept failure you create a drive and determination that motivates you to try harder next time. And because failure is a bitter pill to swallow, they dedicate themselves to finding something sweeter to taste.

Like the sweet taste of success.

Because like Winston Churchill once said, “Success is going from failure to failure without a loss of enthusiasm.” "

Another relevant point is that non-entrepreneurs do not realise that Persistence (another topic I dedicate a chapter to in my book) is the key quality that every entrepreneur must develop if they want to succeed.

Let`s face it...

Being an entrepreneur is hard at the best of times. We have to  sacrifice so much (sometimes everything) in pursuit of our goals. And because we often venture outside our comfort zones, we tend to fail a lot more times than non-entrepreneurs do.

Here`s a brief extract from the chapter on Persistence:

"Persistence is the steel of human character. It’s your ability to carry on regardless how many times you may experience temporary defeat. It’s the strength to keep going until you achieve your goal. It`s what separates the boys from the men, the girls from the women, the winners from the losers.

It’s the quality that every successful entrepreneur has developed over time and now possesses in abundance.

In fact...without it success is almost impossible.

Successful entrepreneurs don’t succeed because they are better educated, more talented, luckier than everyone else. They succeed because they refuse to give up.

How else do you think Thomas Edison kept going beyond 10,000 attempts to discover the light bulb?"

Hey Craig,

As usual, you hit the nail right on the head with this one.

Here`s how I approach this point in my book:

"I remember reading somewhere that we`re only born with a few fears; like falling and loud noises. All other fears we pick up along the way -- fear of rejection, fear of loss, fear of failure, fear of success, etc.

Looking at babies, we see evidence that this is true. Babies have no concept of failure.

That`s why, regardless of how many times they fall down, they’re able to continue getting back up until they can walk.

It’s only when we get older that we inherit all other fears from family members, school, media, society, etc. We gradually begin to internalise the social disapproval we might experience when we’re unsuccessful at something, and develop a fear of failure.

And because no one wants to be rejected, ridiculed or laughed at, many people decide not to try at all. They figure they won’t have to deal with rejection if they don’t try anything they might fail at.  So they stick to their comfort zone."

I learnt something very interesting about failure yesterday.

The lesson came courtesy of Keith Cunningham (Robert Kiyosaki`s mentor and inspiration behind Rich Dad, Poor Dad). He was speaking at one of the Mastermind Groups I belong to.

Anyway, he said...

It`s not an either/or. It`s both. You must be born with certain traits, but your environment and experiences shape you. My own upbringing certainly shaped me with a strong desire to succeed - I worked my way up through the ranks, paid my way through college and graduate schools, and learned the meaning of hard work. My experiences as a marketing executive for some top companies exposed me to the best in the business world. Take all that, shake it up, mix it with someone who thrives on freedom and creativity and hard work, and you`ve got me, the entrepreneur. But I can`t point to one particular thing that I was either born with or that happened that pushed me in this direction.