How to make better decisions in a market full of noise

I read an article on Business Insider the other day mentioning probably my favourite ‘current’ entrepreneur, Elon Musk.

He mentions that one of the most important parts of his approach to business is utilising the physics concept of ‘First Principles’.

In short – it means boiling a situation down to the fundamentals and reasoning from there.

For me, it’s a critically important part of business.

There’s always so much hype in any marketplace.

So many half-baked experts proclaiming opposite things.

How do you find the truth with so much noise?

How do you make a good decision regardless of what the majority feel?

‘First Principles’ will help you lead your market.

While your competitors are constantly copying you, they can never overtake you because you’re innovating even faster.

You can innovate faster and better because you can quickly and effectively evaluate a situation using first principles and go from there.

You don’t need to wait for someone else to jump to make a call.

You look at all the key parts of the situation and decide on the next steps.

It’s a skill that I feel is underrated in business.

The ability to see things for what they are, rather than what they appear to be – or what others.

What’s something in your business that you could re-evaluate using first principles?