Beware: Indecisiveness can kill your start-up!
As a marketing professional having worked with multiple brands for two decades, one of my keenest observations is that the biggest deterrent to business growth is hesitation in timely decision-making. With the rapidly changing dynamics of consumer behaviour, this is true for large businesses and start-ups alike.
New businesses tend to over-think decisions, especially in the beginning, constantly studying and evaluating the pros and cons, only to realize that the opportunity is missed. Entrepreneurship is all about risk taking. It takes courage to be responsible and move forward with your decisions. Indecision is often worse than making the wrong decision because of wasted time and opportunities.
Businesses often pay the price of Cost of Lost Opportunity owing to delay in decision-making, which directly or indirectly impacts their growth and profitability. The longer you take to prioritize strategic decisions, the longer it takes for your brand to achieve the desired marketing or business objectives. This can work in the favour of your competitor if they take quicker actions, while you are still busy contemplating and evaluating things. The result could be a lost customer because you did not reach them on time.
Decision making and risk taking is at the heart of organizational success. Narrowing the gap between reality and perception can be one way to inspire more calculated risk taking. You need to prepare for the good and bad, and be comfortable taking risks.
Are you a risk-taker? How has it worked out for you? Do mention it in the comments section below.
