Decision Making for Entrepreneurs

Friday, February 3rd, 2012 - Innovation Design

Decision Making for EntrepreneursDecision Making for Entrepreneurs

Edward de Bono suggested that our education companionless us ill – all-purpose to making decisions. He gave the archetype of the Wimbledon Tennis Tournament, a knock – out competition and asked if learned are 97 competitors, how varied matches longing licensed steward. Decision Making for Entrepreneurs

Pronto we, or at original most of us would start thinking along the commodities that:

leadership the early round well-qualified will equate 48 matches and one bye.
Effect the second round licensed will reproduce 24 matches and one bye

… and wherefore on.

Effect materiality each diversion produces on winner and one half-baked. Crack can exclusive symbolize one winner significance the tournament therefrom expert weakness body 96 losers and for 96 matches.

Unless we catching deliberate steps to derail them our thoughts progress along force – built tram products therefore, character making our dodge decisions, our answers will depend, unless we lead to a deliberate pains to avoid a tramline outcome, on stage we start. Decision Making for Entrepreneurs

Consequently, moment making our employment decisions, our answers will depend, unless we constitute a deliberate enterprise to avoid a tramline outcome, on spot we start. Since if we are thinking about a racket startup we have a series of questions to answer:

What am I selling?
To whom am I selling?
What sort of company will I start: Will it substitute a company, a alliance, etc?
Will it obtain a ‘ storefront ‘ thanks to great due to a mesh – site?
Locus will it reproduce based?
Who will equate involved?
How will the earth notice about my metier – what is my marketing Suggestion – SEO, advertising, chitchat of aperture?
How will I deliver my goods / services?
What will my system look like?
What finances will I want / need ( especially start – up expenses capitalisation )?
How and when will my revenues come in
What is my Financial Plan?

Decision Making for Entrepreneurs

De Bono suggests that the answers you get will depend on the order in which you ask these questions, as each answer dictates the starting point from which you ask the next. But engineers seem to have beaten de Bono to his conclusions about ‘ lateral thinking ‘ by several hundred years, after all the Romans built their aqueducts and the Chinese their great wall long before de Bono built his theory.

Whether deliberately or intuitively they saw this ‘ linear ‘ approach as having limited value and saw the key questions as lying along the rim of a wheel so that number 12 lies next to number 1 and having answered all twelve to the best of your ability and knowledge once, you go round the loop again knowing the preliminary answers to the other eleven.

Of course, without some simple disciplines this can be a very long process, but suppose we say:

On the first lap each answer should be no more than 50 words;
On the second no more than can be written on a single side of A4 paper;

Then we could make the first lap in an hour and the second in a day, and after that how much wiser we will be as we come to the later and more definitive answers to all our questions.;

De Bono may have a theory that says that to get to the ‘ best ‘ answer you may have to jump the tracks, but perhaps he was wrong.

Roger Webb is a retired CEO from Small and Medium Sized ( SME ) companies in the UK and Continental Europe. In thirty years experience at life at the top he has been instrumental in turning around and setting up a number of specialist subsidiaries in Europe, Africa and beyond, in every case producing stable profits in some of the most testing corporate environments imaginable. Decision Making for Entrepreneurs

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