Jeff Bezos, Warren Buffett, and Barack Obama use this decision-making strategy.

1] Power of compounding

Life at every phase is essentially a long chain of decision-making.

The art of decision-making is not incremental growth but rather exponential growth.

To achieve it, focus on being 1% smart every day.

2] Master the core principle of your subjects

If you understand the core principle of, let’s say, marketing

You can easily innovate, create and tweak because you know how to build upon the core knowledge.

So remember— core knowledge helps in making better decisions.

3] Cultivate wisdom through knowledge

Become multidisciplinary—collect knowledge from a lot of different areas of life.

In order to get what you want, you have to understand how you have to get there.

Best decisions are made when knowledge from a different field is involved.

4] Mental Models

A mental model is your idea, concept, knowledge or the wisdom which explains how the world works.

You can choose any best mental model and use your existing knowledge to make a decision.

Ex: 80/20 Principle, Power of compounding, etc.

5] Make a checklist and decision journals

Deciding on a checklist and journal allows you to think out of the box.

Journaling helps one jot down all the options and address a particular problem.

The checklist helps you eliminate biases & ensure you do not miss out on anything.

6] Know your formula

Best decisions are also made through a roadmap and matrix.

Implementing a system, a process gives a clear picture. Therefore your chances of making an informed decision increase.

7] Analytical decision making

Analytical decision-making is based on logic, data, and Facts.

This way, one can easily break down the complex sequence of steps into a smaller and manageable task.

This strategy will help your team members feel they belong and are heard.

8] Delegation decision making

Delegation decision-making is an excellent option if you need inputs from someone well informed.

You can use this method to give the decision-making responsibility to someone such as a consultant, expert, or college.

TL;DR:
1. Power of compounding
2. Master the core principle of your subjects
3. Cultivate wisdom through knowledge
4. Mental Models
5. Make a checklist and decision journals
6. Know the formula
7. Analytical decision making
8. Delegation decision making

That’s a wrap.

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Thanks for reading.