Entrepreneurs lose time avoiding decisions because they dread one simple thing: The “no.” Seek the decision, it will drive progress.
“Can I get more info before making a decision?” That’s the most dreaded sentence when you are waiting for a decision to be taken by a senior executive or a board.
In entrepreneurship, you often are the senior executive and the board, so there is no excuse for not making a decision. But even as an entrepreneur, I have caught myself (and others) procrastinating around important decisions.
Let’s see how we can avoid that.
1. Get the facts
Humans are emotional, especially concerning big and important decisions. When discussing such choices, they often start fantasizing — what would we do with all the money if we landed this big deal? What would we do if we signed this MOU with that essential prospective partner? How much quicker would our business grow if we opened an office in the U.S.?
Good morning, reality.
Instead of fantasizing about what you will do after the decision, focus on getting the facts on the decision.
Who is the decision maker for this big deal? What information is the decision maker missing to award the deal? And most importantly, when is the decision maker expected to make the final decision?
What unique capabilities can we offer to that essential prospective partner that nobody else can? Is the prospective partner looking at alternatives to partnering with us, or not? Are there any missing pieces that prevent a decision? And again, when is the decision maker expected to make the final decision?
Which prospects would buy from us if we had a U.S. office, but don’t buy from us just because we are lacking one? How much time will it take to open up a U.S. office, and what are the legal costs associated with it? Will those prospects make a buying decision in favor of one of our competitors before our U.S. office is open for business?
2. Get the answers to the key questions
In all cases, the truth is simple: You need to get the answer to the key questions, and the key question is always the final “yes” or “no” on the big decisions. Don’t push for the big decision before you and your counterpart have all the facts together, but once you have all the facts together, go for it.
People tend to fantasize about what they will do after the decision instead of pushing for a yes-or-no answer because they dread one simple thing: The “no.”
3. Don’t look back
Even if the decision is not made to your benefit, a straight “no” is way better than an endless back-and-forth, as this sucks away energy and focus from other important decisions.
Nobody likes losing, and nobody likes being turned down. But nobody wins all the time, even if people claim so on social media.
Counter-intuitively, sometimes a “no” is better than a “yes.” With all the go-get attitude required in entrepreneurship, I think that some very difficult projects or partnerships should be left to our competitors.
