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8 Questions That Help Entrepreneurs Make Strategic Decisions

January 12, 2024

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Summary


In this episode, Brett Ingram discusses the importance of making strategic decisions as entrepreneurs. He introduces nine questions that can help entrepreneurs make better decisions. These questions include defining the decision, assessing market demand, considering the fit within the core vision and business, evaluating capacity, planning for achievement, envisioning the best and worst case outcomes, predicting the odds of success, and determining if one can live with the worst case outcome. By asking these questions, entrepreneurs can gain clarity and make decisions with a higher probability of success.


Takeaways


  • Making big, tough decisions is part of the job description as an entrepreneur and business owner.
  • Relying solely on gut instincts for decision-making is risky.
  • By asking the nine questions provided, entrepreneurs can clarify the costs and benefits of their decisions.
  • Considering the best and worst case outcomes, as well as the odds of success, can help entrepreneurs make more informed decisions.


Chapters


00:00 Introduction

00:30 The Importance of Strategic Decisions

02:26 The Nine Questions for Strategic Decision-Making

03:52 Question 1: Defining the Decision

04:19 Question 2: Is There a Demand?

05:18 Example: Assessing Market Demand

06:44 Question 3: Does It Fit Within the Core Vision and Business?

07:43 Question 4: Do We Have the Capacity?

10:10 Question 5: How Do We Plan to Achieve It?

14:28 Question 6: Best Case Scenario Outcome

16:20 Question 7: Worst Case Outcome

17:19 Question 8: Prediction of Odds of Success

19:15 Question 9: Can We Live with the Worst Case Outcome?

20:43 Conclusion and Takeaways



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