Every business starts much the same way; with an idea that someone is inspired to pursue. However, regardless of the necessity of this grand new product, many businesses do not make it past the “startup” point.
Of course, this can be for any number of reasons: loss of investor funding or lack of market research — i.e. not targeting the right audiences. But the truth is many people miss an aspect that’s indelible to entrepreneurship: making decisions.
Decision making is an overlooked skill, as it’s not just making it, but standing by it. Making decisions is key to your success and can determine the outcome of your business. Here are a few examples of the effects of decisions:
Changing your mind, or changing your product, may seem like you’re “staying up with the times” but the truth is, bouncing between ideas means that you never really hash one out to perfection. Pivoting back and forth can swing your business too far one way or the other. Many consumers are comfortable with products that are one step away from perfect, and with brand loyalty, you may convince them to buy the new upgraded models as long as you stay the course. Changing ideas means changing from the bottom up over and over again, which means no one builds loyalty and no one builds trust. Say goodbye to that target audience.
Other than mind changing, leaving options open is another side of indecision that can be harmful to your business. Swaying between two options for too long results in the loss of both, because neither is given the attention or focus they deserve. Essentially, for the same reason a love triangle doesn’t work, hesitations in decision making doesn’t work.
Too Quick with the Draw
As opposed to indecision, making choices too quick will also cause things to suffer. We’ve all heard the phrase, “do things fast or do things right,” and we’ve probably heard this after having our chores checked by knowing parents. The truth is, doing anything fast makes you miss the scenic route, and therefore leaving you blind to either business growth potentials, or business harm potentials.
Stand your Ground, and Know your Limits
Experience will eventually get you to the point where you know when to compromise, and when not too. Many times, we think with our personal pockets instead of our business minds. For example, we personally may not buy a twenty-five dollar sandwich, but would our target client? We don’t need to change our dream because of a few opinions on sandwich prices, but we also may need to compromise to selling a twenty dollar sandwich if our target audience rejects that extra five dollar charge. It doesn’t need to be an ultimatum, as long as you know who you’re trying to get to choose you.