Entrepreneurs have no shortage of responsibilities and challenges when it comes to launching their own startups. Navigating these choices often make or break the business. So how do you make the right decisions? You will need a decision-making matrix that consists of these four points:
- Make decisions that, if they work, have a big potential upside. You want to spend your time and energy and goals that will actually pay off.
Likelihood of success
- If the goal does not have a significant likelihood of success, then it’s simply not worth pursuing. What are the odds?
- Are you going to have to work on something for a full year before knowing if it’s successful? Is that time worth finding out?
- What is your endgame? Is it to have a liquidity event and sell your business? If so, are your decisions making you money in the short term without getting you closer to that sale? Knowing your ultimate goal will give you a compass to help you navigate these decisions.
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