7 Best Tools to Help Entrepreneurs to Take Decisions

Philip Moses
Mar 6, 2017 · 6 min read

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There are several elements that contribute to the success of any business and one of them is making the right decisions. There are so many decisions that must be made in running a successful organization. In order to make the right decision, there are a number of tools that entrepreneurs can use. However, the process of decision making may involve a number of steps.

Main Steps of Effective Decision-making:

  1. Gather the details: One of the most critical stages in making decisions is gathering the relevant information. This can be through questionnaires, self-assessments and external sources and so on.
  2. Consider Alternatives: While looking at the various tools to help you make a decision, you should have a provision for the alternatives that would help the company achieve the same objective.
  3. Weigh all factors: Take time to weigh all the critical factors, especially the information that you have gathered. This will help you determine if you are taking the right direction. Ultimately, the decision that you will take should be in line with the objectives of the company and help solve some of the challenges that the company is facing.
  4. Pick the best option: Once you have all factors in place and the various alternatives, you should pick the best option. This is what makes entrepreneurs stand out, due to their ability to make critical decisions.
  5. Implement it: Do not stop at the point where the decision is made; take action to implement it and watch out for the changes.
  6. Evaluation: Most of the successful entrepreneurs will rescind any decision that is not effective. You should review all the decisions after a while so as to check if the desired results are being achieved. It would be illogical to uphold a decision that is not bringing the desired gains to your organization.

With these few steps, you will be able to make practical decisions and help your organization grow in leaps and bounds. There are a number of tools that you can use to be able to make the right decisions. You can also read specific books on the topic like “The Decision Book: 50 models to strategic thinking” that I highly recommend, which is basically the ‘Bible’ for decision making.

Tools for Decision Making:

1) Market Research

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2) Decision Matrix

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3) Cost-Benefit Analysis

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4) T-Chart

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5) SWOT Analysis

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6) Pareto Analysis

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7) Feasibility Study

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Conclusion


Tools for Entrepreneurs

A collection of articles, tips and tools related to…

Philip Moses

Written by

Digital Marketing Specialist | CEO & Co-Founder of SeaSand Digital

Tools for Entrepreneurs

A collection of articles, tips and tools related to entrepreneurship, startups, running your business and everything in between.

Philip Moses

Written by

Digital Marketing Specialist | CEO & Co-Founder of SeaSand Digital

Tools for Entrepreneurs

A collection of articles, tips and tools related to entrepreneurship, startups, running your business and everything in between.

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