Friday, August 9, 2013
Every day we make decisions that impact our future. Every day we decide on pricing, product, sales strategy, hiring and because it's an imperfect world we never have enough information.
When you're building a company you have to get very comfortable with making decisions on partial information. There is never enough time to assemble all the facts, and if you wait for them you'll fail anyway because the opportunity will pass you by.
Think about product design. When you're creating a new market and growing fast you can't take the time to survey the market, ask users what they want and then carefully design your product in response! Quite the contrary - you need to have a vision, a theory of what users want, build it and watch how they react. Do A/B testing to see which approach is better. Make changes very quickly as you figure it out. Listen to customers problems but don't let them prescribe the solution.
Consider choosing a job. You never know enough, or everything, about a job until you're in it. You can try to find out, but if you are too pedantic and careful about collecting information chances are you'll turn off the very manager and company you want to work for, or you'll miss the window for the job. Your job will probably dominate the majority of your waking hours - you need to fall in love and that's not an analytical process. It's a gut process.
And how about sales strategy! Sales campaigns are always under time pressure. A sale delayed is a sale lost (as one of my sales mentors used to tell me). So you can take an afternoon with the team at the white board thrashing through all the intelligence you have from your coaches but in the end you have to decide on a strategy with partial information and then be ready to course correct if you have to. When millions of dollars are on the line that takes balls.
But being able to make good decisions, where the majority are right, from incomplete information will change your future. As Pythagoras said "Choices are the hinges of destiny". When you are courageous and make the decision with imperfect information you mold your destiny. So take a deep breath, embrace your imperfect information, and decide!