6 Key Steps in Decision Making for Aspiring Entrepreneurs
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Effective and efficient decision making resides at the core of success for any entrepreneur today. Start-ups need to have quick turnaround time and hence, decisions have to be precise and profitable or cost effective. It is a hard line to walk on.
The 6 key steps on arriving at a decision are mentioned below. But remember, there are no right or wrong decisions. Every consequence is a factor of the situations at that point in time.
Test the core idea of the enterprise. The idea that either a product or service should cater to the needs of the consumers (B2B or B2C). Go and meet the consumers, share your ideas and see what they have to say. Take feedback and check if you have to create a new product/service or stick to the original plan. At least after talking to potential consumers, you will be in a position to make informed decisions.
Share your product/service with the actual consumer. Give them time to experience the products. Test the products extensively until the consumer is happy with the final product. Time and continuous improvement if the key.
Weigh your options:
There are always options to choose from creating road maps to weighing all your options. Write down the consequences of each option and then choose the best that suits that situation.
Mentors and Advisors:
Seek out people who can mentor you for the business and ask them for help. Most successful entrepreneurs if time permits, do give advice on your plans. Else, there is always the option to hire professional advisors for your business who have relevant experience in building similar businesses.
Where will the revenue come from? How much to quote for the product/service? Where to spend the money? Go fast, burn and conquer or go slow and build over a long-term should be the strategy. The availability of finance plays a critical role in decision making. You can create new avenues of revenue generation but the expenditure has to be only from the available resources.
As a start-up, you will have limited resources to be its human resource, infrastructure or technology. Weigh your options of what should be the ideal mix for your business. For some businesses, it will be people heavy and for others, it will be tech heavy. Every business will have different requirements. But optimal usage of resources is what one needs to keep in mind while choosing a mix for their start-up.