4 Entrepreneur Decisions You Should Make To Be Successful

4 Entrepreneur Decisions You Should Make To Be Successful

Entrepreneur decisions should never be overthought else you will never make headway.

In every success story, you will find someone who has made courageous entrepreneur decisions. — Peter F. Drucker.

As (aspiring) entrepreneurs what decisions are you struggling to make?

Entrepreneur Decisions

Crossroads in Decision Making

When I started catfish farming I used imported feed for the first 3 months then finish with self formulated feed. Overtime the cost tripled due to the exchange rate.

I had to decide if I would stick to either the imported, local or self formulated based on the results I got.

The price of the imported is now cut throat, the local also because they import additives and are competing with the imported. While the mill where I compound my self formulated feed also jacked their prices.

I had to decide which to stick to for costs cut.

I’ve had to make decisions as this and much more as an entrepreneur.

One of the characteristics of an entrepreneur is the ability to lead. And being a great leader entails the ability to make good decisions at the right time.

Entrepreneur Decisions

The decisions you make as an entrepreneur varies from stage to stage of your entrepreneurial journey.

1. The Launching Decision.

2. The Turning Point/ Pivot or Persevere Decision.

3. The Tipping Point or Delegation Decision.

4. The Letting Go or Succession Decision.

Which I further explain:

• The Launching Decision

You have a book of ideas tucked away somewhere. You feel it can solve a problem and also provide you some income.

This is the first of all the entrepreneur decisions you will make. Which is to become an entrepreneur.

Entrepreneur Decisions

Choices in Decision Making

You will need to decide if you want to leave paid employment or be a part time entrepreneur. This decision also entails others such as:

1. Is your solution a product or service?

2. Is there a market for it?

3. What’s your pricing strategy?

4. What’s your Unique Value Proposition (Unique Selling Point)?

5. You also need to decide on your Mission & Vision Statements, Tagline, Logo, Company Culture, Goals and Objectives.

6. What’s your customer acquisition strategy?

• The Turning Point/ Pivot or Persevere Decision.

This entails the decision you make to take your business to the next level.

The results of testing your idea will determine if you pivot or persevere. Also if you will continue being a solopreneur or if you will expand.

Expanding is one of the most strategic entrepreneur decisions you will make. It involves stepping out of your comfort zone at the right time.

Thereby culminating into decisions such as increasing product or service options, job benefits, hiring new staff or outsourcing jobs, job role and payment.

And determining new location and market’s interaction with your new product/ service.

You also need to decide if the internal workings of your business can sustain the expansion and if it’s not just a flash in the pan.

Also consider if your brand, market and price strategy aligns with the expansion? These are questions that will also lead to more entrepreneur decisions.

Entrepreneur Decisions

Strategy in Decision Making

A good example of this decision is the example I gave in the introduction of this post. I had to decide to cut costs so I can remain in business. It involved looking into my budget, cost and price strategy.

• The Tipping Point/ Delegation Decision.

At this point you have to decide to stop working in the business but on the business.

Prior to this you should have built a dependable team that can work in the business while you work on it.

Most entrepreneurs find it hard to delegate certain duties to others.

But you have to else you won’t have time to perform more leadership roles and generate ideas that can grow your business.

• The Letting Go/ Succession Decision

This is one of the most emotional entrepreneur decisions you will be required to make.

Letting go in business mostly refers to succession. What succession plans do you have in place? Is it your child(ren), family member, a staff or an outsider?

And other times it could mean a business gets acquired if no succession plan or it’s doing badly.

You have to decide if you want to remain in it or cash out after it’s acquisitioned/ merged.

This also includes:

1. Determining how much your business is worth.

2. Is the business still financially viable for you?

3. How much will you sell it?

4. Will you be retained or bought out?

5. Does the new owner(s) have the same vision as you?

In summary if you are the indecisive type partner with someone that doesn’t shy away from making decisions.

Because being an entrepreneur revolves around making decisions. And making them in time for that matter.

Conclusion

Being an entrepreneur involves being able to recognize a problem and solve it timely using the best possible solution.

Also the environment within which business is done evolves on a regular basis therefore it requires taking business decisions.

Are you ready to make these decisions? What other entrepreneur decisions have you made?

As (aspiring) entrepreneurs what decisions are you struggling to make?

I would love to hear from you in the comments!!!

Share this post

Wanna Join The Conversation? Please Do

This site uses Akismet to reduce spam. Learn how your comment data is processed.


%d bloggers like this: