VIDEO: How to Make Better Business Decisions that Drive You,
with Cathy Karabetsos
During our recent podcast episode, Cathy Karabetsos went into her most important strategies to make the best business decisions: take risks and don’t be afraid to fail. Let’s listen in:
Christian Montes:
Some people are shy of making decisions. Because that failure is in their minds. But if you learn from it, then it’s not a failure, because now you’re getting just one step closer to the right answer.
Cathy Karabetsos:
Yeah, you really haven’t failed if you don’t quit.
Christian:
Exactly. So from that perspective, how do you sit there and go: it’s worth that pain and struggle to go and make a good decision?
This article is part of our podcast series. Listen to it here:
Check out more bits from this episode here.
See more episodes on our podcast page.
1. Be a Risk Taker
You have to be a risk-taker and my family will tell you I’m probably the biggest risk-taker they know. Because I sleep very well at night even through stressful moments and times.
2. Have Confidence in You and Your Team
It’s a confidence issue also. When you’re confident in your own ability and your team’s ability, and it’s much bigger to believe in your team than yourself, but you start out believing in yourself and there comes a time when you not only get mentorship and coaching and you take lead from your team, and you give them that same space, and you let them go and run with it.
When you believe and have faith and build trust in your team, then the confidence builds not only for yourself but now for your team and it’s just this momentum that keeps on going. It’s a mountain of continuous confidence.
3. Don’t Be Afraid of Losing Money
So I know that there’s a risk that we can lose money. I know that. It doesn’t stop me from acquiring. It doesn’t stop me from accomplishing. I just have this innate ability to know that we’re going to get through it, make things work, and we’ll find a way.
4. Do Your Research
Christian: Obviously, you’re not going to do it blindly. There’s learning, there’s continuous education, there are things that embetter yourself to be able to sit there and say “hey, this is a better decision than the last time.”
You’re talking to people. You’re doing things to be able to get you forward.
5. Remind Yourself that Bad Decisions Happen
It’s not like everyone innately just makes good decisions.
Cathy: As a matter of fact you’re going to make more bad decisions in your life than you are good ones when it comes to being an entrepreneur. But surround yourself with people who have been there, don’t repeat the mistakes of others.
6. Surround Yourself with The Best People
Figure out and talk to people that have walked the path – that straight and narrow – that have accomplished what you’re looking to accomplish. Go to them. And then hire the people around you.
7. Hire Up
Always hire up. If you lose an employee – don’t just replace them for that hole, fill that hole plus two, plus ten, times ten. Always hire up. Do the same thing for yourself. If you knew this yesterday and you know that today, make sure tomorrow you’re learning a little bit better.
So if you’re constantly evolving, you’re constantly learning, you’re constantly hiring up, you’re constantly being mentored, you’re constantly being coached. It’s really hard to lose when you’re constantly doing something productive and chiseling away in a positive model.
8. Find People that Are Better than You in Some Areas
And surrounding yourself with people that are better than you in areas that you may not be as good at and being in a position where you know that you’re not the best at everything and always, like you said, hiring up. When you surround yourself with people that are really good at what they do – it improves everybody.
Growing Exponentially
Then it becomes exponential. Everything is not linear at that point. Everything now can substantiate growth. But with that growth that’s substantial – you have seven kids. And with that you have to go: how do you balance seven children and a business?
Click the link above to follow on to the next topic: a day in the life of Cathy Karabatsos!
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