Making Good Decisions

Making good decisions is crucial to success.

Good decisions for significant matters should take into account all angles, even arguing from other points of view. Not considering all sides, even one with which you might disagree, might lead to poor decisions. Making the arguments for a case different from their own allows the Entrepreneur to clearly see all sides of an important decision. Arriving at a decision after considering all viewpoints is best when one makes all the arguments as if they are their own.

Entrepreneurs should also evaluate, at least for significant issues, potential unintended consequences of their decisions. Take an example of developing an incentive program. If you have developed a program that correlates high performance with high reward, it is of course your intended consequence. But, what about unintended consequences of employees cheating or manipulating the system to obtain higher compensation? How have you protected the company against such unintended consequences?

When making crucial decisions consider all sides and potential unintended consequences.

Ravi Patel

http://www.patelCFOservices.com

 

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Published in: on May 22, 2018 at 4:45 am  Leave a Comment  
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How to Make the Right Decision?

Being faced with hundreds of decisions, how do Entrepreneurs go about making the right ones?

Generally ideal decisions are made with facts, experience, skills and other people’s input gained over time. Sometimes one’s gut or instinct plays an important role too.

Irrespective of how Entrepreneurs arrive at it, the perceived popularity of their choice must never be a factor in the decision-making process. Do what is right, not what is popular!

Right and wrong does not depend upon how many people are for or against a decision. Entrepreneurial leadership is not a popularity contest, but rather leading people the right way towards fulfilling a common Mission. Popularity comes and goes, but true leadership remains.

Entrepreneurs must have the courage to make the right decisions.

Ravi Patel

www.patelCFOservices.com

Published in: on November 14, 2017 at 4:53 am  Leave a Comment  
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Being Fair Might be Unpopular

Good leadership is about making optimal decisions for the company as a whole, not only for certain segments of stakeholders.

Entrepreneurs are loyal to people, especially those who helped them start the business and were early employees. As the company grows, Entrepreneurs have to make decisions that might be tough, unfair to some, and unpopular.

Fair decisions involve doing the right things even it means that some people might be adversely affected by such actions. Business decisions cannot be optimal if everyone’s interest is always taken into account. Entrepreneurs, on the other hand, should not in any way go out of their way to make decisions that purposely hurt certain people. That would be grossly unfair.

While difficult, make fair decisions for your business that are ethical even if they might cause hardship for some people and be unpopular.

Ravi Patel

www.patelCFOservices.com

 

Published in: on June 20, 2017 at 4:05 am  Leave a Comment  
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Being Fair

Leadership is about making optimal decisions for the company as a whole, not only for certain segments of stakeholders. As they say, “you cannot please all the people, all the time.”

Entrepreneurs like to be loyal to people, especially those who helped them start the business and were early employees. However, as the company grows, Entrepreneurs have to make decisions that might be tough, unfair to some, and unpopular.

Good decisions involve doing the right things even it means that some people might be adversely affected by such actions. Fairness is a great moral value, but sometimes business decisions cannot be optimal if everyone’s interest is taken into account. Entrepreneurs, on the other hand, should not in any way go out of their way to make decisions that purposely hurt certain people. That would be grossly unfair.

While difficult, make optimal decisions for your business that are ethical even if they might cause hardship for some people.

Ravi Patel

www.patelCFOservices.com

Published in: on January 12, 2016 at 4:15 am  Leave a Comment  
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The Courage to Make the Right Decisions

Faced with hundreds of decisions, how do Entrepreneurs go about making the right ones?

Generally effective decisions are made with facts, experience, skills and other people’s input gained over time. Sometimes one’s gut or instinct plays an important role too.

Regardless of how an Entrepreneur arrives at it, the perceived popularity of his/her decision should never be a factor in the decision making process. Do what is right, not what is popular!

Right and wrong does not depend upon how many people are for or against a decision. Entrepreneurial leadership is not a popularity contest, but rather leading people the right way towards fulfilling a common Mission. Popularity comes and goes, but true leadership remains.

Entrepreneurs need to have the courage to make the right decisions.

Ravi Patel

www.patelCFOservices.com

Published in: on May 19, 2015 at 3:28 am  Leave a Comment  
Tags: , , , ,

Being Fair

As they say, “you cannot please all the people, all the time.” Leadership is about making optimal decisions for the company as a whole, not only for certain segments of stakeholders.

Entrepreneurs like to be loyal to people, especially those who helped them start the business and were early employees. However, as the company grows, Entrepreneurs have to make decisions that might be tough, unfair to some, and unpopular.

Good decisions involve doing the right things even it means that some people might be adversely affected by such actions. Fairness is a great moral value, but sometimes business decisions cannot be optimal if everyone’s interest is taken into account. Entrepreneurs, on the other hand, should not in any way go out of their way to make decisions that purposely hurt certain people. That would be grossly unfair.

While difficult, make optimal decisions for your business that are ethical even if they might cause hardship for some people.

Ravi Patel

www.patelCFOservices.com

Published in: on March 10, 2015 at 3:44 am  Leave a Comment  
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