In Great by Choice, Morten Hansen and I conducted a systematic analysis of the pace of executive decision making, with emphasis on entrepreneurial leaders building great companies in highly turbulent environments. We found that some of the best decisions happened fast and some of the best decisions happened more slowly. We learned that the critical question to ask in any given situation is, “How much time do we have before our risks change?” In some situations, you’ll incur no significant increased risk (of either catastrophe or of missing a huge opportunity) by taking more time to decide. In other situations, however, you’ll dramatically increase your risks by waiting too long. The key is to know which situation you are in, not to have a bias for “always fast” or “always slow.” You need to be good at both. The right decision made in the wrong time frame is a bad decision.

That, in sum, is the process for choosing between possibilities for where to play and how to win. First, frame a choice. Second, explore possibilities to broaden the set of mutually exclusive possibilities. Third, for each possibility, ask, what would have to be true for this to be a great idea, using the logic flow framework to structure your thinking. Fourth, determine which of the conditions is the least likely to actually hold true. Fifth, design tests against those crucial barriers to choice. Six, conduct tests. Finally, in light of the outcome of the tests and how those outcomes stack up against predetermined standards of proof, select the best strategic choice possibility. This process broadens the possibilities up front and then systematically narrows the field. It leverages different perspectives to enrich the discussion, rather than bogging it down.

Do yourself the favor of getting lots of options, then culling the list down to a short and manageable size (five max); then make the best choice that you can, given the time and resources available to you, get on with it, and build your way forward. Note that if you’re doing this with prototype iteration, you don’t have too much at stake, and you will be able to adjust as you go, before you really reach a significant investment. And once you make a choice—then embrace your choice and go with it. When the questions that lead to agonizing creep into your head, evict the thoughts, and direct your energy into living well the decisions you’ve made. Pay attention and learn as you go, of course, but don’t get caught with your eyes fixated on the rearview mirror of decision regret.

This letting-go step relies primarily on personal discipline. Keep your reframed understanding of decision making handy, and be sure to win the internal argument with yourself when you’re tempted to rehash and ruminate. Put in place the support you need to stick with it—find a life design collaborator or team to help remind you why you made the choice or choices you did; make a journal entry about your decision, and reread it when you get confused. Find what works to enable yourself to enjoy your choices fully.

In order to get the results we desire, we must do two things. We must first create the space to reason in our thoughts, feelings, and actions; and second, we must deliberately use that space to think clearly. Once you have mastered this skill, you will find you have an unstoppable advantage.

Decisions made through clear thinking will put you in increasingly better positions, and success will only compound from there.

Many of us have a hard time learning from our decisions. One reason is that our thinking and decision-making process is often invisible to us. We inadvertently conceal from ourselves the steps we took to reach our final decision. Once that decision gets made, we don’t stop to reflect, but just move forward. And when we look back at our decision later, our ego manipulates our memories. We confuse what we know now with what we knew at the time we made the decision. And we see the outcomes and read them back into our intentions: “Oh, I meant to do that.”

If you don’t check your thinking at the time you made the decision— what you knew, what you thought was important, and how you reasoned about it— you’ll never know whether you made a good decision or just got lucky. If you want to learn from decisions, you need to make the invisible thought process as visible and open to scrutiny as possible. The following safeguard can help:

Safeguard: Keep a record of your thoughts at the time you make the decision.