Overcoming Decision Paralysis 

How overcoming decision paralysis helps you start and grow your small business, with Henry Lopez and David Begin.

Decision Paralysis is the fear of making that final decision, either to start a business or make a significant change in your current small business, that paralyzes us and we either make no decision or delay so long we miss the opportunity.

FREE DOWNLOAD: 2 Responsibilities Business Owners Must Embrace

  • What is Decision Paralysis: Also known as Analysis Paralysis – when you are not able to decide to move forward on something because you have over analyzed it and perhaps exaggerated the fear of failure. It leads to never making real progress on starting your business or making the changes in your business that ensures survival.
  • Book Recommendation: Malcom Gladwell – “Blink: The Power of Thinking Without Thinking”
    • Decisions made quickly can be as important as ones made over a long period
    • “The key to good decision making is not knowledge. It is understanding. We are swimming in the former. We are desperately lacking in the latter.”
  • What’s your personality type (for example, are you a high fact finder and need more details before you make a business decision) and how might this impact your decision making?
  • Nobody likes being wrong. When it comes to deciding, it’s natural to want to be “right.” And this desire to be right leads to overthinking and fear of being wrong about decisions.
  • There are no guarantees. No crystal balls. No magic eight balls. No uncle Buffet to call!
  • How to overcome Decision Paralysis in small business:
    • First step to overcoming – accept and acknowledge that it happens to most of us!
    • Plan (financial projections), minimize your exposure, then take a leap of faith with starting to small business or making a big decision as an exiting business owner or entrepreneur.
    • Sometimes, you have to stop taking in information that will lead to further overwhelm and perhaps paralysis.
    • What’s your worst-case scenario if this small business decision fails? Think a couple of steps ahead.
    • Set an End Date or Go/No Go Date – put a stake in the ground!
    • Get input from a business coach, mentor, or peer.
    • Accept that there is no “perfect timing”.
    • Take it a step at a time. Prioritize the decisions. Break it down into small decision points if possible.
    • Start smaller or hedge your decision.

Resources:

Books mentioned in this episode:
[We receive commissions for purchases made through these links (more info)].

Other Resources:

FREE DOWNLOAD: 2 Responsibilities Business Owners Must Embrace

Other Podcast Episodes:

Episode 245: Two Responsibilities

Episode 265: Dealing with Overwhelm

You can find other episodes of The How of Business podcast, the best small business podcast, on our Archives page.

Leave a Reply

Your email address will not be published.