As the founder, you have to possess the ability of making great decisions quickly.
Decision-making is a golden quality that all entrepreneurs should possess because at times you will have to make very hard decisions. From time to time you will have to make a few tough decisions as the leader. These may be tough but such is your burden. If you make wrong decisions, your startup will crumple for sure. Therefore, be very careful and follow the following advice about four tough calls that you will have to make.
When should you get started? That is a huge question for many. You have a brilliant idea in your mind and you are just waiting for the opportunity to explore it and execute it. However, you just can’t jump straight into it. There is a lot of planning and thought that goes into establishing a company. Think about your idea and ask yourself whether it will work, whether people will go for it, and whether people will be ready to pay for it.
Depending on investors for funding is actually a challenge because once you receive the money you will be compelled to work extremely hard to get things going. Some investors can be too harsh, hindering your progress through negative reinforcement. Therefore you should take your time and choose only the best investor. The best investor for you would be the one who thinks like you do and has the same views.
When is the right time to let go what you built for so many years? Making this decision will be very hard and you won’t be able to do it yourself. Turn to someone for support and advice in order to make this decision.
When you reach a funding milestone, think about the exit as well. Your exit criteria must be clear. The exit criteria should include the amount of money you can expect, and other such details.
When you are able to make these decisions at different points in your entrepreneurial journey, your business will indeed be successful.
As the founder there will come times when you will have to make very tough decisions. These can include when to start the business, when to look for funding, when to kill it, and when to sell your business. Learn how to make these decisions so as to do well in business.