Top 5 Most Difficult Decisions You May Face As An Entrepreneur

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Going into business, you will have to make so many decisions. Some of them are easy, but most of them will be tough. A lot of the decisions will involve giving up something else. This could be time with your family, friends, and loved ones, turning down a good deal for a better one, or taking a leap of faith and investing your life savings into the business. Whatever it is, decisions are the final bosses in the game of entrepreneurship and I have curated a list of 5 of the toughest decisions entrepreneurs may have to face.

1. Starting a business 

This deserves the top spot as it is the beginning of every other difficult decision to come. When deciding to start a business, you have to weigh in many other decisions such as; not hanging out so often with friends, missing out on some great family moments, leaving a stable job to focus on business, or using up all of your savings. Whatever you decide will mean sacrificing something else. The worst part is not knowing if the business will succeed. What if the business fails after you’ve sacrificed so much? Then all your time and effort have been for nothing. And what if your fear of failure stops you from starting a business that could be successful? You decide which is worse.

2. Deciding to end a long business relationship

Having to end a business relationship with someone who has been with you from the start and endured so much together, is definitely among the toughest decisions you may have to make. It is difficult to find loyalty, especially during the early years of a business. But along the line, you may just have to let go of this one loyal business partner, employee, or friend. This happens for many reasons, one of the most common being a difference of opinions on how the business should be run. At this point, you may have to end it all and move on without them. But this is easier said than done. But that is not going to be a walk in the park

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3. Letting go of an idea

The sunk cost fallacy happens when entrepreneurs keep investing in a given business idea even when it would be more beneficial to stop. There are two main reasons entrepreneurs fall into this trap. One, they have invested so much resources already and they do not want it all to go to waste. Two, the idea was once doing so well but then things changed and the entrepreneur is unable to let go. Whatever it is, entrepreneurs must learn to recognize when they are being sentimental and turn the tables around by letting go and moving on to something more promising.

4. Knowing when to say NO

It might seem like a better strategy to be open to all opportunities as a business. But entrepreneurs who have remained for a long time in the game know that not all opportunities are the same. Since your resources aren’t infinite, you need to decide which opportunities are worth more for the business. That means saying no to the other opportunities. But this is not an easy decision to make when you’re just starting a business or when you have other businesses competing with yours. Nevertheless, trying to do it all, could hurt your business.

5. Knowing when to sell

One of the most common exit strategies is selling. Entrepreneurs sell for different reasons including transitioning to a new business venture, or as a strategy to help the business scale up. Either way, knowing when to sell is a major factor in this decision. You have to weigh in so many decisions before deciding if the time is right or not. Too early and you may sell your business for less than it is worth. Too late and you might miss the right opportunity to sell. The market is in a constant state of flux, dynamic, and always changing. That means entrepreneurs whose exit strategy is to sell, have to be on the lookout for the right conditions to do so.

Tips & Tricks: 5 Team Building Hacks Every Business Owner Should Know

Team building is as important to a business's success as an exceptional marketing strategy. This is why companies invest a significant amount of resources to hire the right people. A successful team is made up of different individuals with unique skills working as one and bound by a strong sense of purpose, loyalty, and great leadership. Use these 5 keys if you are thinking of building a team for a project or business;

1. Understand the role you want each team member to play and communicate this to them effectively.

2. Hire to fill up areas where you lack knowledge or relevant skillset

3. Develop a strong leadership personality

4. Hire people that share your passion

5. Value ideas over hierarchy

Remember,

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That’s all for now folks.

Until next time, stay inspired and keep chasing your dreams!

Cheers,

Alex