Dan Fadida’s Post

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Founder & CEO @ MyEspy.com | EspyBox.com | Unbox Happiness, personalization in a box

Colin Powell's rule of thumb on decision-making is: if you have more than 70% of the information, you're overthinking (or probably moving too slowly). You do need at least 40% of the information, though, to avoid making a poor decision. This rule of thumb: • 𝗣𝗿𝗲𝘃𝗲𝗻𝘁𝘀 𝗔𝗻𝗮𝗹𝘆𝘀𝗶𝘀 𝗣𝗮𝗿𝗮𝗹𝘆𝘀𝗶𝘀: avoids information overload and encourages timely action • 𝗟𝗲𝘃𝗲𝗿𝗮𝗴𝗲𝘀 𝗶𝗻𝘁𝘂𝗶𝘁𝗶𝗼𝗻 𝗮𝗻𝗱 𝗲𝘅𝗽𝗲𝗿𝗶𝗲𝗻𝗰𝗲 It is, however, easier said than done, especially as a founder, because you worry more about making mistakes. It's a muscle you have to practice, and you get a feel for when a decision is made and you need to move on. It's definitely a muscle I'm actively working on. In general, even if you make a mistake, it's okay in most cases (unless you're a surgeon or something like that), as long as you adapt quickly. The opportunity cost of needing too much information or taking too long to make a decision is generally higher than being completely sure of a decision.

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