28 Feb How to Prioritize When Making Decisions as an Entrepreneur?
Benjamin Franklin once said that ‘Time is Money’, which is undoubtedly precious, and he must have written this, especially for the entrepreneurs. When opting for a new startup business, entrepreneurs have to make some overwhelming choices, and among them prioritizing is one of them that helps in reaching success quickly.
“Whenever you see a successful business, someone once made a courageous decision.”- Peter F. Drucker.
There are certain things I would say entrepreneurs have to keep in mind about prioritizing and decision making. I have always followed certain tips whenever I felt that coming to an effective decision is tough. Listed below are some of those tips that have always turned out to be effective for me and I guess it would help you too.
Find out what is important
“Perhaps our greatest distinction as a species is our capacity unique among animals, to make counter-revolutionary choices’- Jared Diamond.
When it comes to prioritizing things, I would say it is the importance that you should mostly try to focus on. Always try to know about the WIN or what’s important now, things that can wait, things that have ample time to wait for, etc. For example, suppose you are stuck in a room, which is on fire. For you, what would more important, to save yourself or your belongings. So, this is called prioritizing wherein you will have to understand that what your business or organization needs right now.
After that, you can minutely categorize all the items as a list, shuffle them according to its urgency, and then find out what your business is lacking. Quite obviously you will try to put the most essential items on top, and the least urgent items at the bottom. If you consider this list as a long term reminder of the things that are important for you, then your business will find success. Also, ignoring the paperwork for some time will not harm the company, but if you do not look into the reason behind the declining sales of the company, then it will have an immediate impact.
Concentrate only on growth
“Who can really say how decisions are made, how emotions change, how ideas arise? We talk about inspiration; about a bolt of lightning from a clear sky, but perhaps everything is just as simple and just as infinitely complex as the processes that make a particular leaf fall at a particular moment. That point has been reached, that’s all. It has to happen, and it does happen.”- John Ajvide Lindqvist
Indeed, it is easy to make a huge list of what’s important, but always keep in mind that among all the things you will include in the list, only a few things will help in bringing potential growth to your business. So, you will have to prioritize the things that will help your company to grow. Simply giving the first priority to those few items will surely help. Although it will be tough for the task-oriented people you have to keep in mind that the main motto of making the WIN list is to give some speed to the growth of your business.
Try to finish the toughest task
You have to understand the fact that whenever someone is procrastinating, they are not being lazy. But, they are mostly trying to do something that they do not want to. So, always try to handle the toughest item present on the WIN list that you made. I have heard from a lot of people that, if you complete the hardest task in the morning, then you will be able to get the complete motivation to work throughout the entire day.
Once a philosophy professor brought a jar into the class, and as the class proceeded, he filled the jar first with bigger rocks. Then he asked his students whether the jar is filled or not, and the students said ‘yes’ to it. He then kept filling the jar with pebbles, shook it, and the pebbles rolled inside the open area between the rocks. He again asked the same question to his students. Again the students said ‘yes’ to it. At last, the professor filled the jar with sand that covered the jar completely.
Finally, he said to his students that the jar represents life. Rocks are the crucial things of it which are family, health, children and partner. Even if you lose everything, they will be constant. Pebbles are other things that matter like your house, job, and car. The sand represents the small and unimportant things. The professor said that, if you fill up your life with all the unimportant things, and waste time and energy on them you will not be able to make room for things that are important in your life. So, it is best to give importance to the rocks first.
Suppose, you are juggling five balls and each of the balls represents different and significant parts of life- family, spirit, health, friends, and job. Out of the five balls, four are made of glass, and the last one is made of rubber. So, you have to understand that the rubber ball represents your job, and the glass balls represent family, friends, spirit, and health which are fragile. Accidentally, if you drop any of them the damage would be irreversible so you need to prioritize.