Tackling decision-making dilemma

simple, others are complex and require some mind searching.
There are certain factors to be considered such as uncertainty arising from not knowing all the facts, complexity in that you have to consider many interrelated factors as well as high-risk consequences that takes into account the impact of the decision taken.
In addition to this you have to consider alternatives available as each one has its uncertainties and consequences. Interpersonal issues also come into play, as there is no way you can make a decision without considering how other people will react.
Many thanks to my mentor LT who dropped me a line last week and pointed me to the mindtools.com website which discusses in detail a systematic approach to decision making.
You maybe wondering why I chose this subject, but all entrepreneurs are faced with a decision-making dilemma that requires an organised approach to make sound and better decisions.
There are six steps that are critical in effective decision-making:
l Creating a constructive environment;
l Generating good alternatives;
l Exploring these alternatives;
l Choosing the best alternative;
l Checking your decision and
l Communicating your decision and take action
Some of you maybe be faced with a situation where you have to make a decision on which venture to pursue and it is important to first define what you want to achieve and agree on the process. In addition to this you have to involve the right people and this can be achieved through a stakeholder analysis.
By involving other people you will be creating room for other opinions through discussions, debates and analysis. The Stepladder Technique is a useful method for gradually introducing more and more people to the group discussion and making sure everyone is heard.
By generating good alternatives, you are basically employing techniques to force yourself to dig deeper and look at the problem from different angles. Brainstorming is probably the most popular method of generating ideas.
When you have come up with a good selection of alternatives, you will need to evaluate the feasibility, risks and implications of each choice. The next challenge would be to choose the best alternative and in some cases this can be obvious, but in some cases you have to consider a number of variables.
After evaluating the alternatives and deciding the best way forward, it is time for a reality check whereby you check your decision that it has been thorough and ensure that common errors have not crept into the decision making process. Overconfidence, groupthink and other common errors in decision making can have catastrophic consequences, so you have to quietly and methodically test the assumptions and the decisions made while exploring any doubts you might have. Is this the right decision to take? What if? Etc.
Once you have reached your decision, it is imperative to explain why you did so to the affected parties who will be involved in implementing the decision. It is generally acknowledged that an organised and systematic decision making process usually leads to better decisions. Decisions based on insufficient information and analysis are not sustainable. Next time you are faced with a decision-making dilemma take time to go through these steps and you are more likely to reap better results.
The entrepreneurship crusade seems to have taken off in Zimbabwe and more and more people are now on the go looking for opportunities. As they say, where there is a will, there is always a way. I bumped into this outfit called The Young Entrepreneur that is publishing a classy monthly magazine highlighting issues concerning entrepreneurs, particularly the youth.
In its manifesto, the magazine – on gloss paper – says it is committed to fostering entrepreneurial development within businesses run by the Zimbabwean youth. YE also aims to create a community that can be a springboard for robust business partnerships and dynamic suppliers and implementation of skills development programmes.
Fronted by one young energetic Tendai Makore, the magazine is still in its infancy, but given adequate advertising support it can be a force to reckon with. It is the YE Magazine focus to eventually go regional and effectively compete with other such publications as The Entrepreneur and Succeed Zimbabwe that are both published in South Africa.
“Our quest is to motivate and inspire young entrepreneurial success, equip the entrepreneur with the necessary information, grooming and exposure that will ensure that they are running fruitful enterprises, amassing ideas that previously seemed out of reach by building paradigms based on sound business principles.”
Another striking objective of the magazine is to improve the way young entrepreneurs do business by bridging the gap that currently divides old and new business people.
In terms of content and the graphic design, I found the magazine compelling reading and this made me look forward to future issues. It is possible to breakthrough, I told them.
As always, let’s make money.
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