As the owner of your small business, you’re in charge. This means you’ll have to make tough decisions from time to time. If you’re not used to doing that, don’t fret! It can be learned.

How to make good decisions as an entrepreneur

When making decisions, keep these things in mind:

• Have a clear understanding of the decision to be made
• Consider the vision and values of the company
• Evaluate the consequences and outcomes of your decision
• Brainstorm as many alternatives as possible
• Evaluate the pros and cons of each alternative
• Be sure the appropriate person is making the decision
• Understand the timeline in which the decision must be made

How to tell if you’ve made the right decision as an entrepreneur

Once you’ve made your decision, re-examine it and the effect it’s had. Don’t rely on expert information too much, but ask others for their opinions when necessary. Be realistic when evaluating alternatives and try to avoid hearing only what you want to hear. Remember the importance of the decision, but don’t focus so much on it that you get too stressed to make an effective assessment.

Practice making managerial decisions with friends, family and other colleagues. Don’t forget – “my way or the highway” is not effective managerial decision-making for a small business. Learn to evaluate, solicit opinions, contemplate, make decisions and follow up.

You can do this!