Let’s talk about rationality – that concept we all agree is generally a good thing. Thanks to technology and analytics, we’ve got tools like GPS making our lives simpler and less stressful. But, as with most things, rationality comes with its set of challenges that we can’t just overlook.
Now, can we solve these challenges with just rational thought?
It’s a bit like Steve Jobs said, “Because the people who are crazy enough to think they can change the world are the ones who do.”
But then again, Thomas Edison adds a dose of reality with, “A vision without execution is hallucination.”
Rationality and analytics can be invaluable when it comes to making decisions based on models, probability, risk, and numbers. Take our firm’s analytics, for instance – it’s been a game-changer, helping clients focus on the 20% of customers or products driving 80% of their sales. Sports managing, betting and coaching decisions, too, have seen significant improvement with better analytics.
But let’s not forget the magic of intuition, creativity, passion, and out-of-the-box thinking. The fast, experiential vibe of these elements considers factors that analysis often misses. They’re almost essential for dealing with change, uncertainty, and creativity, like in supply chain management.
George Bernard Shaw said it best, “The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man.”
When we throw in a curveball like COVID, and rationality gets trickier. Forecasting for 2020 became a special event, shaking up models for everything from workers going back to the office, students going back to the classroom, airline passenger growth, business meetings, to apparel and entertainment trends.
When you’re dealing with complex goals, things can get a bit tricky. One common challenge is figuring out how to balance growth and profit. Lately, venture capital firms have been switching gears, putting more emphasis on profit to get better returns. Then there’s higher interest rates, inflation, and moderation in the growth of technology. In addition, there’s juggling issues like supply chain hiccups, managing teams, dealing with the ever-shifting political scene, and other surprise curveballs. Take, for example, the rise in retail store theft, which has become a critical factor that’s impacting how both individual stores and big chains perform.
Do we have the information to be rational? Assumptions, demographics, time periods – they all play a role. Our perceptions can be deceiving, too. Sample surveys versus actuals show us that what we think might be rational can be way off.
Rational thought must be carefully reviewed for bias. Bias is a tricky player in the rationality game. Right-brain and left-brain thinking are different beasts, and biases are often just human. Our recent experiences can color our decisions, and analysts love their formulas, but most bias is just plain human.
Testing, measurement, and examining alternatives can improve rational analysis. How do we make rational thought work? Test, measure, and explore alternatives. Plans often fall flat because they’re too one-dimensional for our complex world. For example, branding, marketing, pricing and operations must all be viewed as an integrated program rather than separate and isolated activities.
Understanding your data can significantly improve the validity of analysis. Before getting started, be sure to understand your data. Demographics matter – the Southwest is a whole different ball game from the Northeast.
Define your parameters as well. Who’s your audience? With 330 million people in the U.S., about 40% are over 65 or under 18. 164 million are in the labor force, 30% are black and Hispanic and around 50% of most age groups are men. These totals vary considerably by region, age, and ethnic background.
Be sure not to overlook the key elements of success – operations, customer service, and logistics are just as vital as the traditional functions.
Remember that sometimes analytics can trip over its own feet. Daniel Kahneman, Olivier Simony, and Cass Sunstein, in their book Noise, point out that it can miss key metrics like mood, bias, mental state, and the like, can alter judicial decisions. Variables like hunger, how well-rested we are and personal preferences can all affect decisions. As a personal example, I’m diabetic and regular meals is a critical aspect of my lifestyle to avoid excess stress, mood swings, depression and anger.
Rationality can add complexity to simple solutions. Simplify where you can. Predicting the stock market is made overly complex while simple factors may do better, and key players matter more in sports than we often think.
Focus on factors that most affect your decisions so you can understand them and estimate factors that are not as significant. For example, look at aggregate costs and administrative expenses rather than trying to forecast small items like telephone, utility, and insurance costs.
Risk requires more personal factors be considered more than many rational models. Retirement recommendations based solely on drawing down assets might not cut it in our world of growth, low interest rates, and low inflation.
Confidence and emotion alter analytical solutions Nike’s “just do it” mantra and Sheryl Sandberg’s “What would you do if you weren’t afraid?” both speak to the power of emotion in decision-making. We often avoid actions due to fear or public perception rather than assessing potential success.
A lot of the push for giving out “participation prizes” is about making activities less stressful and competitive. On the flip side, watching kids take their first steps or ride a bike is extra special because of the joy they feel in their own success. Our feelings – whether it’s passion, dislike, or bias – really shape how we think, especially in things like love, sports, and just having fun. Sometimes, our perceptions and habits lead us to believe things that aren’t true.
