Passionate entrepreneurs launching start-ups here and there are exciting news, but if you work in an enterprise chances are you're more familiar with managers afflicted with "analysis paralysis", so concerned about making the right decision they effectively make no decision.
Chicago-based entrepreneur Dalton says for every entrepreneur with golden business propositions there are a number of businesses struggling to get on their feet due to a lack of a focused decision-making process.
Nearly 15% of start-ups fail because they lose focus on their goal, he says.
Dalton says you can avoid analysis paralysis with these simple tips:
- 1. create a due date for decisions to keep ideas and progress flowing;
- 2. carefully vet team members who are willing to make tough decisions and keep the boss accountable;
- 3. find complimentary outside parties who share your vision and understand your goals;
- 4. choose partners who respect your needs and complement your abilities, strengths and work styles; and
- 5. strategise risk diversification with chosen partners to make taking risks more financially viable.