How To Make Big Decisions In Your Business When You Don’t Have The Experience
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Play along.
You’re on Who Wants To Be a Millionaire. (The Dan Martell SaaS edition.)
Sweat on your brow, lights on your face.
Clock ticking.
You’ve got 20 seconds to make a decision.
Lock in the right one and your profits double. Lock in the wrong one, and it’s game over for your business.
Your fingers are crossed, hoping for a question you know the answer to…
No luck.
The next question on your screen is one you’ve never faced before. You have ZERO experience in handling this.
Something like:
- “Should you move to San Francisco?”
- “Should you bring on a business partner?"
- “Should you raise venture capital for your startup?”
- “Should you pivot your business or stay on this course?”
You’re an entrepreneur. You launched your own startup… so you are meant to be THE decision-maker, the one person capable of answering this question.
…and you’ve got no clue.
What do you do?
Stressful, right? Trust me, even the big players doing over $10 million+ ARR face big decisions they’ve never handled before, with massively high stakes.
So, of course, I have a framework for how to make those decisions when you don’t have the experience.
You’ve got to have systems for this kind of stuff, or else it can go wrong too easily. And I’m sharing the system with you in this week’s video.
It’s 5 steps, designed to give you clarity and to minimize your stress when facing huge decisions. These steps are:
Step 1: Define the Problem… (specifically and exactly.)
Step 2: Research the Solution Space
Step 3: Connect With Mentors
Step 4: Verify With Peers
Step 5: Decide and Adjust
This is one thing I love about business… it’s ever-changing.
Yes, there are frameworks, patterns, and repeatable problems, but the context for which you apply those answers keeps changing.
A successful entrepreneur is the one who learns to make decisions in the face of uncertainty.
It’s scary stuff.
But I hope this video shows you that you don’t have to lose sleep over it.
So check it out, and keep that system in your back pocket for the next time a heavy decision catches you off guard.
Love to know your thoughts, so drop me a comment under the video. Speak soon!
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Dan Martell has advised more startups than his hometown has people and teaches startup founders like you how to scale. He previously created, raised venture funding for and successfully exited two tech startups: Flowtown and Clarity.fm. You should follow him on twitter @danmartell for tweets that are actually awesome.
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Exclusive Download: Precision Scorecard™ – Keep Your Leadership Team Focused & Accountable To Growth - http://bit.ly/373eFBm