If you are starting a business, be prepared: these are some dilemmas that you will find on your tour.
If you are starting a business, be prepared: these are some of the dilemmas you will encounter on your tour. Take note so they don't catch you off guard!
What is the “perfect” time to start?
While it is true that you need to be prepared to undertake, it is also true that the perfect time to start a business will never come. No matter how much money you have saved, how much experience you have or how much time you expect, there will always be the possibility that your company will fail … but also that it will succeed.
Do I do what I love or profitable?
Think ahead: in five or 10 years, do you see yourself doing the same? If you're not passionate, what will drive you to move forward in a couple of years? The key is to find the balance between doing something you like and that is profitable. Steve Jobs' advice on this: “Your job is going to fill a large part of your life. The only way to do a good job is to love what you do . If you still can't find it, keep looking. Don't settle. Just like with the affairs of the heart, you will know when you have found it. ”
Should I lead my company?
You have an incredible idea and you have already taken the first step to bring it to reality. However, a doubt assails your head: are you the right leader to run your business? To make this decision, you have a cold mind and your goals are clear. You can be a business visionary, but that does not mean that you are prepared to start a business from its foundations.
Earn money or save the world?
If you care about your social and ecological environment and want to leave a positive mark on this world, at some point along the way you could face this dilemma. In appearance, making money is in contradiction with the fact of generating a positive change in society. But this is not necessarily so: if you want to put your grain of sand and live on it, your best option is to join the trend of social entrepreneurship.
Sell my company or stay with her?
There are few entrepreneurs who create startups with enormous potential and sell them to companies consolidated in significant sums of money. This may be a good business, but should you sell your project at the beginning or stay with it until the end? As the expert Juan del Cerro explains: “ many factors affect this decision , from the situation in which the business is located to who is interested in buying, and above all, the plans that are had for the company in the long term” .
Professional career or private life?
Unlike an office job, having your own business implies a much greater responsibility, and therefore, hard work that doesn't have a fixed schedule. This can be a problem for entrepreneurs who have families, and who face the dilemma of what they should give priority to. There is no secret formula to deal with this: everyone must find their own balance .
Climb or not?
Your startup must have a growth plan in mind, but keep in mind that growing early or too fast could be counterproductive. From hiring more employees to increasing production, you should avoid mistakes that arise when decisions are made without analyzing it. Each stage of growth implies a risk; However, there are indicators that will give you certainty to scale your business.
Take the easy path or be ethical?
Inevitably, as an entrepreneur you will face the dilemma of whether you must walk the path of honesty “imply what it implies” or, go to fraud, bribery and corruption to get out of trouble. Your response will depend on the vision you have about your business (a long-term one or one that looks for immediate results), and the level of commitment you have with yourself, with your workers and society.
Specialize or diversify?
In an interview with , Stephen Twining, tea master and global ambassador of Twinings, explained that the success of the brand was due to the fact that from the beginning its creator had proposed “to do only one thing, but to do it really well”. This is not the only brand that follows this mantra: Nespresso, a leader in the sale of gourmet coffee, is another example. But there is also the opposite case, that of large companies – such as Disney and Unilever – that have ventured into endless fields of success. Whatever decision you make, it must be taken taking into account the market, as well as following a consistent business plan .
Liquidity: short or long term?
All entrepreneurs know that, when starting their business, they will spend several months – or even years – without seeing a single profit weight. However, what will happen when they receive the first fruits of their work? They will face the dilemma of enjoying them or reinvesting them. Our best advice: we know you worked hard and “deserve” to celebrate, but don't be tempted to spend your first earnings if you want your business to last. Better reinvest that money in your business: you can advance loan installments, settle debts or invest in advertising.