Entrepreneurship is a dynamic process that requires constant decision-making. As an entrepreneur, one must weigh various risk and reward scenarios in order to make the most effective decisions for their organization.
This can involve determining which strategies and tactics to pursue, as well as having a keen understanding of the competitive environment. It also necessitates having the acumen to recognize potential opportunities and threats and to act on them accordingly.
Here are some decisions that every entrepreneur must take;
Whether to turn your idea into a reality.
Whether to give up or persist in the face of failure.
Which experts to consult.
What the core values of their company will be.
Whether to seek external investment or not.
Their ideal customer.
How they’ll price their products.
How they’ll attract and retain the right talent.
Whether to expand or keep the status quo.
What success will look like for them.