Category: Funding Your Business
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Step Five of STEAME: Dynamic Actualization Decision Model
Tyler de la Plaine, PhD, CPM Making complex, high-stakes decisions can be intimidating—especially when outcomes are uncertain and the pressure is intense. In military operations, particularly during wartime, timely and accurate decisions can determine survival. Similarly, in the world of business, the ability to make swift and informed decisions often marks the difference between success… Read more
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Learning from Every Decision: Compounding Wisdom Through Retrospectives
Every decision, whether successful or unsuccessful, presents an opportunity for learning. Post-decision reviews identify what has worked and what has not. This reflection, in context, can transform experience into wisdom. To cultivate a habit of reflection, question the ‘why’, ‘what’, ‘when’, ‘how’, and ‘where’ surrounding the decision. Ask yourself and your team: what was the… Read more
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Gut Instinct vs. Logic: Both Serve Well but Gut Should Prevail
We frequently encounter a conflict between our gut instincts and logical reasoning. Both have value. Intuition is swift and often draws upon prior experiences, while logic provides structured analysis. Effective decision-making strikes a balance between the two. Trust your gut feelings, but verify them with facts. When both align, you are firmly grounded. Conversely, when… Read more
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Delphi Technique: A Stop-Gap for Limited Start-Up Expertise
The Delphi Technique, a structured and interactive forecasting method, gathers insights from a panel of experts through multiple rounds of anonymous feedback. Initially developed by the RAND Corporation for military forecasting, it has since found widespread application in business, particularly in strategic planning and innovation. This technique proves particularly valuable for startups and long-term decision-making.… Read more
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Consensus Decision-Making as Cultural Team Building
Consensus decision-making goes beyond reaching agreements; it’s a collaborative team-building tool that fortifies organizational culture, particularly in small businesses, nonprofits, and values-driven organizations. Instead of relying solely on majority rule or top-down and silo-centric authorities, consensus emphasizes inclusive participation, ensuring that all voices are heard and respected. Decisions are only made when the entire group… Read more
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Six Thinking Hats: A Multidisciplinary Approach to Decision Making and Strategizing
The Six Thinking Hats method, developed by Edward de Bono, is a powerful multidisciplinary decision-making and problem-solving tool that helps small business owners and teams think more clearly, creatively, and collaboratively. It involves looking at a situation from six distinct perspectives—each represented by a different colored “hat”—to encourage balanced, structured thinking. Here’s how each disciplinary… Read more
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Using a Decision Tree for Visual & Analytical Analysis
Decision Tree Analysis is a visual and analytical decision-making tool that assists businesses and organizations in evaluating various choices, risks, and outcomes. Presented as a branching diagram, a decision tree systematically breaks down intricate problems into a series of decisions and potential consequences, facilitating logical and systematic comparisons of options. Each “node” within the tree… Read more
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Data-Driven Decision-Making for Young Companies
For young companies and startups, Data-Driven Decision Making (DDDM) is a powerful approach to gaining clarity, minimizing risk, and accelerating growth. Instead of relying solely on intuition or assumptions, DDDM uses data—quantitative and qualitative—to inform choices across product development, marketing, operations, and strategy. In the early stages, data doesn’t have to be complex or vast.… Read more
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SWOT Analysis: Simple Powerful Tool for Start-Ups and Established Organizations
For startups, conducting a SWOT Analysis is a pivotal early step in shaping strategy, identifying competitive advantages, and preparing for potential challenges. By analyzing Strengths, Weaknesses, Opportunities, and Threats, startup founders can gain a comprehensive understanding of their market position and make informed, proactive decisions. • Strengths in a startup context may encompass an innovative… Read more
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Cost-Benefit Analysis: a Strategic Decision Tool
A cost-benefit analysis (CBA) is a systematic decision-making tool employed in business and public policy to assess the financial and non-financial trade-offs of various options. Its fundamental principle revolves around comparing the total anticipated costs of a project or decision against its expected benefits. If the benefits surpass the costs, the decision is generally deemed… Read more