Decision Making Frameworks

Entrepreneurship is a decision making profession.

Entrepreneurs have to make decisions all the time, many of which are not easy. They all seem to come with some kind of compromise.

Entrepreneurs reading this know exactly what I’m talking about.

Doesn’t it seem like any choice you pick feels like you are losing on something?

Or worse, makes you feel that you are gambling?

That’s a very annoying feeling to have and can become crippling. Can lead to procrastination. Can lead to not making any decision at all.

Seasoned entrepreneurs and business leaders don’t fall into this type of dilemma. They have developed frameworks to help them make decisions with outcomes in their favor.

This awareness inspired me to look for those frameworks so I can identify them when they come up and know and use them in my own decision making process

Without further ado, here is my growing list of…

Decision Making Frameworks:

 

Framework 1: Do Not Compromise

Compromise is a losing proposition. You never feel good when you compromise. Yet most offers are presented to us in a way that makes us have to compromise.

When you are presented with a choice where you feel you are being forced to make a compromise, use the “do not compromise” framework:

When confronted with two options A or B, where each is not good enough on its own. Do not choose one or the other. Find a way to combine both A and B.

 

Framework 2: The Double Bind

Let’s look at this another way…

We are presented with choices A or B. Neither is good on its own. You try combining them but the result is still not that good.

Here’s what most people miss. That the way the choice is framed to us makes us think that A and B are the only options available to us.

Because we are only focusing on those two options in isolation, we forget that we don’t have to choose either, we are being misdirected to not look for a third choice.

In this case, we don’t choose A nor B. We look for a third option that is better.

This is called “the double bind”:

When confronted with two options that are not good enough even when combined, do not choose either. Don’t limit yourself. Look for a third option.

 

Framework 3: The Journey Is The Reward

What if you cannot combine the options of the choice? For example, you got offered two great jobs, now what?

When either option is extremely good on its own, and it’s impossible to combine. What do you do? This is what is often referred to as a “good problem to have”.

When you are in this situation, use “the journey is the reward” framework:

Confronted with more than one equally good choice, pick whichever choice gives you the best memories.

In this framework, the focus is on the journey because both choices will get you to your destination.