Change and Business Decision-Making

Sometimes entrepreneurs who have made one successful decision after the other let it get into their head. After a time, going in the same direction, they face a tsunami brought about by a changing market. Because they can’t change, and they keep doing the same things that have waded their businesses in the past, their businesses usually end in failure or bankruptcy. Entrepreneurs must listen to their customers, build what’s best for their company and their team. One way to avoid being overwhlmed by changing market situations is to broaden the feedback loop. Getting other advisers that give inputs to your decisions are one step. You could also gather your team and let loose an open meeting where everyone can ask the hard questions and suggest possible solutions. It’s through such mechanisms that businesses can avoid tanking over the next tide.

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