Question

identify 5key decisions you need to make as an entrepreneur before venturing into a new business

Answer 1

If it is to make the dream a reality. The decision on which the rest of your decisions will rest is of course whether to start your business first. This may mean losing a stable full-time salary or cutting back to life to fulfill your vision. Or, if you're like a lot of businessmen, the hardest choice might be which idea to become a company.

Outsourcing or hiring in-house. With any company there must come a moment, almost without precedent, where the need for extra workers or an influx of new expertise is unnegotiable. So at this juncture, one of the toughest choices a company owner needs to make is whether to recruit new employees or outsource. Sadly, no one can tell you what's best for your business in this way.

The way you sell your goods will put you in the marketplace against other rivals. Which makes it very difficult for businessmen in terms of pricing to assess their "sweet spot." Just consider what you can afford to charge and what is likely to cost the target market to prevent expenses. Such difficult decisions come with some risk so entrepreneur can take their decision taking process very seriously.

Employees often cause on-the-job difficulties. This can be very difficult to deal with the first time any conflict happens in a business, but it can be fixed by talking to the perpetrator or taking minor action. When any of these fail to function, the employee will be fired which is not an easy choice to make. When you fire an employee you need to realize that you as the employer may have some of his duties in the business. That's not fun either.

Thoughts of defeat cross the minds of any entrepreneur more than once. Life is not a bed of roses which means the times that you give up are your best choice. Persistence is the strongest argument for gathering more confidence to keep going. You can consider your major achievement just around the corner if you don't give up easily.