Aug. 18, 2020

Ep165: The Cost of Indecision

Ep165: The Cost of Indecision

When you are faced with a decision – whether it be about a job candidate, a summer cottage, or Thai food – it’s incredibly important to figure out the difference between a need and a want. This episode is all about indecision, second-guessing...

When you are faced with a decision – whether it be about a job candidate, a summer cottage, or Thai food – it’s incredibly important to figure out the difference between a need and a want. This episode is all about indecision, second-guessing and a little bit of regret. 

Why is that important for business? 

Much like the Aesop fable about the dog with the bone (http://read.gov/aesop/026.html), we can get confused by too many options, and end up without what we really needed or wanted. The common denominator in these moments of indecision is that we aren’t figuring out our real priorities in terms of what we want vs need. Prioritizing what matters the most creates limiters that make the decision easier to make. 

Something that fits 9/10 of our criteria is meaningless if the one things that’s missing is a mission critical piece. If the most important piece is the part that’s missing, you’d be better off with 7/10, as long as it included the most important part. It is often our non-critical wants that cause problems in our decisions. 

We also need to be aware of our deal-breakers when we are prioritizing. 

This is what the exercise of prioritization accomplishes – we put guardrails around what we care about the most and narrow the field to make a decision easier. Which is why it’s so important to figure out what’s a deal-breaker, what’s a waffler, and what’s a hankerin. 

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