I am a firm believer in persistence and determination. Many people give up just before things are about to break their way. However, it never makes sense to go off a cliff simply because it is there. Not every strategy is wise and not every course of action is worth continuing. You need to pay attention to the signals the universe is sending you. Trends either move up or down. They rarely remain flat. Sometimes the objective evidence indicates you should try something different.
How an organization makes decisions greatly affects whether or not it will have sustained levels of success. Any company can get lucky every once in awhile, but relying on ad hoc judgments is not a good strategy. One of the most important things a leader does is make decisions. He/she must also create a culture that knows how to make sound judgments without relying too much on any one individual. In essence, you want to foster an environment where you, your management team, and other key employees use decision making filters to increase the likelihood of making the right choices.
Admitting you don’t know enough about something to make a good decision is a sign of wisdom. Being open to alternative points of view and challenging you own conceits is the pathway to professional maturity. Listening without judgment is a prerequisite for effective leadership. Arguing for the sake of arguing or being unyielding in your positions is sign of emotional immaturity and intellectual bravado. This doesn’t mean that you don’t remain steadfast to core principles or have some non-negotiables, but if everything fits this description, then you are nothing more than a roadblock to success and progress.
We all reach a point where we have to make decisions based on imperfect and sometimes even contradictory information. There is no “perfect” decision. Whether it is who we hire, when we enter new markets, how much to invest in new products and technologies, when to expand or contract a business relationship, or any other number of issues, leadership ultimately comes down to judgment. In addition, in our personal lives we will all hit crossroads, where the decisions we make will literally have an impact on the rest of our lives. There is always the risk you may make the wrong decision, but you try to mitigate this risk through sound judgment.