How to make quick decisions in business and evaluate ideas quckly: simple techniques. Free micro-course by Vadim Kotelnikov http://kotelnikov.biz

1. Micro-course
Innovarsity

2. ~ Jason Jennings and Laurence Haughton
the authors of
It's not the BIG and eats the SMALL...
it's the FAST that eats the SLOW
Innovarsity

3. Fast Company
The Importance of Quick Decisions
The ability to evaluate ideas
and make strategic decisions quickly
is vital to your success and survival
in the increasingly competitive
marketplace.
Best
practices
Warren Buffett bought NetJets Inc.
for $725 million in cash and stock
after a 20-minute meeting
with its founder
Innovarsity

4. Fast Decision Making
Fast Idea Evaluation Techniques
Techniques
Time
When to use
required
80/20 Principle
Seconds
Quick effectiveness evaluation
Compliance with
guiding principles
Minutes
Quick filtering of new strategic
ideas
Evaluation by
weighted criteria
Dozens of Thorough filtering of innovation
minutes proposals
Perceptual
positions
Hours
Thorough evaluation of a
proposed new course of action
Simulation Games
Hours
Assessment of implementation
risks and team capabilities
Innovarsitet

5. Quick Evaluation and Selection of Best Ideas
Use 80/20 Principle
80% of benefits result
from 20% of ideas
20%
80%
80%
20%
Ideas
"I’m as proud of
what we don’t do
as I am of what we do."
Benefits
~ Steve Jobs
Produce pure gold, not gold sand!
 80% of the results yields from 20% of ideas
Take them further!
 80% of growth comes from 20% of opportunities ► Pursue them!
 80% of sales comes from 20% of projects ► Invest in these projects!

6. Fast Decision Making
Corporate Guiding Principles
Broad philosophy that guides you organization throughout
its life in all circumstances, irrespective of changes in its
goals, type of work, or the top management.
A down-to-earth list of guiding principles can help you
make quick decisions. Only one question needs to be
asked of any proposed course of action:
– Does it fit our guiding principles?
1000ventures.com

7. Fast Decision Making
Charles Schwab’s 9 Guiding Principles
1. Is it fair and responsive to our customers?
Best
practices
2. Does it respect our fellow employees and the spirit of teamwork?
3. Are we striving relentlessly to improve what we do and how we do it?
4. Will it earn, and will we be worthy of, our customer's trust?
5. Will it reinvent the business?
6. We are willing to risk short-term revenue to do the right thing for the
customer and ensure long-term success.
7. Will we own the technology?
8. Does it leverage the brand to build trust?
9. Will it create and nurture a spirit of innovation?
1000ventures

8. Techniques for Fast Evaluation of Ideas
Idea Evaluation by Weighted Criteria
Criteria
Weight
Rating
Criteria 1
W1
R1
Criteria 2
W2
R2
…
…
WN
RN
…
Criteria N
Idea Rating (%) =
Innovarsitet
Sum of weighted ratings
—————————————
Highest possible total score

9. Fast Evaluation of Ideas: an Example
Evaluation by Weighted Criteria
Highest weight: 10
Highest rating: 10
Criteria
Weight Rating
Will it enhance our competitive advantage?
10
7
Will it enhance our company image and market share?
9
8
Will it inspire our employees?
7
9
Do we have a strong leader to implement this idea?
7
8
Do we have the necessary resources?
6
5
Idea Rating =
Innovarsitet
Sum of weighted ratings
297
————————————— = ——
Highest possible total score
390
= 76%

10. Techniques for Fast Evaluation of Innovative Ideas
4 2 Perceptual Positions
4 Roles
2 Mindsets
Optimist
Strategist
Entrepreneur
Technologist
Salesperson
Innovarsitet
Pessimist

11. Goalkeeper
Defenders
Strikers
Midfielders
Top manager
supporting
innovation
Business
development
strategists
All types of
inevitable
failures
Competitors,
market
resistance
Innovators
Opponents
Midfielders
Strikers
Defenders
Goalkeeper
Inventors,
innovation
teams
Entrepreneurs
pushing
innovations
Corporate
bureaucracy,
slowness
STop manager
disliking
risks
Innoball

12. Guessing
the opponent’s move
Main Solutions
Author
Coauthor
Mark
Description
Player C
Player F
8.7
Alternative Solutions
Author
Coauthor
Mark
Description
Player A
Player B
8.4
Description
Player D
–
7.8

13. Team Name
BBB
Team Rating
8.6 (strong)
Team Leader
Business Strategy Rating
9.1 (very strong)
8.8 (strong)
Team Members
Rating
very strong
strong
strong
average
weak
Player B
Player C
9.0
8.7
Player D
Player E
Player F
8.3
7.1
3.8

14. Vadim Kotelnikov