Making an important business decision is inherently complex, even for seasoned managers and expert entrepreneurs. Having an emotional reaction when making a choice is normal, and sometimes it can be helpful to direct one’s focus and energy toward what feels to be the most important aspect of the decision. However, intense emotions can lead a person to misguided decisions or outright disastrous ones.
Manuel Sanchez, a professional trader and expert in price action strategies, has learned a bitter-sweet lesson about emotions in the workplace. Sanchez has been playing the trading game since 2012, and by now, his experience has taught him that a strong mindset is fundamental, especially in the trading industry.
Prior to founding Kobra Team, a group of trading experts dedicated to teaching others the ins and outs of trading, Sanchez started a company with his father. Initially, the company was very successful, but it failed later due to bad decision-making that was affected by intense emotions.
“After my company failed, I was incredibly disappointed and discouraged. But then, I realized my failure should not be treated as a failure but a lesson, and I decided to apply this lesson to my new business. You have to be objective and don’t let emotions decide for you. If you start a business, you have to set goals and work to reach them. You have to be focused and don’t let others get in the way,” Sanchez says.
Making sound decisions is a skill that has to be acquired and developed. Sanchez shares a few strategies that help him prevent emotions from interfering with his decision-making process.
Record the Pros and Cons
Writing ideas down on paper is always a better option than trying to make sense of them in one’s head. Managers and entrepreneurs have to process a large amount of information on a daily basis. Sanchez recommends taking the time to jot down any thoughts and sort through the details before doing something rash.
“I love making a pros and cons list. Doing so will provide you with enough time for the emotions to recede and, at the very best, give you a very logical overview of the options you have,” Sanchez says.
Highly emotional situations are a part of every business. It’s only natural that entrepreneurs always want the best for their company and workers. However, sometimes it can be very difficult to stay objective about certain issues or concerns. Sanchez suggests that the best course of action is to seek a second opinion from others, including employees and managers.
As Sanchez says, “It is important in highly emotional situations to rely on outside perspectives. In other words, include people who are not caught up in the emotions of the decision-making, as they can provide fresh insights and ideas.”