Why Do Entrepreneurs Need to Take Quick Decisions
Entrepreneur's New Year’s Guide
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One of the most important traits of being an entrepreneur is being able to take quick decisions that more often than not, decide the fate of your company. At the helm of the company, entrepreneurs often have to take that one decision at the right time which can define the future of their company. And then they also have to quickly act upon their decisions.
Entrepreneur India spoke to startup founders about why the need to take quick decisions is one quality that every entrepreneur needs to have.
Optimum Use of Resources
When you are living the startup life, you have to use the minimum resources you have and make the most out of it, which is why quick decision making skills becomes even more important. Vidur Gupta, Director, Spectrum Talent Management said that entrepreneurs are almost always short of resources and making optimum use of available resources is what keeps business going. “Time lost can prove expensive and hence decision making needs to be quick and effective,” he said.
Time Is Money & It Can Cost You
Of course the age old adage time is money, fits in here. And it even more fits in an entrepreneur’s life. For an entrepreneur, every second, every minute of the day is essential to take his/her business in the right direction.
Lalit Upadhyay, Founder, Polash Ventures, believes that with the increase in market competitiveness, growth opportunities have also increased and innovation has evolved. Entrepreneurs need to take wise decisions promptly to hold their grounds strong and expand further. “As an Entrepreneur, you need to take decisions quickly as the active time frame for a current decision is going to be very short. The result of the decision one has taken will show whether it was a quality decision or not. Then again the process continues and the next decision is due to take place,” he said.
Upadhyay succinctly puts it across as the entrepreneurial journey is all about taking the right decisions with confidence and positivity, firmly at the right time, one after another. The success of an enterprise depends upon which decisions go right and become quality one. “The key to a growing success graph for an entrepreneur is always being active and adroitly fast in taking important decisions,” he said.
Outlive Competitors With a Fast Approach
With so many startups today in the Indian ecosystem, a lot of them are looking into the same segment. So competition is running high. In such a scenario, if you have a problem at hand and don’t take a quick decision to solve it, your competitor will have the advantage. Ketan Kapoor, CEO and Cofounder, Mettl said that you as an entrepreneur need to remember that you and your business exist because of your customers and their needs. “If you discover shifts in your customer’s needs, you cannot lose a tremendous amount of time to decide how you can satisfy their new requirements. Your small business is not alone on the market. It is surrounded by competitors that will wait for your indifference. Because of that, you will need a fast decision-making process,” he said.
Not Just Quick But Also Correct
Although we are all talking about quick decisions what you can’t forget is taking the right decision. Nishant Sidhu, Founder, Trekteller said that as an entrepreneur, your decision making has to be fast and effective whenever a potential opportunity is available, or when an urgent scenario demanding a split-second decision springs up lest other competitors make same decisions before you and get a step ahead of you. “Recognizing the potential of an opportunity and having a fair measure of the possible outcomes when faced with an unexpected situation is one of the most necessary traits of a successful entrepreneur for they can just not afford to lose time in the modern world of cut-throat competition,” he said.