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Two tests for high-stakes decisions: could you explain it proudly in the Wall Street Journal, and does it align with your values and your team's? If both pass, the decision was sound regardless of whether it succeeds.
Two tests for high-stakes decisions: could you explain it proudly in the Wall Street Journal, and does it align with your values and your team's? If both pass, the decision was sound regardless of whether it succeeds.
Making good decisions is something I think a lot of people struggle with as they're building companies because there's always contradicting opportunities and pros and cons to whatever you need to do. There are 2 things I tell clients when they need to make a big decision. One, I use the Warren Buffett rule: can they write about this on the COVID of the Wall Street Journal, and would I still be proud of making this decision? And 2, in order to get clarity on what to do, just go back to your values. Does this feel right? Does this feel like who you are? And What you want to be doing? Is it the right thing for your team and the investors and other people? And if the answer to those 2 is yes, then whether or not it's going to be a huge success or not a huge success matters less, because you did the thing that you thought was right at the time. You didn't hurt nobody, and you did something that could be talked about publicly without you being embarrassed.
