Mack Prioleau – The Dangers of Over Analyzing

One problem which I realized that I had when I began to launch my online business was that I could easily overanalyze information to the point where it would actually stop me from making decisions. I had a chat with my friend Mack Prioleau around that time and he coined this term which I have always stuck to since, which was ‘paralysis by analysis’. This is quite literally what was happening, I would decide to make a business move, naturally, look to check out the information and its validity and then I would constantly research and research to the point where the opportunity had gone.

This is something that is dangerous can prevent you from doing many great things, and here is how to try and avoid it.

Analyzing Smartly

The natural reaction here is to simply not analyze anything and to just stick to knee jerk decisions, which of course is not going to go well. Another option here is to let someone else do the analysis, someone who you trust, and then to follow their advice. Again this is probably something, which will not be smooth sailing. And so the answer is for you to still analyze, only to do so in a more efficient manner. Weigh up 5 pros and 5 cons of your decision, mum over them, and then hit the button. If you are fearful then run the info by that trusted person to see what they think.

Weighing Up Risks

Whenever you are doing something like this there is fear at the heart of it, and this is why we end up looking into wear more information than we really need to. And so the best bet to allay this fear is to focus on where the risk is. Ultimately if you make a bad decision that may lose you a few hours of takings then so be it, if however, you make a call that risks the entire business, well then there is a need to be fearful. Something which I have learned from Mack is that our fear is always based around the risk and therefore all we have to do when analyzing a decision is to understand the level of risk which you may be taking on.

Outsource The Information Gathering

Another common reason for this paralysis by analysis is that you just have too much information at your fingertips and so it is very easy to consistently focus on what details you may have missed. Outsourcing the analysis is certainly not a good idea but what you can outsource is the gathering of information from which you will then make your decisions.

This is not something to be taken lightly and many of you could very well be doing this right now without even realizing it. Spending too much time on the analysis results in slow decisions which could cost you money and opportunities, make sure that you are aware of the way in which you digest information.