Recently, scientists have been looking into how we make choices and have found that we often play it safe, avoid shaking things up, and stick to what’s comfortable.
More so, our emotions and actions are also influenced by the timing of things. When there’s a big tragedy, like a terror attack, bad weather, or war, there’s this immediate call for action and commitment. But as time passes, the costs and tradeoffs start piling up, and that sense of urgency fades away.
Rationality can be expanded to be more effective. How do we amp up rationality? Be open, embrace change, and be willing to improve and accept outside advice. Organizations need to share, understand, and observe their data. And in the end, let’s maximize rational thought but keep our eyes wide open to alternatives, assumptions, and limitations. After all, more analytics can generally be useful for small businesses, but it’s crucial that the foundation is solid.
Dr. Bert Shlensky, President of www.startupconnection.net, offers experience, skills, and a team devoted to developing and executing winning strategies. Our strategy includes clear steps, and over 150 free articles and templates to facilitate your efforts and guide your process. We’re here to help you get on track and stay there as you move forward. You might start with our quick video.
We welcome comments, suggestions, and questions. You can write us at: bshlensky@startupconnection.net or call at 914-632-6977
When faced with negative feedback our common reaction is to immediately defend ourselves with our own rationale. But what if we took a moment to really dig into that feedback, understand what it’s telling us, and use it as a catalyst for improvement?
Negative feedback is usually a result of disappointment.
Negative feedback typically comes when we’ve fallen short of expectations. But let’s not forget that testing things, making mistakes and learning along the way is a crucial part of solving problems.
Remember Wayne Gretzky’s wise words: “You miss 100% of the shots you don’t take.” Let’s embrace the feedback and see where it can take us.
The nature and source of negative feedback needs to be understood and resolved.
Instead of shooting the messenger, let’s focus on what the feedback is saying. Take economists predicting gloom and doom, for instance. They underestimated factors like consumer behavior, post-pandemic recovery, and the increased participation of women in the workforce. Preschool, for example, is a game-changer for working mothers.
The basis of negative feedback needs to be understood.
Understanding the root of negative feedback is key. The pandemic has thrown data into chaos, with more volatility than we’re used to. We need to scrutinize the sources, consistency, demographics, and how we measure it all. Factors like climate change, politics, demographics, and uncertainty affect our data parameters. Does anyone really think Taylor Swift’s attendance at games is boosting the Kansas City Chief’s scores?
How much do bias and opinion affect negative feedback?
Bias and opinion play a big role in how we perceive negative feedback. Entrepreneurs often have unwavering faith in their ventures despite the harsh reality that 90% of startups fail within five years. Sports fans are no different, believing their team can win even when odds are stacked against them. Go Bears!
Bias creeps in when we ignore relevant information, especially when it comes to social and environmental issues. But the simplest things, like saying “please” and “thank you” and asking people “how are you?” can go a long way in building relationships. And bias is highly influenced by circumstances – getting pulled over by a cop feels very different from seeing one protect a place of worship.
Focus on facts rather than opinions or the general nature of the source.
We need to shift our focus from opinions and the source’s general nature to facts. Negative feedback can be valuable and constructive, regardless of how it’s delivered. We must address issues like crime, prejudice, climate change, hatred and safety collaboratively and without political bias. We need to take context into account. For example, when it comes to parenting, supporting toddlers learning to walk is a far cry from teaching teens to drive.
Recognize the existence of the individual agenda.
Let’s take the work-from-home debate. Arguments for and againstoften boils down to personal situations and opinions rather than hard facts. For people with long commutes and individually focused jobs, productivity and satisfaction can be improved by working from home. In contrast, jobs that require significant interaction and collaboration benefit more from working together in an office environment. However, the real question should be about productivity and what it means in each context, a question that often seems to be missing from the conversation.
We need to focus on the positive and not just the negatives.
Let’s also celebrate the positives, not just dwell on the negatives. Drunk driving, heart attacks, women’s rights, civil rights, safety, and smoking have all seen significant improvements in recent years. More women are becoming CEOs (currently 15% at public companies), and road fatalities have declined drastically. We should channel our energy into breaking down barriers and seizing opportunities to do more to support these and similar efforts than focus energy on the negatives.
Focus on solutions and not excuses.
Fear, uncertainty, unrealistic goals, and a reluctance to accept mistakes can all lead to excuses. In contrast, embracing risk, maintaining confidence, learning from errors, accepting the unknown, and setting clear, achievable goals can vastly improve performance.
