Hesitation kills companies faster than bad decisions.
That’s the core message from Ben Horowitz, co-founder of the influential venture capital firm Andreessen Horowitz and author of “The Hard Thing About Hard Things.” In a recent discussion, Horowitz zeroed in on what he considers the most damaging trait in CEO leadership: the inability to make timely decisions. Drawing on an unexpected sports analogy, he illuminated how intelligence and speed mean nothing without the courage to act.
“I would say the big thing is it’s almost like a lack of decision, right? Like it’s a hesitation,” Horowitz explained. “In football, they always say you have to trust your eyes, because you could be really fast. But if you don’t start running when you see the thing, if you wait, then you’re not fast.”
He continued: “And that’s kind of what it’s like for CEOs. You could be really, really smart, but if you wait too long before you pull the trigger, you’re not smart anymore. It’s too late.”
According to Horowitz, the reasons behind executive paralysis are often rooted in self-protective thinking rather than genuine strategic consideration. “There’s all kinds of excuses people tell themselves to not make a decision,” he noted. “So for example, one of the biggest ones on an executive is, well, we made such a big deal when we hired him. What is the press gonna say? Or what are the people in the company gonna say?”
The diagnosis, in Horowitz’s view, is clear: “It’s kind of that lack of confidence that generally causes a no decision where there really needs to be a decision. That’s the common pattern.”
This insight arrives at a particularly relevant moment for the technology industry. Recent high-profile executive shuffles at companies like OpenAI, where leadership changes played out publicly and messily, underscore the costs of delayed decision-making. Similarly, Meta’s multi-year pivot away from its metaverse focus—a shift that might have happened faster had Mark Zuckerberg acted on earlier signals—demonstrates how executive hesitation can drain billions in shareholder value. The pattern Horowitz identifies appears repeatedly: leaders who know something isn’t working but delay action because of reputational concerns, sunk costs, or fear of admitting error. His football metaphor captures an essential truth about modern business leadership—in fast-moving markets, the window for effective action closes quickly. A smart decision made too late becomes, by definition, a bad decision. For boards and investors evaluating CEO performance, Horowitz’s framework suggests that decisiveness itself should be considered a core competency, perhaps as important as strategic vision or operational expertise.