I still know some entrepreneurs who boast of simply following their gut instincts, rather than listen to anyone or any data, to make strategic decisions. We’ve all worked with autocratic leaders in large companies who seem to thrive in this mode. They all forget or ignore the high-profile failures that have resulted from some single-handed […]
Making Decisions
Managing Uncertainty: How US Business Could Be Affected by Indecision Around Brexit
With the deadline for a Brexit deal moving ever closer, the lack of clarity and direction is beginning to become a very real concern for British industry as the prospect of a no-deal Brexit looks increasingly likely. But Brexit does not only affect Britain. While their people voted for the isolationist step to remove themselves […]
You Have to Know When to Quit
I recommend you read Nat Eliason‘s piece No More Struggle Porn. He’s attacking one of the more pervasive startup myths around, the idea that the struggle itself, the overwhelming and overpowering struggle that pushes everything else out of your life, is a good thing. He defines struggle porn as: I call this “struggle porn”: a masochistic obsession […]
Drowning in Data: 4 Tips for Managing Metrics without Going Under
The problem with too much information is that you think you’re swimming when you’re drowning. A decade or two ago, one of the biggest challenges organizations faced was getting their hands on useful data in a timely fashion. Then, accessing business data on Monday morning that was current to Friday afternoon presented quite a predicament. […]
6 Tips on Effective Decision Making in Business
Cognitive biases affect every decision we make. In the world of business people need to make important choices every day. These choices must be made without delay and have broad consequences. How can we make sure that our choices remain rational and objective and free from our potential cognitive biases? As it turns out, there […]
Faster is Sometimes More Valuable Than Better
This is one of those arguable insights, where both sides win. Dell is a great example of emphasis upon fast, creating a customized computer in 48 hours or less, bringing in assemblies and components just-in-time to make the assembly line. However, if Dell quality were poor and returns high, the company surely would not have […]
Business Risk: Bet the Farm Only When the Crops Are on Fire
How much risk are you and your company willing and able to tolerate over time? Most people believe that early stage companies should take risks aggressively because there is less to lose and much more to gain with each risky bet or decision. Common thinking goes on to address large, public corporations by expressing that […]
Consider This When Receiving Advice from Others
Advice is something many people love to share, yet some have a hard time accepting from others, even when it’s sound. Perhaps it’s in our nature as human beings to resist being told what to do by others. If that’s how advice is perceived, no wonder people run from it. Who wants to be told […]
You Are Your Company’s Moral Compass
Here’s yet another story that you may identify with—or have yet to experience in your business life. It’s one of those that define your leadership for all to see, sometimes based upon decisions made in the moment—such as this one. A story of a CEO’s snap judgment call Years ago, when I was CEO of […]
How Emotions Influence the Decision-Making Process in Business
Have you ever been shopping at one of your favorite stores when suddenly you see something nostalgic? It might be a shirt that favors one you had when you were young or maybe it is a toy that reminds you of one your dad bought for you when you were a child… But, you just […]