Understand, monitor and react to negative feedback.
Lastly, we need to understand, monitor, and react to negative feedback. It’s too easy to ignore, forget, or downplay the negatives in areas like health, performance, climate, and safety. We need to acknowledge these issues and continue to support positive practices. For example, staying home when sick is becoming a more accepted practice than spreading illness at work or at school.
In Anne Duke’s book Quit, she discusses how terms like grit, persistence, confidence are common management recommendations. She says, “Grit can get you to stick to hard things that are no longer worthwhile. The trick is figuring out the difference.”
However, terms like quit, fail, lose, etc. all have negative connotations. For example, when I was a new consultant at SCORE, I expressed my disappointment at the large number of people we were unable to help. The response was, “One of the best things we do at SCORE is to help people keep their day jobs”, as if the mere desire to quit a day job to strike out on one’s own was something to squash.
Measurement is also a critical tool for evaluating success, failure and potential. For example, I’m type 2 diabetic and have blood tests done every three months to adjust my behavior and medications. Managing diabetes involves constant monitoring and modifications of diet, exercise and medication. Recently I had added a drug with weight loss potential and have lost over 15 pounds in four months. The next goal is to test how that affects other factors involved.
In the end, it’s about finding solutions to negative feedback and the data that’s been excavated from it. Constructive criticism offers an opportunity for improvement. On the flipside, when feedback is irrelevant, it’s okay to let it go. What long experience has taught me is that getting defensive or ignoring feedback won’t improve anything. Instead, let’s use it to inspire understanding, explore alternatives, and craft better solutions.
Dr. Bert Shlensky, President of www.startupconnection.net, offers experience, skills, and a team devoted to developing and executing winning strategies. Our strategy includes clear steps, and over 150 free articles and templates to facilitate your efforts and guide your process. We’re here to help you get on track and stay there as you move forward. You might start with our quick video: https://www.youtube.com/watch?v=dhZ3LvSmZfw
We welcome comments, suggestions, and questions. You can write us at: bshlensky@startupconnection.net or call at 914-632-6977.
Which line is longer? You may think it’s the middle line because the arrow points jut out. But the truth is, they are all the same size! You might not have figured it out if it was not pointed out to you. We tend to hang on to our initial perception of a situation or a problem, because we believe in deciding things as soon as we can. In some things, such as the belief that grandparents are allowed to spoil their grandkids, you will run into no arguments. But in other things, a little perspective can help immensely.
The economy has several measures of progress and each of us uses the one which support our perceptions of growth or decline A current trend since the pandemic illustrates how critical perceptions can affect our opinions and policies. For instance, income inequality is increasing as evidenced by the fact that 69 percent of the total wealth in the United States was owned by the top 10 percent of earners. In comparison, the lowest 50 percent of earners only owned 2.5 percent of the total wealth. and that many Americans don’t have $400 to pay for an emergency. On the other hand, the collective net worth of the bottom one-fifth went up from $3.3 trillion in 2019 to $4.2 trillion at the end of the second quarter of 2022, indicating they can finance a better lifestyle.
What is critical is that we understand our perceptions and their impact on our decisions, activities, and behavior.
A critical factor is our perceptions of the presenter, the environment and the communication. Licensing agreements, celebrity endorsements and great environments are all designed to make the audience comfortable with presentations, but we seldom acknowledge how they affect our individual behavior. It’s great to have a convention in Honolulu to present your ideas, but if everything about the presentation is solid, it should work just as well in Dubuque, IA or Nome, AK. Environment is important but it should supplement and enhance a convincing presentation, and not be used to make up for incomplete or inadequate data. For instance, a steakhouse can have the right look, but if the meat is not tender and does not deliver the expected flavor, no one is going to dine there after a while; they might find the local diner more appealing because you get what you are looking for in a meal.
Our perceptions frequently exclude key data or are based on highly uncertain information. While they are present in our environment and affect our decisions, we usually avoid consideration of issues like religion, intelligence, politics, wealth, sex, morality, and appearance in our discussions. Part of that is simply out of politeness, but it never hurts to take that into consideration when deciding on a course of action or a strategy to take. In contrast, we may express opinions about issues like climate change, politics, immigration, electric cars and artificial intelligence with insufficient knowledge or analysis. Again, we often let our initial perceptions do the analyzing for us. Patrick Mahomes and Travis Kelce are great football players, but do they really know so much about life insurance that you would automatically go with State Farm? One would hope you would do as much homework on which insurance company to go with as they did as to which insurance company to endorse! After all, they don’t want to waste their time and money either.
