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Key Takeaways

Entrepreneurs can make better decisions by gathering sufficient evidence, testing assumptions and managing risks before committing significant resources.

Reflecting on outcomes and applying lessons learned helps business owners refine their judgment and make more informed decisions over time.

Early in my career, I remember sitting in a doctoral seminar, looking around the room and thinking, “I don’t belong here.” Everyone else seemed sharper, more prepared and more confident. Meanwhile, I was mentally editing every thought before I let it leave my mouth.

Eventually, I realized I had developed a pretty effective system for never embarrassing myself: Don’t say anything until I’m certain I’m right. Unfortunately, it was also an effective system for never growing .…