How to become a better decision maker

Hi there,

As founders, our ability to make effective decisions is critical to success. Today, I’m going to break down some of my favorite decision-making tools and frameworks. Please enjoy!

Here's what's in store:

• Framework → Introducing the WRAP decision-making process.

• Tool → Get acquainted with the game-changer Cron Calendar.

• Lesson → Tackle decision fatigue through the magic of automation.

• Quote → Derek Sivers' wise words on information and action.

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Framework: WRAP

In their best-selling book, Decisive, Chip and Dan Heath highlight the four biggest decision-making pitfalls and provide a framework to avoid them through the WRAP Decision Process. This framework focuses on widening your options, testing assumptions, keeping emotions in check, and preparing for unexpected outcomes.

The WRAP framework:

1. Narrow framing → Widen your options

• In Narrow framing, you think in binary this OR that terms (Can I have vanilla or chocolate ice cream?)

• Instead, widen your options, and think in terms of AND. How can you have vanilla and chocolate ice cream? This allows for more opportunities to solve your challenge.

2. Confirmation bias → Reality test assumptions

• In confirmation bias, we tend to seek evidence that supports what we already believe.

• Instead, ask questions and use data to test your assumptions.

3. Short-term emotion → Attain distance before deciding

• Short-term emotion blinds us to logic.

• Learn to attain distance before deciding. One way to do this is the 10-10-10 rule. Ask yourself, how will this decision feel in 10 minutes, 10 months, or 10 years?

4. Overconfidence → Prepare to be wrong

• Once we make a decision, we tend to overvalue our opinion and assume that our choice will always work out.

• Instead, assume that you’ll be wrong and create a contingency plan

Tool: Cron Calendar

Running my day from my calendar means I'm always on the lookout for ways to streamline my workflow. A few months back, I stumbled upon the Cron Calendar and was instantly hooked. Cron is essentially Google Calendar on steroids.

Here’s why I love it:

• Seamless integration with Zoom and Google Meet

• Effortless sharing of availability on a recurring or one-time basis - This feature saves me substantial time when arranging meetings.

• Swift creation and modification of recurring events.

I mostly use the desktop version of Cron. I try to automate as much as possible, and for those who frequently use their calendars, Cron is a fantastic tool.

Lesson: Overcome decision fatigue through automation

'Decision fatigue' is where your ability to make quality decisions diminishes over time. In simple terms, the more decisions you make throughout the day, especially trivial ones, the less effective you become at making subsequent decisions.

So, the goal is to minimize unnecessary choices like figuring out what to eat for lunch or what to wear each day. This approach helps conserve your decision-making energy for more important matters – a strategy famously adopted by Steve Jobs with his iconic wardrobe.

To optimize your decision-making capacity, it's recommended to automate routine tasks where possible. Here's how I've done this:

• Standardize your meals. Have 2-3 default meals for lunch.

• Choose 1-2 regular spots for lunch meetings to avoid wasting time on deciding the location.

• Allocate a specific time, say Sunday, to plan your outfits for the entire week.

• Likewise, use Sunday to schedule your tasks for the week, so you can spend weekdays executing rather than planning.

Quote: Derek Sivers' wise words on information and action

This is a favorite quote of mine from entrepreneur, Derek Sivers. He's suggesting that our ability to decide is less about the volume of information we have and more about our readiness to act and move forward. We often stall on decision-making because we think we need more information to make the 'perfect' decision. But the reality? It's usually our fear of making a wrong decision that holds us back. Instead of searching for more information, let’s focus on execution and refining as we go.

Take care,

Victor Macias - Serial entrepreneur, 15 yrs+ experience, built/sold businesses, Shark Tank alum

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