Subscribe: Apple Podcasts | RSS

Dealing with doubt and making decisions when you don’t have all the information you’d like aren’t easy things for entrepreneurs.  Today we discuss ways we think about doubt and how we push through that to make decisions even in the times where we may not have all the data we think we need.  

Hiten says communicating with confidence is different than communicating with no doubt.  He feels doubt is an internal thing  and confidence can be in how you communicate.  Steli talks about how startups need to make decisions based on imperfect data.  We compare the idea of not knowing something to not knowing the gender of your child before he or she is born.  When expecting parents don’t know, they end up hedging on what colors and styles to buy in anticipation of the baby’s arrival.  

Entrepreneurs will hedge in certain circumstance when they don’t have all the information and and hedging is compromising.  You end up being in the middle which can lead to complacency.  As Steli says people need to be comfortable placing a bet, going all in and possibly being wrong.  As an entrepreneur you need to get comfortable with the idea that you will be wrong at times.    

We talk about methods of dealing with doubt including:

  • Using a matrix, a spreadsheet with criteria to to move yourself out of a state of doubt over something
  • How making people guess can be a very beneficial process
  • Finding the team person who is able to live in doubt land
  • Gaining the help of others in lessening doubt

Steli talks about how flip-flopping on direction can leave your employees cynical and result in burnout. Hiten feels success comes from making fast decisions and the act of making decisions leads you to become better at making decisions.  

Our Facebook community is gaining more and more members .  Please join us in the Facebook group.  

Want to get a daily dose of motivation from Steli?  Have a one minute Steli video delivered to your email each day by signing up here.  You’ll get a powerful 60 seconds of motivation, an inspiring quote and a quick action item to crush your day!   

We would  like your email address at The Startup Chat  because we will be sharing some special podcast episodes and other things with the people who are only on our email list.  Click the link above to and fill out the email address box to become part of the community.

As always, you can hit us up on Twitter @Steli or @hnshah, #thestartupchat. Let us know where you get your motivation.

Want Steli & Hiten to record more episodes of The Startup Chat?

Help us promote the podcast by subscribing on iTunes and writing a review!  After you’ve published your review, send us an email with your mailing address. You’ll get Steli’s book The Ultimate Startup Guide to Outbound Sales + a free 15 minute call with either Hiten or Steli to talk about your business (limited availability; first come, first serve). Click here to make it happen!