Essay on Decision Making Skills in Business Ownership

Decision making is systematic and rational process which is common in any religion, any family, business, any individual or a group. This happens in our day to day life which is very normal. One must be completely sane in order to make accurate decisions. People always have the choice of making both right and wrong decisions but people are advised to think about the choices they make to avoid regrets or losses. Some decisions might also be life changing for example getting married which is a lifetime commitment or the decision of having an infant which requires dedication and time. Decision making shapes our destiny whether personal or co-operate. Some of us can think of a situation where a certain decision may have changed our lives and if we had made a different choice then our lives would have been in a different direction. The secret then is getting good in making effective decisions. We can all agree that we all do not make the right decisions but most people dont have the gut of making the tough decisions because they just dont want to make the wrong decision which may end up in making no decision at all. One president said that the best you can do in a decision making situation is make the right one, the next best thing is making the wrong decision and the worst like we thought is doing nothing.

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The objective of decision making is so as acquire the basic experience in the skill, to make life changing decisions that are beneficial. To make the necessary changes so as to get profit or reach the target required. Decision making is very essential in our day to day lives and even if we wanted to no one can avoid this skill. Decision making has its advantages some of which are; with decision making it is important to plan things especially in a business where one decides on shifts, when there supposed to report in the morning, how they should conduct themselves during work hours, if there should be any uniform required and many more. This is also important for communication so that everyone can work as required to. One is not able to follow up on anything if there is no decision to follow up on. One needs something that has been ordered to be followed so that one can follow up if the rule passed is being followed to the latter. One is able to face decision making chances and gets the skill of proper decision making thus the improvement of proper decision making. While wrong decisions enable us to learn from our mistakes it is encouraged to make the right decision so as to promote growth or bring profit if it is the case of business.

With all this we also note that there are different situations of decision making. One can make the decision individually, authority, average members opinion, majority control, minority control and consensus. These are situations in which one maybe required to make decisions from. But I would prefer individual than group decisions to avoid a lot of arguments.

In the process of decision making one has to take various processes one has to make various decisions depending on the situation and the individuals opinion. There are processes of decision making. One is identifying the problem which has to be decided on, make a decision based on the problem. When we have a clear knowledge of the decision then we collect relevant information on the problem so as to give the right opinion or solution for the problem then decide what will be effective and what will not be effective for the problem for the betterment of the organisation or the individual. One we have the relevant information we know think about the different alternatives we have for the problem. Evaluate every alternative we have so as to choose the best option in this we have to be broad minded. After the evaluation we have to make the final choice. Which might be fruitful or not depending on the decision we make so we should be conscious in this stage. Finally we implement on what we have been doing and if one makes the correct implementation then we would not have wasted any time at all in thinking about the problem.

One of the greatest skills a business owner can have is the decision making skills. These decisions affect everyone in the organisation that is from the partners to the employees. One needs to make the right decisions for everyone to benefit. There a lot of factors that affect decision making which are example mental illness, stress, emotional issues and many more. One needs to have a clear mind in the case of making major decisions which affect more than one person and in order to make proper decisions one needs to have experience in this or practise. In business, first we made a decision to start the business which is a risk and if the business proves to be successful then now we have to think of options like expanding of the business which means more profit. For example if I have had a business in a store for a while I need to think of expanding the business especially if the business is making profit. Now I need to think of the best decision I should take. Decisions such as should I buy a new store, should I expand my old store? This type of questions needs one to refer further in order to make the proper decision. One should first know the two main factors of business location. On which is supply, this is concerned mainly with the operational cost and demand factors mainly concerned by the customer service and tax. If the area that the business is located in the market available is great then one may just expand the shop to add on more goods which means more customers. One may also identify an area where people require your type of goods and buy another store in the location. Competition is also major factors where one may have another business nearby with the same products which makes one make major decisions like whether to reduce on cost by a certain percentage or give offers in order to stand out from the competitive store. An expense the business goes through is also a factor like rent and tax.

