Company
Date Published
Author
Slater McLean
Word count
2426
Language
English
Hacker News points
None

Summary

Decision-making in small businesses is crucial, as the outcomes can significantly impact success or failure, and employing a structured framework can enhance this process. Inspired by Annie Duke's analogy of poker versus chess, the text highlights the importance of creating a flexible decision-making framework that acknowledges uncertainty and evaluates potential outcomes rather than relying on instincts or preconceived beliefs. The author shares a personal experience of launching a clothing line, Oliver Charles, and the decision-making process used to choose between crowdfunding platforms Indiegogo and Kickstarter. By systematically identifying and assessing unknowns and confidence levels for each option, the author ultimately selected Indiegogo due to its potential benefits, such as remarketing capabilities, despite initially believing Kickstarter was the better choice. The experience underscores the significance of evaluating decisions post-outcome, recognizing the role of luck, and continuously refining the decision-making process to improve future outcomes.