CEOs get paid so much because they make hundreds of decisions every day based on the survival of the company and making the company millions of dollars under pressure. How can you make better decisions?
There are probabilities in everything, just like gambling. If you want to win some bets, you have to play the game. It also can be based on the luck of the draw. Practice making small decisions first and get used to the possibility that you might make the wrong decision. A bad decision is better than no decision at all in business.
Try to play out a decision in your mind, like a movie. Think through the things that could go wrong before they happen and address them preemptively. This way, if a problem arises, you’ll already have a plan in place to deal with it, or you may avoid it altogether by having addressed it before it happened. You can also switch it up and think about things that would lead you to successful outcomes and desires.
Determining expected values is a way to evaluate projects. If you’re working on a project that could make your business $100,000 and you have a 50% of accomplishing that, the expected value of that project is $50 000. Look at the worst-case scenario or go with the project with the higher expected value and the least catastrophic result.
Look back on your decisions as a portfolio of risk and develop a pattern of making good decisions over time. This is going to set you ahead as you’re going to be able to move faster than your competitors.
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