One of the most significant aspects of behavior is our perception of information. For example, I believe people don’t take enough risk. How much freedom do you allow innovative people to break rules? When do you provide support versus challenging subordinates and colleagues? While there may be analytical solutions to some of these, our predispositions are frequently more important in determining how we respond. But thinking outside the box, stepping away from perceptions, can lead to greater clarity. Risk does not always mean throwing a dart blindfolded; it simply means going against what you consider the norm, through research and analysis. Remember what Davy Crockett said:
Bias is critical issue in perceptions. Bias is one of the greatest complications when it comes to accuracy in the scientific analysis of decisions. This includes statistical problems like sampling, measurement, and development of information. For example, assessing Covid accurately is problematic due to varying demographics such as age, race, and other factors that convolute the analysis. In many cases, these can be understood, but are still challenging.
I also believe that social bias can be more impactful than statistical bias. This includes our preconceived perceptions and assumptions. I’m always amazed that many programmed employee selection tools outperform interviews especially in jobs requiring specific skills. Such tests remove things like unconscious age, sex, and racial discrimination. At the end of the day, you want the best person to handle the responsibilities you give them, and you want to remove anything that impedes that decision. Again, what seems like a risk has been whittled down to where the risk is minimal.
Cultural and environmental factors also affect bias. Dress, demographics, weather, location, and culture all affect perceptions in the decision-making process. These can also be used to your advantage in talking to colleagues by increasing bonding with similar people. Whenever I meet someone who is also from the Southside of Chicago, agreement on differences becomes much easier.
Style and personality greatly affect perceptions. Race, sex and age are the most common factors. Differentiating personality types like “right brain or left brain” or analytical versus creative greatly affects perceptions. For example, we greatly underestimate the positive or negative impact of using math in many arguments.
We also need to consider the timing of perceptions. In general, the audience, whether on the internet or in person, forms perceptions of a presentation in the first 90 seconds. That does not seem to be much time, but the right focus and the right keywords can get the train going and make for an exciting ride. Now, as an admitted nerd, my presentations can be a little boring. Thus, I try to improve their acceptance rate through tools like editors, comedy, stories, and pictures. I have learned the hard way that my poor spelling has sidetracked some of my best arguments. Thank goodness someone invented spellcheckers!
Let’s start a conversation – no matter what stage you are in with your business. As an exercise, tell us how you have better managed perceptions, or been victim to its bias. Then, tell us what areas you to need focus on in order to see improvement.
Dr. Bert Shlensky earned a PhD from the Sloan School of Management at M.I.T., mentored a few thousand clients at Score and his own practice, grew Sure Fit products from $ 50 million dollars to $150 million in sales including $ 60 million of direct internet sales, was President of WestPoint Pepperell’s Apparel Fabrics Business and headed the $400 million Culet Shirt Group.
In short, he knows what works and can help you lead your company to greater profitability and success. Find out more at StartupConnection.net, or email Bert at:
There is an excellent Jewish expression called “bubbie-meise”, which refers to old wives’ tales. Some examples are: It’s bad luck to open an umbrella in the house! You can’t go swimming for one hour after you’ve eaten or you’ll drown! Eat all your food, there are starving children in Europe! And my favorite, Chicken soup can cure anything!
One does not have to belong to any religion to believe in such things. We generally tend to accept assumptions, beliefs, or superstitions as valid. Such anecdotes have been passed down for generations. But in the world of business, clinging to faulty data and being too stubborn to accept change cannot be cured buy a bowl of chicken soup, however tasty it may be. We need to test assumptions to ensure better decisions.
Perceptions and inherent patterns cause us to rely on invalid assumptions. People tend to be risk adverse, avoid change, and accept the most comfortable alternatives. However, just as we can develop routines to help us through our day, we can also develop routines to reduce the chance our assumptions are wrong. Risk can never be fully eliminated, but understanding how it can be reduced can help us immensely. It’s why we check the weather forecast before going outside or use the crosswalk to cross the street.
Analytics alone cannot resolve a conflict; it needs to be supplemented with passion, effort, commitment, and focus. Analytics can be less reliable when the data is wrong, when relationships are invalid, when sampling is inappropriate, and when risk is not considered. For example, the more creativity and uncertainty involved in any given situation, the more intuition and a little luck will be required.
Many economic proposals ignore that the economy is getting even more diverse. In 2023 nearly all the stock market gains are in seven stocks. The comparable returns of stocks and bonds seem to gyrate every day. Inflation, bank results, foreign activities and other factors seem to affect the economy every day.
