Efficiency is a minimum condition for survival after success has been achieved. The difference between effectiveness and efficiency is parallel to that between entrepreneurial ability and executive ability. Both should have some qualities of the other. Entrepreneurs are effective at creating new customers. Executives need to be good at keeping existing ones.
Good executives distrust their own judgement.
The decision making process can be broken down into four man elements. Every good decision maker must conciously or unconciously go through each of them. Good decision makers think about the viewpoint from which they and others will look at the issue. Gathering intelligence Seeking both the knowable facts and the reasonable estimates of unknowables needed to make the decision. Good decision makers manage intelligence gathering with deliberate effort to avoid such failings as overconfidence, also avoiding the tendency to seek information that confirms their biases.