MBA1441 How To Feel Good About Your Decisions

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Foreign. Welcome to the Hundred Dollar MBA show, the business podcast smart entrepreneurs listen to every day with their daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of the Hundred Dollar mba, a complete business training and community online and and in today's episode you will learn how to feel good about your decisions as entrepreneurs, as leaders of our business, we make decisions day in and day out. It's the number one thing we do. We make hundreds of decisions a week. But many of us beat ourselves up and agonize if we're making the right decisions. We wonder what if? We wonder if it's going to pan out. We worry that maybe the decisions are not the best option. Maybe there were other options. In today's lesson, I want to share with you what I do to make sure I I can rest my head on my pillow and feel good about my decisions and know I've done everything I can to make the right decision. This doesn't mean I never make the wrong decision. And we'll talk about what to do when you make the wrong decision. But it means that I do everything I can to make sure I've gave it my all to make the right decision and I feel good about it. I don't beat myself up, I don't have anxiety about it and I keep moving forward. I want to share with you how in today's lesson so let's get into it. Let's get down to business. Step one in making a decision is to make time to make the decision. Often we rush making decisions. We don't give it the right time, we don't even schedule it. This is very important when it's a critical decision, when there's money on the line when there is opportunity online where time that is going to be spent in effort or travel or whatever it is. So make sure you make time to make a decision. Whether it's 10 minutes, 15 minutes, an hour, it doesn't matter. But you need to make time. You also need to make it time bound, meaning that you need to set limits to how long you're going to spend making the decision as well as when you're going to make the decision. So you might say, hey, I'm going to spend one hour, by next week I'll have a decision. You don't have to do it immediately, but you have to put in an hour somewhere before next week so you can feel good about, hey, I'm making this decision, I'm planning to do it, and I know a decision will be made and action will be taken by next week. Next, you have to make sure you have all the information you need to make a good decision. Some of us, we just rush a decision without all the information. We just kind of flip a coin basically in our head and say, let's do it, let's go for it. But hey, let's find out if we have all the information. Whether you're making a hire, need to call up some references, or you're deciding if you should go to that conference that costs $1,000 plus hotel, plus travel, do you have all the information? Do you know somebody who's gone to that conference? Do you know if there are any reviews or discussions on Quora or, you know, video reviews on YouTube? Gather information so you have what you need to make a decision. Because at the end of the day you can only make a decision based on what you know. And really that's what you should make decisions on, based on facts or first principles, as it's called. What do you know for sure? Too many of us make decisions on how we feel and that's very risky.

That's.

That's how three year olds make decisions, right? Literally, children make decisions based on how they feel. If we did that every day, then we probably wouldn't get a lot done because we won't feel like doing the hard stuff. So gather the facts so you can make decisions based on what you know. Next, explore options. Are there alternative options to this decision? If we go back to this conference idea, are there other conferences you rather invest this money and time, are there other options? Are there different kinds of tickets? If you're going purely for networking, maybe you just go to the after parties or just be in that city while that Conference is going on. What are other options that you have when it comes to this decision? Outline them, write them down. Next, you're going to make a selection from one of those options. Right? You're going to do a cost benefit analysis. How much is this going to cost you? Time, money, effort, opportunity, cost. If you're doing this, then you're not doing something else versus what you're going to get the benefit, the rewards, the result. Which one one of these options have the benefit outweighing the costs. Next, decide on how you're going to implement this decision. What's your plan for implementing this? How are you going to do this? When are you going to do this? And then lastly, take action. Take the first step to fulfilling or following through with this decision. You also have to communicate this decision if it involves other people. If you have a team, of course they're going to help you out with implementing this decision making. Let them know what you've decided, the rationale and get going. You don't have to walk through the whole process of how you came to this decision, but you can tell em a little bit of the why or the benefits of doing this task or going ahead with this decision. After I go through all these steps, I often feel a sense of calm, a sense of reassurance that, hey, I've done everything I can to make sure I'm making the right decision. And it's based on facts, it's based on information, it's based on the options I've presented to myself. Now this can be used also for tough decisions, not just opportunities like firing an employee or killing one of your products or services. Decision making is a skill. So the more you do it and you go through this process, the better you're going to get out of it. Now remember, not all your decisions are going to pan out to be right. You're going to make the wrong decision sometimes, and that's okay. That's part of the game. What you want to do is that every time you make a decision, whether the result is positive or negative, do a postmortem and this could be a few seconds, a few minutes, and ask yourself, is this a good result? Yes. Okay. Why is it a good result? How do we get to this result? What are some decisions that we made that resulted in this result? Right. But the same thing with if you have a negative result. Okay. What you're trying to do here is trying to prevent making the same mistake twice. It's okay to make mistakes, but not the same mistake twice. Okay, let's try to prevent that.

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Today'S lesson, I want to touch on a few other things when it comes to making decisions, even with the game plan I gave you today, it's still going to feel a little bit ugh. I hope I'm making the right decision. I hope this is good. But it gets better and better the more you make decisions and understand business is like anything else in life. Any sport, any activity, any craft, any art. The more you do it, the more you understand what works, what doesn't, what's beautiful, what's not beautiful. For example, I've been playing basketball all my life. As a kid, I played basketball, loved it. I watch it, I study it. And I know a good decision on the basketball court versus a bad decision. And it doesn't mean I don't make mistakes sometimes or make the wrong decision or the wrong pass. But it means that because I'm so familiar with it, I've been doing it for so long, making decisions that instinctively know what's the right thing to do. Same thing goes with business. The more you do it, the more you're going to understand in your bones what to do. It's going to be second nature, but give yourself a chance to build that skill. Thank you so much for listening to the 100 MBA show. If you love you here, hit subscribe right now on whatever you use to listen to podcasts, whether it's Spotify or Stitcher Radio or Apple Podcasts, Google Podcasts, or on them all. By hitting subscribe, you have access to over 1400 business lessons. And the only way to get access is to hit subscribe. So do that right now. Before I go, I want to leave you with this. I'm not here to tell you that decision making is a piece of cake. No, it has its challenges, but we can do what we can to make sure we are doing our best when it comes to making decisions. We have work to do. We have other things to focus on. Don't let your mental energy be drained by the what ifs of your decisions. Thank you so much for listening and I'll check you in tomorrow's episode Free Riot Friday. I'll see you then. Take care.

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