There may not be a more important skill to develop than this one…
An Inner Circle
I have a group of people, business partners, skilled people who have the ability to poke holes in something I might be trying to do. These are people who I trust their judgement. They don’t have to be your best friend, but are people who are willing to give you advice you are open to.
Data
It’s valuable to have data BEFORE making a big decision. Beta testing can help you gather data before committing to a larger project. You can’t always get a ton of data prior but it can inform decisions in the future.
Professional Advice
Sometimes a big decision requires legal advice, something I cannot know without paying for. Or sometimes I can pay for industry advice from someone who has already done what I am trying to do. This is very valuable. I’m willing to pay thousands of dollars for a phone call that may prevent a $100k mistake.
Leverage Experience
Having experience is valuable and will inform your decision-making. You may see costs rising in certain inputs like fuel and decide that now is not the right time to move forward with your idea. Prior experience with similar situations provide valuable insight.
Risk Vs. Payoff
It has to be worth the risk.
Intuition & Gut
Sometimes you will get a gut feeling about a decision. HOWEVER, that decision still isn’t made without getting as much data as possible. The greater the amount of data available to me, the greater my intuition is!
