Monday, 30 May 2016

Quote for the day

"If you want to make a permanent change, stop focusing on the size of your problems and start focusing on the size of you!" - T. Harv Eker

Sunday, 29 May 2016

The 4 Types of Decisions, and How to Approach Each One

By Doug and Polly White 

Making good decisions is critical to business success. The first step in good decision-making is to understand that not all decisions are created equal.

We like to differentiate decisions along two dimensions: importance and urgency. An important decision is one that has the potential to have a significant impact on your business or on a person’s life. An urgent decision is one that you must make immediately -- there is no time for further consideration.

If you consider these two dimensions together, the results are these four types of decisions, and how to approach them:

1. Neither urgent, nor important

  • Consider taking no action. If a decision is neither urgent nor important, you may not need to make it at all.
  • Delegate to others. Such decisions provide an opportunity for a manager to coach subordinates on how to think about decision-making.
  • Delay to less hectic times. Resist the temptation to focus on items that you can check off your “to-do” list quickly when there are other more important and urgent decisions that need attention.
  • Beware of morphing. Don’t delay the decision until it becomes urgent.


2. Urgent, but not important

  • Don’t overanalyze. Because these decisions are not important, going through a lengthy process to make the decision simply doesn’t make any sense. In some outrageous cases the cost of the time spent analysing a decision can exceed the cost of making a wrong decision.
  • Use principles. Rules of thumb, guidelines and principles can provide a great way to make decisions quickly and efficiently. This will also ensure that decisions align with the values of the organization.
  • Listen to your gut. As an experienced businessperson, you have good judgement -- don’t be afraid to use it.

3. Both urgent and important
  • Prevent morphing. Left unaddressed, many decisions will morph into this category. Don’t let it happen.
  • Beware of false urgency. Many decisions that are portrayed as urgent, aren’t. Don’t be pressed into making an important decision without careful consideration when you don’t have to.
  • Reduce urgency. Consider whether you can take steps to buy yourself time to make this important decision.
  • Keep options open. Consider options that will allow you the most flexibility later. If you can avoid it, don’t get locked in.
  • Consult experts. These are the people that are the most likely to have immediate insight into the right direction to proceed.

4. Important but not urgent

  • Identify and address the right problem. Solving complex problems requires asking a series of questions that are relatively easy to answer. The answers to these more straightforward questions then lead you to the solution of the more complicated issue.
  • Have the right mindset. When you face a big decision, don’t be overcome by emotions. Ask two questions: What do I want to happen next? What do I have to do to maximize the probability that that occurs?
  • Utilize appropriate analytical tools. For decisions that are important but not urgent, it is sometimes helpful to use decision-making tools. There is time to apply the tools and the cost of doing so is justified by the magnitude of the decision.
  • Seek the counsel of experts. Any time you face an important decision, seeking help from experts is a good idea.
  • Live with your decision before executing. Make a decision and sleep on it before implementing.

Good decision-making is critical. Understanding the type of decision you are facing and responding appropriately will help you to increase your effectiveness.
Source: www.entrepreneur.com

Quote for the day

"Motivation is what gets you started. Habit is what keeps you going." - Jim Ryun

Saturday, 28 May 2016

The 9 Characteristics of a Good Decision

By Jeff Boss

The choices you make as an entrepreneur can have powerful impacts. The “chance of a lifetime” can appear out of nowhere only to turn into something painful. Conversely, there are those opportunities that don’t seem worthy of a second glance at the time but eventually wriggle their way on to your missed opportunity list. Bartender, I think I’ll have another.

You don’t want to seize just any opportunity -- you want the right opportunity. After all, this is your precious entrepreneurial-baby-of-an-idea that you want to succeed, and that means seeing the light of day tomorrow based on the decision(s) you make today.

Decision-making can be the single-greatest weight upon your shoulders if you don’t know how to manage stress or if the consequences are less than ideal. So, how do you know what a good decision looks like? Here are nine characteristics of a good decision:

1. Good decisions positively impact others.


This statement may seem obvious, but if it were, bad decisions wouldn’t exist. After all, anybody who is adversely affected by a decision immediately classifies that decision as bad. Of course, now you just need to find a common definition of "positive."


2. Good decisions are replicable.

People want to mimic a bad decision like a case of herpes. Enough said (and feel free to tweet that).
3. Good decisions foster opportunity.

An effective decision empowers others to act.
4. Good decisions include others.

Arriving at a conclusion that serves the company is a process. There are boxes to check off that ensure accountabilities are established and authorities are met.

5. Good decisions are executable.

Integral to any decision is clarity around what that decision is. If there’s ambiguity about what to do next then that decision isn’t clear enough. Clarity minimizes uncertainty, and although this may sound like an obvious statement, remember that what’s apparent to you may be new found insight to others.

6. A good decision is systematic.

Ruling out the good criteria from the bad requires time, resources, clear (there’s that word again) requirements as to what the goal is and judgement to estimate the probability of success.

7. Good decisions are accountable.

With clarity also comes accountability. It’s not easy hiding behind something that outlines, in detail, the roles, responsibilities or expectations associated with a new decision. Tack on the timeline, assets necessary and the conditions that define success and you’re pretty much on a one-way highway to execution without any U-turns (my metaphor for accountability avoidance).

8. Good decisions are pragmatic.


Humans are creatures of emotion, which means eliminating emotion from a decision isn't feasible. However, what can be eliminated are self-serving emotional biases. In the SEAL Teams, for example, there were three criteria upon which decisions were made: The mission, the team, the individual. Namely, who does the decision serve? Hint: The individual comes last.

When you're faced with another difficult decision, ask yourself, "Whom does it serve?"

9. Good decisions involve self-awareness.

If you’re tasked with deciding how to outline your company’s strategy for the next 10 years but you’ve never made a strategic outline, chances are you should defer to the next subject-matter expert. The point is, for a decision to positively impact others, foster opportunity or any of the aforementioned characteristics, you need to be cognizant of when you’re operating within your circle of influence and when you’re pushing its boundaries. Don’t be that person who clutches to decision-making authority because it makes you feel important -- defer to the person closest to the problem.

Decision-making is both an art and a science. Incorporate the above nine characteristics into your choice architecture to feel more confident, and watch others do the same.
Source: www.entrepreneur.com

Quote for the day

"You have to be burning with an idea, or a problem, or a wrong that you want to right. If you're not passionate enough from the start, you'll never stick it out." - Steve Jobs

Friday, 27 May 2016

Colombo Stock Exchange Trade Summary 27-May-2016

Quote for the day

“Anything outside yourself, this you can see and apply your logic to it. But it's a human trait that when we encounter personal problems, these things most deeply personal are the most difficult to bring out for our logic to scan. We tend to flounder around, blaming everything but the actual, deep-seated thing that's really chewing on us.” - Lady Jessica