Unfortunately, there is also a significant disadvantage when undertaking. Being responsible for many decisions is stressful, especially when the future success or failure of your business depends on them. Some decisions will come to you naturally, but there are five incredibly hard decisions that you cannot avoid facing on your way to success:
1- Leave your job
Putting your own business will be the first important decision you will have to face as an entrepreneur. In general, it means that you should quit your job. Every business starts with an idea, which then usually becomes a business plan; or in a scheme that gives shape to the original inspiration. From there, you should consider the viability of the business, as well as what sacrifices will need to be made when pulling the trigger.
Whether you leave your work, take advantage of your savings or ask relatives and friends to help you start. You will have to make some sacrifices and receive help along the way. Deciding to continue with your business is a brave and difficult thing, and one that often starts with telling your boss that you want to quit.
2- Finance your business
Once you have decided to go ahead with your business, you will need money to make things work. There are a lot of ways to finance a business, but all of them have advantages and disadvantages that you should consider. Choosing which path to take is difficult, and can determine your potential success.
For example, financing your own business can give you complete autonomy, but also put you in serious financial difficulties. Finding a capital investor or angel investor can help relieve stress, but it also forces you to give up a certain degree of control over your company. Crowdfunding is another option, but it can be unpredictable and difficult to manage.
3- Decide when and whom to hire
As a business owner, you will have to be the visionary and the captain of the ship. However, ultimately, the team you hire will carry out your decisions and direct your business to success. Choosing the right people to integrate your team is terribly difficult, and you’ll have to be prepared for it.
Among other things, you should carefully evaluate each candidate in terms of talent, experience, cost and, perhaps most importantly, adaptability. Without a solid entrepreneurial culture that unites your workers, you could give up the notion of teamwork once and for all. Also, you should be prepared for the tough decision to fire an employee in case the relationship does not turn out as you expect.
4- Choose when and how to expand your business
For any company, the idea of expanding is quite tempting … but it can also make your business extremely vulnerable. Excessive or rapid expansion can put pressure on a company’s resources, to the extent that it can no longer be sustained. On the other hand, the slow or too late expansion could prevent the company from growing, as well as limit its income.
Finding the perfect balance between both options is your job as an entrepreneur. So you should be very aware of the growth of your company if you want to have the opportunity to expand successfully.
5- Find out when and how to leave the business
Everything that begins ends and, eventually, you will have to think about a strategy to leave your business. For some entrepreneurs, this will mean selling your company, for others, inherit it to some member of the family, for the less fortunate, it could mean going bankrupt or closing, and for others, withdrawing with millions of dollars.
Determine the precise moment and the way to leave your company will be the last business decision you will have to make, and perhaps the one that will have a more lasting impact on your future.
Making these decisions will not be easy, but once you do, try not to look back. Your goal should be to make the most informed and safe decisions you can, with the understanding that some of them will work and that others will not do as you thought.
As long as you have researched your environment and spent time weighing your options. There is no reason to regret any decision you make in your way as an entrepreneur. Enjoy your successes when they arrive, and accept failures as a learning experience.