Make decisions with incomplete information

<p>One of the most challenges aspects of <a class="wikilink" href="/entrepreneurship/">entrepreneurship</a> is that information will never be complete. We can strive to understand <em>the market</em>, but it's always going to be ambiguous. Even for more practical aspects, such as choosing a specific technology, the color of a product, or committing to a marketing strategy. </p> <p>We may do our best to limit the risks, but we can't keep exploring all the alternatives before committing to a decision. This can create problems internally (see: <a class="wikilink" href="/literature/202210011658_the_five_dysfunctions_of_a_team/">literature/202210011658 The Five Dysfunctions of a Team</a>). </p> <p>I believe that success may depend on taking a <em>good</em> decision as fast as possible, with little need for extra information. It may be gut feeling, or a special sense for what's up. It can also be better flexibility to let previous decisions go as soon as proven incorrect. In any case, all the approaches prevent the <a class="wikilink" href="/indecision_freeze/">indecision freeze</a>.</p>