I once worked with a very senior executive who would hardly make any decisions. He always found a reason not to decide. The most common excuse was that he was thinking about it. As a result many projects stalled and we lost some talented people who couldn’t work in an environment where things don’t move.
This phenomenon of over thinking about things without taking decisions is usually referred to as “paralysis by analysis.” Educated people suffer most from this disease. Just because you learnt all sorts of models at campus, doesn’t mean they apply in real life.
We often deceive ourselves that we would make better decisions if only we had more data and information. As we wait to take action, the opportunities to make money quickly pass us by. I recall a time when I tried to over analyse whether buying a certain piece of land was a good deal. When I called on the broker a day later someone else had taken the land. That land has since doubled in value.
Most of the times we need to listen to our gut feeling about a deal or opportunity and immediately take action. The richest people in the world reach decisions quickly and if they change them, do so very slowly.
If too much analysis and reasoning were to make you rich then accountants and professors would be the richest people around town. However the opposite is true. The guyz who have not gone to school are the richest around town.
Don’t allow your education be the thing that keeps you broke. Train your mind to take risks without over thinking. Train yourself to see and seize opportunities quickly. Train your brain to stay focussed and persistent until you achieve your dreams. Take some chances.
Don’t become paralysed into inaction by too much analysis.