I used to tell people that success in business was 80% luck, being in the right place, the right time, with the right product and 20% business skills. But you better have a really good set of business skills to take advantage of the luck. One important aspect of that business skill set has to be decision making.
The life of a business person is decision making and success depends on making good decisions. The problem with human decision making is that we humans are susceptible to bias in our decision making processes. One of our biggest biases in decision making is “what we want the decision to be” thus we seek support (evidence) to support what we want and discount (don’t listen to) that which does not support the decision we want. I certainly believe that intuitive decision making has a place in business, having a “feeling” for your market, for example, is often right on target, just make sure your intuition is backed up by facts, before you make the leap. This is where evidence based decision making processes comes into play.
In today’s business world, effective use of information is becoming increasingly important to success, thus as a business person or a manager it is wise to either become well versed in data and information processes or engage someone who can do it for you. In all likelihood you have a management information system of some sort in your business, is it providing you with the real business decision information you need to make decisions and is it the right information? Do you really know how to turn that data into useful information, to communicate that information, and really important, how to turn that information into evidence to support your business decision making?
Business success still has a lot to do with luck, but skill at using data to generate information has pretty much become an imperative to achieve your long-term wealth creation goals.
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