Most successful people say that they have sometimes made decisions that have been wrong or non-profitable. With this we see that one needs to learn, and that mistake are allowed once in a while which act as a lesson to us and also our colleagues (Jarillo, 2008). This makes us avoid future mistakes in case of similar situations.so with this we see that even with those mistakes made the successful always pushed on and never gave up on the way no matter the challenges. This tells us to always have faith and be open-minded to avoid mistakes but if they also come our way we keep on and never give up. This is an encouragement and lesson to our future generation. In business we pick the decision that shows achievement. Sometimes we go with our gut and take the risk which is also okay to follow ones instinct. One needs to gather confidence and implement on the decision and hope for the best.

Now there are three decisions we make that involve our personal lives and business and were even making it right now as we read this. The first one is what are we going to focus on? Because whatever we focus on were going to feel. So as a business owner every employee comes in each day and decides on what they will focus on. Some focus on their own needs while others focus on the customers needs. Is this going to change the performance of your business? Yes, completely. Some people focus on what they cannot control which is not a good thing because one is likely to be overwhelmed, frustrated, stressed and other unwanted feelings. This other feelings might bring us to the wrong decision that is why we said that one needs a clear mind for accurate decisions. All business is decision making, better decisions, better life that is what our focus should be on. We experience what we focus on.

Some people make a decision and focus on it and how it did not work out verses what they learnt. Cause there going to be a lot of decisions that do not work out but the open decision is the ability to choose again and learn from our mistakes (Dane & Pratt, 2007). So focus is also a decision. But here is what were looking for, the pattern of business example the focus of an entrepreneur in the business is to increase sales and when there successful, they eventually fail because the sales might be increasing but profit is not. At different stages in the business you must change your focus. Theres a life cycle in a business, if you want to make effective decisions you have to know where you are in that life cycle. Example is where you make different decisions for a teenager and a toddler. Same thing happens to business and life. One has to make new decisions in life as time goes by thats how life is. This is also a way of acquiring leadership skills in that we find that a certain decision is not working anymore therefore taking the step of making another decision and observing its effectiveness (Briner, Denyer & Rousseau, 2009). So the first decision that controls your life is focus.

Decision number two is what does this mean? When you focus on something you have to think of the meaning. Is it the end or the beginning? One needs to act differently on both situations. A good example is when one is in an intimate relationship; one is not likely to treat the person as the relationship was like at the beginning. In the beginning one would go out of his ways to impress the other and this changes overtime. This case happens in business too what if one falls in love with customers or clients more than your company. If youre entire life is meeting their needs, then do just that because that would bring positive results (Gravel, Legare & Graham, 2006). And not just loving the customers that buy thing from you, everyone because were not just looking for one day customers but also lifetime clients. Theres also a different meaning were one questions if the challenge is a punishment from God or a gift. Whatever meaning you give controls what you feel and what you feel controls the third decision which is what should I do?

The minute you give it a meaning you do something about it or pull back. Our economy is driven by this where one thing that maybe this is going to go on forever or this might be the end of the way thing are and this might end up being a self-fulfilling prophesy (Moye & Marson, 2007). So decision making is your power, you want to change your business think about what changed your business in the past and guarantee that what changed your business is some decisions you made. Decisions about people, products, marketing strategies, locations, what the company can offer. Then you pick on the best options based on what part of the cycle youre in so that the business can pick rapidly.

With this context we can agree that decision making involves a lot of things and affects us in different ways and that we need focus, identify meaning of the problem and making a decision so as to solve the problem. With this entire knowledge in mind and with experience or guidance of a mentor one is able to make the proper or right decision. And if it happens to be the wrong one then one is guided through the right steps to take so as to give another opinion which may now be the right one.

References

Moye, J., & Marson, D. C. (2007). Assessment of decision-making capacity in older adults: an emerging area of practice and research. The Journals of Gerontology Series B: Psychological Sciences and Social Sciences, 62(1), P3-P11.

Briner, R. B., Denyer, D., & Rousseau, D. M. (2009). Evidence-based Management: Concept Cleanup Time?. The Academy of Management Perspectives, 23(4), 19-32.

Gravel, K., Legare, F., & Graham, I. D. (2006). Barriers and facilitators to implementing shared decision-making in clinical practice: a systematic review of health professionals' perceptions. Implementati...