Decision making is at the heart of running a business. Yet when it comes to making key decisions, many business leaders find themselves paralyzed.
Our minds are conditioned to listen to “experts” so much so that it tends to constrict our thinking at times. We fail to realize the immense power of collective wisdom within our teams. Listen to our blog this week as Wayne summarizes a fascinating book The Wisdom of Crowds and reinforces the importance of harnessing the brain power of your teams to make better business decisions.
We would love to hear about the practices that you have adopted in your businesses to make better decisions.
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Kristi Dement says:
I recently saw a video of someone who placed a jar of jellybeans on display in a shopping mall. 200 random people guessed how many jellybeans were in the jar. Some people where significantly wrong (in either direction), but when they took an average of ALL of the guesses, the average of ALL 200 guesses was only ONE jellybean off from the actual total number of jellybeans in the jar. This illustrates exactly what you said about how the quality of decisions increases with collaboration. Thank you, Wayne, and I plan on reading this book!
Wayne Rivers says:
Yep! Thanks, Kristi! Hope you’re doing well!