The significance of effective decision-making can be seen in anything – from playing poker to business and to life in general. I’ve been reading Annie Duke’s book about making smarter decisions when you don't have all the facts. She’s a professional poker player and she emphasizes the importance of separating quality decisions from quality results. Although her book relates to the game of poker, listen to this episode to find out how I’ve applied this same concept in life and business. Refine your decision-making process, and as you do this, you’ll see better results.
Learn to accept that results in business are out of your hands
A term in poker Duke refers to is called “resulting.” Resulting is described as the tendency for poker players to base the quality of their decisions on the quality of their results. An example of this can be seen in business. If your company hires a new CEO and things go well, the assumption is that it’s a result of the new CEO. If something goes poorly, you again assume it’s because of the decision to hire that CEO. We can make quality decisions, have a framework to follow, and then let go of results. Find out in this episode how both luck and skill play into this and why the results are out of your hands.
Discover the importance of building a framework for decision-making in business
In your eCommerce business, you can blindly test ads, but it’s not a good idea because that’s a poor decision. In our program, we have a process we teach that has proved to work. Learn in this episode how vital building that process is and how that one step can greatly impact your business.
Why you MUST form a mastermind with people you trust
There’s a saying I like – you need two people to disagree and one to referee. I have found two people I trust who want the best for me. We are honest and challenge each other. We formed a small mastermind to hold one another accountable. I challenge you to do the same. Listen now to learn what we’ve done to help each other improve our businesses.
Remember the law of compounding
Things that compound over time impact your business most. Analyze your decisions. Notice how rules and shortcuts have helped you. As your good decisions compound, good results will follow. That’s the big payoff from developing this framework for your decision-making. Listen now to find out how you can become an amazing decision-maker in your eCommerce business.
Outline of This Episode
- [0:59] Find out why you must separate quality decisions from quality results
- [4:22] Learn to accept that end results are out of your hands
- [6:42] Always start with a framework for decision-making
- [10:37] Why it’s important to form a mastermind with people you trust
Resources & People Mentioned
- Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts by Annie Duke
- Warren Buffett
- What I Learned Losing a Million Dollars – by Jim Paul and Brendan Moynihan
- Incerto: Fooled by Randomness, The Black Swan, The Bed of Procrustes, Antifragile by Nassim Nicholas Taleb
- Charlie Munger
Connect With Bryan Bowman
- Bryan’s website: https://www.ecomunderground.com/
- On Facebook