What’s the best way to make tough decisions?

Sam Gerstenzang (Director of Product at Imgur)
Sam Gerstenzang – Seven things I learned in venture

The best way to become quickly knowledgeable is to find the right people and talk to them. There is no template for success, and no one knows what works. Big things growing really fast get really big, really fast. There is a huge advantage to being right early on.

Fred Wilson (Co-Founder and Partner at Union Square Ventures)
Sunk Costs – AVC

Sunk Costs are time and money (and other resources) you have already spent on a project, investment, or some other effort. They have been sunk into the effort and most likely you cannot get them back.
The important thing about sunk costs is when it comes time to make a decision about the project or investment, you should NOT factor in the sunk costs in that decision. You should treat them as gone already and make the decision based on what is in… (read more)

Fred Wilson (Co-Founder and Partner at Union Square Ventures)
Satisficing – AVC

Satisficing is a decision-making strategy or cognitive heuristic that entails searching through the available alternatives until an acceptability threshold is met.This is contrasted with optimal decision making, an approach that specifically attempts to find the best alternative available. I love the concept of satificing instead of optimizing. It is something I have been trying to adopt (changing behavior is hard) for close to twenty years now w… (read more)

Mike Maples Jr (Managing Partner @ FLOODGATE)
Ron Conway, Mike Maples Jr. – Angel Investing Revealed by Stanford eCorner | Free Listening on SoundCloud

The way I look at it, most decisions are either 50-50 or obvious and if its 49-51 it almost doesn’t almost doesn’t matter what you pick. Just pick one and execute it with brutal precision and you’ll be ok. When I flip a coin and it comes up heads and I wish it came up tails, I just turn it over and what tails says. If it comes up heads and I say ‘Oh I knew it all along I wanted it to be heads”, then I do what heads says. It’s surprising how you a… (read more)

Ben Erez (Product at Breeze)
22 Mistakes I Made as a First Time Founder — Viabilify

[Follow your gut. ] At one point during the first few weeks of starting our company, I had a very strong gut feeling to change the way we were going to tackle the problem we saw (aka in tech lingo a “pivot”). But the three of us weren’t on the same page and after a couple hours of arguing back and forth, we came together as a team and decided that we would not go in the direction in which I was pushing. In hindsight, I wish I stood my ground mor… (read more)

Dharmesh Shah (Co-founder and CTO of HubSpot)
Happy Birthday HubSpot! 9 Lessons From Our First 9 Years

An imperfect decision today is better than a perfect decision some day.

Amir Elaguizy (CEO Cratejoy, YC Alumni)
58 things I learned at YC – Giftshop Scientist

There is no shortcut around learning, you just have to learn it. Everything is harder than it looks

David Frankel (Managing Partner at Founder Collective)
7 Deadly Distractions That Can Kill Your Business | Inc.com

Whenever a company strays from its core market, message or mission, the results can be devastating, particularly for small companies and startups. common causes… Waning confidence in current market position or pricing, overreaction to existing competitors or new, “hot” entrants in the market, sudden stagnation or rapid decline in growth, strategic partnerships with no clear metrics for success, pressure from investors or board members to change… (read more)