Ockham's razor

Just came across this very interesting word in my Wordsmith subscription ("A Word a Day").

It's the idea that other things being equal, among two theories the simpler one is preferable. Why razor? Because Ockham's razor shaves away unnecessary assumptions.

I have been a self-proclaimed entrepreneur for some time now (approx 4 years) and I think, the one challenge which lot of us face in entrepreneurship is “Decision Making”. These decisions weigh heavily on us, as the FUTURE OF OUR VENTURES IS BASED ON OUR DECISIONS. Well, in reality, most of the time we can live with a “Decision gone wrong”, but what we can not live with is a “Decision not taken”.

Principle of Ockham's Razor can help us cut through the cheese (read intellectual diarrhea) and make decision making more efficient.