We may still be in the early stages of the business, with the model having worked well up to now, the business has in fact turned over double what I originally expected at this point – but that is in fact the problem.
I am at the point the lifecycle of the business where I am having to make some very tough decisions. I’ve hit a crossroads. Do I abandon the business model that has worked so well up until now and grow the company much faster than originally planned or do I stick and risk missing a fantastic growth opportunity? This creates a difficult call that cannot be avoided.
When all is cut and dry, my business model is in reality starting to fail because it transpires that it was not built using realistic parameters. Looking back, this is because I was terrified of complacency and over-confidence but now I realise that I should have had more faith in my ability to start up and run my own company.
This situation that I find myself and the business in now leaves me in no man’s land, trying to make decisions on growth acceleration and I am all too aware that if I make the wrong call it will put Surrenden back at square one.
I recently read a good book http://theleanstartup.com/ which draws on previous experiences from some of the world’s biggest companies and talks about the mistakes they have made by not pivoting soon enough from their original business plan and recognising when the business model was failing. This has proved my inspiration to a large extent and is something that I intend to hold firmly in mind as I approach this next stage of my growing business.
Regret is also a big part of reaching this stage in the growth of a relatively new business. In this regard, I think it’s vital that every entrepreneur accepts that more often than not they will make the wrong decision and should not beat themselves up about this. Naturally therefore, as part and parcel of this, there will also be regret. I tend to make decisions based on whether Surrenden Invest can afford for the decision not to work out and this is my way of managing risk. It is a good strategy to abide by. Therefore if one of my decisions does not work, I can look at it as a ‘nothing ventured nothing gained’ scenario and move onto the next decision that will hopefully work out.
Entrepreneurs should not be scared of making bad decisions and of the regret that indeed often comes with them. They should, however, be afraid of making decisions that they can’t afford to go wrong. This is the key crux of pivotal decision-making in the early but vital stages of a successful business.