Top 3 Decisions an Entrepreneur must make
All entrepreneurs have a goal, to develop their business. Consequently, they need to make precise decisions that allow them to pass from the phase of success; to that of success and lastly put them in a stage of maturity of the company.
Decision making is among the most complex and difficult tasks due to the implications they’ve in the future. When a decision is made these are some considerations that must be taken:
- Think about the decision you’re going to make
- Determine the options you’ve
- Elaborate a detailed investigation, weighing the cons and pros of each; and also the direction the business could take with each decision
- Analyze the information you’ve and make the decision
- Learning to make a decision is Vital for the entrepreneur because otherwise you’ll be leaving untapped opportunities
Nevertheless, i feel these are the 3 decisions that every entrepreneur must take along his way to attain maturity and growth:
Selecting the Right workforce
It’s vital to think about the talent which will encircle you in this adventure; because it must be people who share your ideals and who objectives of the company. It’s essential that once you decide to employ staff all share and know what’s the aim and the plan that will take them to attain it. Additionally to preserving communication, it’s essential to motivate them in the proper manner. This will help the growth of one’s business is accompanied by the personal growth of the group.
The attributes which can help you make the decision on who to choose are the skills, competencies, their preparation and the amount of commitment.
The Capital Inflow
Statistics suggest that the main source of financing for a business during the time of its founding comes from its own savings, family or buddy loans along with the sale of some asset.
But when they get to the period of succeeding where they start to think about the expansion and maturity of the company. They require proper sources of financing that supply them with solidity. The necessary tools with which they can aim for their growth.
An entrepreneur has many options. Through the same injection of capital by investors and partners, to the contracting of a loan through financial institutions.
To determine the route you’re going to take, it’s necessary that before any decision you’ve determined a financial plan which can assist you to be acquainted with the payment schedules, the collections, the dates on which you’ve earnings, and so forth. This plan has to be married to a plan which contains the investment spending budget for the growth you’ve proposed.
Additionally to contracting with who offers the best credit conditions as interest, deadline along with a timely response, in addition to being a institution and experienced.
The Best Way to grow
Making the decision on the way to expand your organization is one of the decisions which cost you the most work to decide. A company has various ways that permit them to develop, but every one requires a thorough analysis taking factors into account. These ways are:
- The internationalization of the business
- Convert the company model into a franchise
- Open own branches
- By creating products or new services
- Throughout the merger of the firm with another
Each has its own benefits and disadvantages; besides this, you’ll have to be sure that it’s time to take the big jump to enlarge. If now your decisions have been the right ones, your company will be already in a stage of maturation. This doesn’t imply you ought to stop making decisions, because this is something which will accompany you throughout your life that is entrepreneurial.
No matter how the above will mean that you’ve one last significant decision to make and it’s the succession, to whom can you leave your heritage?
Rohit N Shetty is a Digital Marketer, having over 12+ years of experience in various domains.