Some suggestions to better test assumptions are as follows:
Review and evaluate processes and decisions. For example, it is unreal to me that objective testing regularly outperforms personal evaluations in employees’ personnel decisions. The reason is mostly poor training and bias.
Data needs to constantly updated. The latest census shows some dramatic changes in the makeup of our country, and that diversity needs to be considered when we gather and analyze data. Different regions have significantly varied ethnic as well as economic characteristics. A great amount of data also needs to be adjusted for the impact of the pandemic. For example, comparisons to last year or 2019 can show quite different results because of social changes brought on by the pandemic; there are more stay-at-home workers than ever before.
Facts are frequently more independent that we think. If you flip a coin a certain number of times, the odds will always work their way back to 50-50 regardless of any streak of heads or tails. Cause and effect are frequently assumed rather than analyzed. Differing and multiple goals (such as short-term and long-term goals) can impact the understanding of cause and effect. Medical symptoms are frequently attributed to certain issues, while other factors may be the real cause. That’s why it’s important to get a second opinion if something does not sound right to us.
Bias is one of the greatest complications when it comes to accuracy in the analysis of decisions. This includes statistical problems like sampling, measurement, and development of information. I also believe that social bias can be more impactful than statistical bias. This includes our preconceived perceptions and assumptions about factors affecting decisions. Cultural and environmental factors also affect bias. Dress, demographics, weather, location, and culture all affect perceptions in the decision-making process. It is important to never assume anything based on the past. I would refer to the Odd Couple episode “My Strife in Court” to illustrate what the word “assume” is made of.
Risk assumptions and tolerance are critical to effective actions. Predicting results where there are significant and consistent historical data can be fairly simple; however, predicting results for new programs or with little or inconsistent data requires developing educated estimates. Assumptions regarding risk tolerance also need to be considered. For example, you generally need to be more cautious with regards to safety than low investment high reward opportunities like the lottery. It’s crucial to know where every dollar is going, and where it can reap the greatest benefits.
Organizations need to be open to measurement and feedback and understand cultural parameters. Observing, understanding, and sharing financials, operations reports, and sales reports are the first step. A management style such as “walking around” and checking in with employees can be priceless. Balancing short-term and long-term goals, understanding challenges, and tolerance for failure are examples of understanding the cultural environment.
Analytics, tradition and experience are all valuable tools to improve decision making. However, you need to ensure that the assumptions behind those tools are accurate and reliable. In particular, our rapidly changing environment involving issues like Covid requires regular testing and validation. Similarly, creativity and intuition that defy some analyses and are becoming increasingly required. We can help you objectively search alternative causes and solutions. Understanding that there are various solutions to the problems we face out there only helps us improve our business practices. It does not mean that chicken soup still does not hit the spot.
Dr. Bert Shlensky, President of www.startupconnection.net, offers experience, skills, and a team devoted to developing and executing winning strategies. Our strategy includes clear steps, and over 150 free articles and templates to facilitate your efforts and guide your process. We’re here to help you get on track and stay there as you move forward. You might start with our quick video: https://www.youtube.com/watch?v=dhZ3LvSmZfw
We welcome comments, suggestions, and questions. You can write us at: bshlensky@startupconnection.net or call at 914-632-6977
When an entrepreneur is inspired to begin a new business, balancing decisions between two essential concepts consistently critical to success are: Passion and Reality. Passion was best described by Steve Jobs:
“…Because the people who are crazy enough to think they can change the world are the ones who do.”
If you are reading this blog, you must already be aware how difficult it is to conceptualize, to begin and to implement your new business. As an entrepreneur, you must first understand and then clearly pursue your passion. One effective way to accomplish this task is to develop a mission statement and a plan. This mission statement will not only solidify your goals but will also provide clarity for your potential clients.
Of course, your mission statement merely lays the solid groundwork, but there are more tasks ahead of you. You will need a fully-loaded toolbox in order to succeed. Enthusiasm, energy and persistence are a few of the core tools needed. If you are able to maintain a positive and strong outlook, you will then be able to effectively market your business concepts to suppliers, customers, and investors. You must be willing and able, as an entrepreneur, to scale seemingly daunting summits. Upon reaching the peak, you will be rewarded for all your hard work and persistence.
When we understand reality, we understand the problems, limitations, and constraints associated with any undertaking. As Thomas Edison said:
“A vision without execution is hallucination.”
