Number 7 of Napoleon Hill's 13 principles for success in his book Think and Grow Rich is "Decision." How and why we make a decision or fail to take a chance, and how each affects our overall success is the theme of this blog. Hill narrows the focus by asserting that the speed with which we make decisions determines our overall financial success. In his book, he states the following:
"Analysis of several hundred people who had accumulated fortunes well beyond the million-dollar mark, disclosed the fact that every one of them had the habit of reaching decisions promptly, and changing these decisions slowly, if and when they were changed at all. People who fail to accumulate money, without exception, have the habit of reaching decisions, if at all, very slowly, and of changing these decisions quickly and often."
Do the successful fail? Sure, but they pull themselves up quickly, dust themselves off quickly, and move onto their next endeavor — you got it — quickly.
Decision Paralysis by Analysis
Being unable to reach a decision is sometimes called paralysis by analysis. It essentially means that a person spends so much time trying to figure out the pros and cons of every decision that they render themselves unable to make a choice.Quite often, people who are stuck in this place will either let a deadline to make the decision arrive and deal with the consequences or pass the buck onto someone else to make the decision and accept the results.It’s kind of like another Napoleon — this time, Bonaparte — once said: “Nothing is more difficult, and therefore more precious, than to be able to decide."Why does this happen? Assuming it’s not connected to a mental health condition, the answer is simple: Fear. We want to make the right decisions. Dealing with a potentially negative outcome of a wrong decision is far worse in many people’s minds than the upside of the right decision.
Avoiding the Decision Trap
We live in a world where there is an endless supply of information and an infinite supply of opposing opinions about that information. You can spend all of your time listening to the data or listening to people interpret the data, but that’s not going to get you anywhere. At some point, you have to stop and make a decision to succeed at anything. As Martina Navratilova stated: “Whoever said, ‘It’s not whether you win or lose that counts,’ probably lost.”Here are a few ideas that can help you avoid the paralysis by analysis problem:
1. Set a Deadline
You have to be willing to stick to a deadline. Let’s say you give yourself three days to decide something. You can gather the facts, talk to others and mull over the decision in your head; but when the deadline arrives, you need to take a chance and decide.
2. Stop Catastrophizing
Rarely in life are our greatest hopes or worst fears met. Recognize that any doomsday scenario you are running through your head is not likely to happen, even if you make the worst decision possible. In reality, when most of us get things wrong, it’s a learning opportunity for the next time.
3. It’ll Never Be Perfect
Surfers tend to sit on their boards in the water and let plenty of nice waves go by because they’re looking for the perfect one. The smart surfers know that perfect wave may never come, so they'd rather ride the good waves and hone their skills while they wait. If you’re waiting for everything to line up so you know you’re making the perfect decision, you’ll never make one.
4. Make Smaller Decisions
Making smaller decisions is sometimes called stair-stepping, or making a series of decisions that lead you to a bigger decision. Take something simple, for instance, like where in the world you want to go on vacation. That can be tough since there are so many amazing places you’ll be missing out on and may never see. So, figure out if you want a warm or cold climate. Let’s say you choose warm; that's one step. Does it have to be near a beach? You choose yes, and move on to another step. By making smaller decisions, you can arrive at your answer in many cases.If you'd like help with how to focus your choices and make quick decisions that lead you to financial success, send me an email and let's talk. I help people build the confidence they need to choose the decisions that work best for them.
To catch up on my series about how Napoleon Hill's 13 principles help you live the life you desire, start here: "Fuel Your Desire and Live Your Dream."