Warren Buffett and Secrets of Management - 7
Warren Buffett of Berkshire Hathaway (BRK-A) said one time concerning investing, that success wasn't connected necessarily to how much you know, but how realistically you define what you don't know.
This is extremely important in managing and in choosing managers as well. How does someone define themselves in reality? Do they truly understand their strengths and weaknesses in their personal knowledge base? Do they look at themselves as they are, and still aren't afraid to forge ahead in what they do know?
As a manager or business leader, we must know what we know as it really is, not as we hope or wish it is. How many times have business leaders made decisions based upon faulty knowledge, that was there to be found out, but was neglected because the person in leadership decided they knew enough concerning the whole 
picture?
If there is a decision to be made based upon the information available, that decision needs to be made with full knowledge of what is not known either. If that isn't what's happening in management, then all that's happening is someone is simply guessing what they're doing is right, and what the decision will result in.
When a manager is faced with a decision, it's imperative that they understand the whole picture. By that I don't mean having perfect knowledge; that's impossible. But we do need to understand where the knowledge isn't known, and what that means in the decision-making process.
We must understand the places that knowledge is lacking and either stall the decision, or if there is a decision, base it upon knowing where the blank spots are.
There's a balance between paralyzed into inaction and surging ahead unrealistically. Understanding what we don't know, is the element that brings the understanding of what the chances of success will or won't be. Don't be afraid to measure the unkown, for no knowledge can be perfect. But our decisions need to be based upon that reality, not flipping a coin of denial and hoping things work out for the best.
Other Buffett Resources:
Investment Whiz Kid: Buffett Amasses a Fortune
Management Styles - The Buffett Way: Learn from the maestro himself
Sponsored link: The outsourcing every manager requires - Tampa Locksmith
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