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Episode Info: Entrepreneurs are bound to make bad decisions, but it’s how they handle them that is the difference between success and failure. Ray Zinn has seen it all and in this Tough Things First podcast he explains how successful business operators process bad decisions differently. Rob Artigo: I’m Rob Artigo, your guest host for this edition of the Tough Things First podcast. Hi Ray, it’s going to be back with you. Ray Zinn: Well, thanks Rob. I appreciate you joining us again today. Rob Artigo: I’ve got another question about decisions. We talk about decisions on the show frequently and I want to talk about bad decisions. Entrepreneurs make decisions all the time. They make decisions daily and they’re big, sometimes very easy decisions. And sometimes they’re small, very hard decisions. And some are just based on analysis and projections or educated guesses. So no matter how much though that goes into it, some decisions are not going to turn out the way you expect. How does a successful entrepreneur deal with bad decisions? Ray Zinn: Okay, well let’s first of all talk about a bad decision. They’re always going to be with us. We’re not perfect as human beings. We don’t have privy information. Decisions we make, if the statistics bear out correctly, they’re only good 50% of the time. It’s like flipping a coin. So what is different about a bad decision is that it’s a decision that’s not corrected. So, that’s the bad decision. And so, I want to make sure the listeners understand what a bad decision is. It’s an uncorrected decision is a bad decision. I make mistakes every day, and so you could say, well that was a bad decision, but then I correct it. And so, a bad decision is not bad if you correct it. As they say, no harm, no foul. So if you make a wrong decision and you immediately correct it or to the extent you can immediately correct it, then it’s not really a bad decision. Does that make sense? Rob Artigo: Yeah, it does. And as an entrepreneur, you have a high profile position, you’re a CEO of a company, and you make a bad decision, sometimes you’re in the spotlight on it. You can get ridiculed for it. Acquisitions comes to mind because sometimes people end up acquiring a company that just ends up being an absolute dud. They did not realize that just soon down the road that particular whole arm of the company would be obsolete. And so you see this and you think, wow, that was a really bad decision. But like you said, it’s how you make the lemonade out of the lemons. Right? Ray Zinn: Exactly. There is no such thing as a good acquisition, they’re just acquisitions that are controlled. So acquisitions by definition are difficult, and if you are not prepared for it or if you don’t already have it factored in, then it becomes a bad acquisition. So, just assume that no matter what, whether you’re hiring a person or whether you’re pivoting on a particular product or product line, these are all fraught with problems...
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