Passion and reality are key to developing and executing strategies in your business. However, there are other elements that will greatly affect your process:
• Support and Culture: These are critical organizational factors that you will need to balance. There will often be a trade-off between flexibility and support versus the stability of rules/discipline. Preparation, discipline and expertise are certainly crucial in dealing with the uncertainty that accompanies change. But maintaining flexibility and support will lessen the stress of change.
•. Balance of Excellence and Innovation: Your Gramma’s cookies may already be perfect, but you still need to develop and test new products and methods. Try to remember, failure is frequently part of the innovation process, so don’t let the fear of setback deter you.
• Environment: Understanding the environment and establishing a successful culture is crucial for the overall progress of your company. In order to succeed, you must face numerous challenges–whether economic, demographic, or political. However, you need to maintain a positive atmosphere with clear expectations to facilitate employee performance. A great strategy lacking a supportive culture is sure to fail, while an environment where people are given the resources to excel will yield positive results.
Dramatic changes are occurring in our society: income inequality, partisanship, racial equality, and diversity, as well as the roles of minorities, women and the aging population. There needs to be greater awareness and adaptation to create new practices in our organizations.
•. Developing Goals: Whether you are faced with long-term versus short-term; quantitative versus qualitative, or objective versus subjective goals, the process and complexity need to be considered. Decide if your goals are realistic or are you stretching to achieve them. Simplistic goals may fail to address important issues–whereas more complex goals may divert your focus. If goals are too simple, they can ignore important aspects of a situation. On the other hand, if there are too many aspects to consider, there can be a lack of focus.
•. Communication: This element is as important as analysis in developing your strategies and decisions. You will encounter many demands while trying to achieve the goals of your organization. With so much to manage, critical issues can arise in the areas of prioritization, comparison, and measurement. Therefore, communicating goals and their measurement frequently become secondary. But you should stop and consider, why not manage them effectively?
• Let measurement work for you: Ask yourself how important are the results, speed, innovation, and quality when measuring performance? For example, I believe automation has improved the speed and efficiency of many customer service processes. However, customer service and satisfaction are frequently sacrificed. How many times have we been completely frustrated with ineffective electronic customer service efforts? It goes without saying that there’s a tradeoff here that needs to be taken into consideration.
•. Alternatives, External Solutions and Perspectives: These include the assistance of objective third parties, market research, small tests, and simple analytical thinking. The most important tool is to focus on facts, alternatives, and solutions rather than personalities, partisanship and biases. Overall, you need to allow for mistakes and to focus on your wins and how to improve, rather than focusing on any losses.
More data and more analytics can improve the quality of decisions. In using analytics, be sure to consider the validity of the data, its sample size, bias, uncertainty, and risk. The greater the uncertainty, the more you will need your intuition to develop alternatives. More intuition is also required whenever you are seeking the exceptional or outlier solutions… since there are no rules.
•. Balancing Decisions Regarding Risk and Reward: These factors are critical to your decision-making process. We tend to think of risk as a taboo concept, but it won’t be once you understand it.
In order to benefit from risk, you need to define what risk is to you. Some people view risk as the “potential for harm or hazard” (think bungee jumping). I view risk as an “uncertain circumstance in which one manages to maximize the gains.”
Understand the perceived importance of the reward. People generally regret losses more than they appreciate gains—and that is a key factor to consider when making any decision. Fear is an innate instinct meant to protect us from harm, but too often fear dictates our decisions and inhibits our success.
Traditional and detailed startup recommendations are necessary for understanding the environment and balancing decisions considerations. If you are able to continuously analyze, measure, and adapt to ever-changing parameters, programs, markets, and risks, you will have a higher probability of success. Don’t be afraid to pursue excellence and take reasonable risks. Success also requires positive thinking and high expectations. If you truly believe in something, you’ll work tirelessly to make sure it’s successful. So, why can’t that something be you?
Dr. Bert Shlensky, President of www.startupconnection.net, offers experience, skills, and a team devoted to developing and executing winning strategies and results. We guide your plans for business success and unlock your profits.Our strategy includes clear free steps, and over 150 free articles and templates to facilitate your efforts and guide your process. We’re here to help you get on track and stay there as you move forward.After a few results we can discuss a long-term relationship with mutual goals.
When you want to stand out, reach out to Bert for the tools that will build your “sticky” brand. My focus is on understanding and analyzing your dilemmas and challenges, so your company becomes profitable faster.
Call (914) 632-6977 or email me at bshlensky@startupconnection.net. Don’t leave without signing up for our useful free eBook!
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