Entrepreneurial Decision Making
Getting the right things right
“Effective decision-makers always test for signs that something is atypical or unusual is happening, always asking: Does the definition explain the observed events, and does it explain all of them? They always write out what the definition is expected to make happen… and then test regularly to see if this really happens. Finally, they go back and think the problem through again whenever they see something atypical, when they find unexplained phenomena, or when the course of events deviates, even in details, from expectations.†(Peter Drucker)
“Managerial skill cannot be painted on the outside of executives, it has to go deeper than that.â€
(Mary Parker Follett)
In many ways, decisions are the footfalls of progress: they can be quick or slow, large or small, easy or risky, simple or arduous, but they are the vital components of success. In a commercial context, decision-making means growing revenues and minimising costs so that profits are increased, the long-term value of the business is enhanced and the competitive position of the business (or business unit, support function or team) is strengthened. These priorities should constantly guide management decisions, influencing the choices that are made throughout the organisation.
This toolkit explains how to make the best possible business decisions – and avoid thinking that is flawed or weak.
Length: 12 pages
Contents
The Benefits
Action Checklist: Entrepreneurial Decision-making
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Assessing the situation
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Defining the critical issues
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Specifying the decision
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Making the decision
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Implementing the decision
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Monitoring the decision and making adjustments as events unfold
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Using your intuition
Avoiding Problems – this includes avoiding potential challenges such as: behavioural pitfalls, coping mechanisms, leadership and cultural flaws.
Dos and Don’ts
Key Questions
Things You Can Do
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Anticipate the impact of major decisions
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Find out about decision analysis techniques
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Balance analysis with the need for action
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Keep informed about relevant issues and trends
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Build informal networks
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Deal with ambiguity and risk
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Accept personal responsibility
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Be proactive
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Take unpopular decisions when needed
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Achieve consensus
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Consider customer needs
Further Action
Further Information
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