Aerospace BizDev News from
Linda Wolstencroft
Newsletter #48 – June 15th, 2015
Linda Wolstencroft’s monthly Newsletter offers business leaders insights on business growth in complex situations.
Using your brain or using your feelings?
How do you make your decisions?
A young up-and-coming executive put his boss in a difficult situation:
The young executive and his boss had both planned a business trip for the young executive to review and discuss a new business opportunity. The prospective customer knew the young executive from his previous role as a technical manager, so our young executive was looking forward to celebrating his new position with old colleagues.
Before the scheduled business trip, the boss discovered that the new business opportunity had no chance of coming to fruition - because new information had come to light.
Should the young executive still go on this trip and have the chance to relate to his former colleagues?
Logic would tell the boss “no.” His feelings, however, told him “yes.” And so the young executive went on his business trip, expending thousands of dollars and spending this time on a new business opportunity that would never arise.
“Logic makes one think; emotion makes one act.”
The boss knew that the logical business decision would be to forgo the business trip and work on the next promising project. However, he wanted the young executive to have the confidence-building experience of showing off to his old colleagues. The young executive took the trip and the company incurred the cost of him expending time on a useless project, as well as travel costs. The boss used his feelings - not his brain.
“Formal decision making has less sex appeal,” according to Justin Fox (From “Economic Man” to Behavioral Economics, Harvard Business Review, May 2015). We must realize that there is a time to think with one’s heart; a time to think with one’s brain; and a time to combine and think with both.
Decision-making guidelines:
- Do the business case review. Although this is obvious, when emotions are piqued, this can be missed.
- Recognize when your emotions are taking over.
- Don’t let “politics” sway you – stay grounded.
- Remember what you did at times when you made decisions that turned out well.
- Stick to your values and principles.
Be conscious of how you’re making your decisions – you may discover that you want to adjust them.
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LINDA WOLSTENCROFT recognized for her professional contribution to aerospace in Canada.
Click here to read the details and a Q&A with Linda.
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