There is a very cliche saying, “You miss 100% of the shots you don’t take” by former NHL Hall of Famer Wayne Gretzky. Everything you see and read is about the positives of being an Entrepreneur or business leader. Success Success Success. The most important decisions are about how to avoid failure or to fail fast and regroup. Being aware when you are starting a business or preparing to grow, believe it or not, is about the shots you want to avoid taking. Some of these shots will hurt your business and could put you in an unrecoverable state or force you to make other bad decisions down the line trying to recover.
At the early and growth stage life cycle, companies come to crossroads decisions that without the proper benefits, could potentially put significant strain on the business. These decisions may not be the best for your organization at that point in time. In many cases, the right decision is the hardest decision. To walk away from that opportunity in the first place.
Sounds simple, Right? It’s bad for us, Why would we do it? From experience, every company goes through this and many of them make these same mistakes. When you are trying to get a business off the ground or keep it alive the logical answer is not always the right one. It’s the exact opposite.
If you are able to identify where the choice sits in the decision tree you can analyze the downstream effects this decision could have on the business. Being able to identify these characteristics will allow you to make the best decisions at that point in time then months or years later when you cannot recover from that choice.
The next six parts of this series will identify some of the most commonly seen choices by a startup or early-stage companies to help you evaluate before jeopardizing the business as a whole.
- Part II Custom Development
- Part III To Expand or Not Expand
- Part IV Needy Clients
- Part V Bad Partnerships
- Part VI Bad Investors
- Part VII Bad Employees
Last modified: June 11, 2019