Decision-making is essential for success. Great leaders like Jeff Bezos and Elon Musk have mastered it. How can you apply their strategies in your life?
Ask yourself: Can this decision be undone? If irreversible, analyze carefully. If reversible, act quickly and test ideas.
Bezos distinguishes between Type 1 (irreversible) and Type 2 (reversible) decisions. Move fast on Type 2 decisions for rapid progress.
Amazon's same-day delivery: A Type 2 decision. Acquiring Whole Foods: A Type 1 decision. Categorize your decisions for better clarity.
If time is limited, choose the safest option. With more time, dive deeper into analysis.
During COVID-19, Jacinda Ardern acted swiftly, closing borders and imposing lockdowns, focusing on public health over economic concerns.
Low uncertainty? Use data to maximize ROI. High uncertainty? Take calculated risks, but ensure they’re recoverable.
Musk embraced uncertainty in SpaceX, accepting failure as a learning opportunity, leading to groundbreaking success in space exploration.
Think about long-term regret. Ask: What will I regret not doing in 10 years? Make decisions aligned with your core values.
Apply these steps to your career, business, or personal decisions. Great leaders prioritize careful analysis, speed, and learning from mistakes.