At various points in my misspent navy days I used to enjoy placing a small bet on the horses. My buddies and I would then retire to a local pub and watch the races while sipping some fine warm beer! I had an amazing capability that went something like this. If I bet on a horse, and limited funds meant that there were not many bets, it invariably lost! However, when the betting funds were totally depleted I could pick out winners like you wouldn’t believe!
So what does this have to do with decision making?
As a CEO I am called upon to make decisions all day every day! Many small, some not so small, but the worst thing I can typically do is to be “indecisive”. As the business books say it is better to make a decision, any decision, rather than no decision. Having said that, some decisions will always take longer than others … and decisions will change as more facts are discovered or situations change.
There are always the “armchair quarterbacks” or “bettors without money” who can make these decisions at the drop of a hat! They typically came to the right answer weeks before “the boss”.
If you are new to management this is something to be prepared for. If you have not yet made it to management, try to remember that the people making the decisions probably have a lot more data than you! If you are the one making the decisions then you have been there!
Kevin’s advice: Don’t talk up the bets you make with no money!