Every so often a promising entrepreneur seems to freeze in the oncoming headlights and gets run over by his competition. Why is it that his idea which seemed so fundable only months ago fails to dazzle investors today? The team is the same. The company's market is the same.
The only difference might be the start of another recession like the last one, resulting in a lower valuation for Internet ventures, and that makes all the difference. Herein lies a key principle of decision making - “Any decision is better than no decision.”
Even better than any decision is a good decision made quickly. What separates good decision-making from bad decision-making? H.W. Lewis, author of “Why Flip A Coin? The Art and Science of Good Decisions,” summarizes good decision making as:
Identifying all reasonable actions. Listing the potential consequences of each action and the utility of each consequence. Evaluating the probability that each action will lead to a given consequence. Choosing the action quickly which has the best expected outcome or positive contribution.
To read the full, original article click on this link: Startup Professionals Musings: Startup Founders Need a Timely Decision Process
Author:MartinZwilling
