How wise people make the right decisions
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As a busy leader or entrepreneur, you make countless decisions every day. Some of these decisions are small, like what to eat for lunch. Others are life-changing, like changing your business strategy or taking on a new opportunity.
It’s easy to get overwhelmed or overwhelmed by all of these decisions. That’s where NYU Business Professor Suzie Welch’s 10-10-10 rule comes in. It’s a simple and effective method that makes your decision-making process clearer, more focused, and more confident.
This method forces you to consider both short-term emotions and long-term values, and helps you align your decisions with your goals and priorities.
Let's see how the 10-10-10 rule works and how it is useful in evaluating short and long-term decisions-
1. Clearly define the decision: First, clearly identify the decision you need to make. For example, ask yourself ‘Should I launch a new product even though my team is already under pressure?’
2. Assess the 10-minute perspective: Ask yourself ‘How will this decision affect me right now?’ Consider your emotions, stress, and immediate consequences. For example, launching a new product can cause immediate chaos, but it can also bring excitement and momentum.
3. Consider the 10-month perspective: Then think ‘What will this decision look like 10 months from now?’ In this step, you need to assess the medium-term risks and benefits. For example, will launching a new product be a significant revenue source then, or will it still be a struggle and absorb unnecessary energy and resources?
4. Imagine the 10-Year Impact: Finally, think about the long-term impact by asking yourself, ‘How will this decision affect my life, career, or business in 10 years?’ This long-term perspective ensures that your choices align with your core values and strategic vision.
For example, a successful product could propel your company to industry leadership, but if you and your team are overworked, it could have a negative impact on your employees.
Why it works
The 10-10-10 rule forces you to acknowledge both your emotional reactions and the logical consequences of a decision—those that are usually out of sight. Leaders and entrepreneurs often feel pressure to make quick decisions, and this framework helps you see beyond the immediate pressure, align decisions with your values, and consider the long-term impact.
