Three Big Decisions Entrepreneurs Struggle To Make (And How They Can Be Tackled) Entrepreneurs are still fallible human beings prone to stress and anxiety like anyone else, and one of the areas this shows up is in decision-making.
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While the life of an entrepreneur is, in many ways, thrilling and free of the typical daily office routine, it's not as easy as it looks to others on Instagram or LinkedIn. It takes a certain kind of person to go out into the world, and forge a new space of their own—one willing to take risks, think big, and try something new in full view.
Of course, business owners aren't perfect; I'd argue that perfection is a myth. Entrepreneurs are still fallible human beings prone to stress and anxiety like anyone else, and one of the areas this shows up is in decision-making, something they tend to struggle with.
The reason for this is that the many of the opportunities founders face come disguised as urgent action points, which can make you feel overwhelmed by the options and filled with doubt–leading to second guessing and loss of confidence. This might push you to seek validation on social media, compare yourself to others, and worry about your business failing.
And that is why you must learn to get comfortable with acting decisively, and detaching yourself from the outcomes—but it's not easy when you've got your money and reputation on the line, I know. So, here are three of the biggest decisions the average entrepreneur struggles to make—and how they can tackle them with more clarity and confidence.
TURNING YOUR IDEA INTO REALITY
"Ideas are easy; implementation is hard." These are wise words once uttered by Guy Kawasaki, the renowned Silicon Valley venture capitalist and Apple marketing guru.
Whether it's launching a startup, creating a new product or service, or moving to the next stage of a business, turning an entrepreneurial idea into reality may involve sacrificing income, or scaling back elsewhere in life to pursue your goal—and that's obviously nerve-racking.
The best approach is to get serious about market research to both validate the idea as well as to understand your target audience. The more in-depth, data-driven information you have at your fingertips, the more belief you will have in the decisions you make.
Plus, having a detailed business plan will help outline goals, strategies, and financial projections, while breaking down the larger vision into smaller, manageable tasks can make the process less daunting.
This solid foundation should lead you to a strong mindset—and as Tony Robbins famously says, success is 80% mindset, and 20% strategy or skillset.
Related: Five Lessons To Guide Entrepreneurs In The Fashion Industry
INVESTING IN YOUR BUSINESS (AND YOURSELF)
Investing—be it capital investment for your product or service, investing in self-development, or buying that pricey software—is always tough, because most big financial decisions in life are.
For entrepreneurs, there are understandable worries around managing cash flow, determining acceptable profitability, assessing risks, and predicting returns. These uncertainties can be daunting, as shown in a 2022 survey by QuickBooks, which stated that 62% of small business owners admitted to hesitating before making significant investments, citing fears of financial loss.
You may also struggle with the limiting belief that investing in yourself is a luxury, rather than a necessity. This reluctance is a significant barrier to growth. It's essential to shift this perspective, and recognize that personal development is a vital component of business strategy.
Indeed, the International Coach Federation reports that 80% of clients who engage in business coaching see an increase in self-confidence, and over 70% experience improved work performance. That's because assertive well-informed leaders make better decisions, inspire their teams, and drive innovation.
To give yourself a confidence boost, build a network of like-minded individuals and mentors who can provide the encouragement needed to take these crucial steps.
GROWING AND HIRING
The third big decision entrepreneurs struggle to make comes a little later down the line, and it's around scaling up and hiring. They weigh up risk on all sides. What if I do? What if I don't? Am I ready? Is the business ready? Should I outsource or hire? Can I handle it myself to save money?
I would suggest stop looking for the "right" decisions—there is only ever a decision right now in the present moment. If you step forward and realize that you've made a mistake, you will learn a valuable business lesson, and you will recalibrate.
It's true that staying small can feel like staying in control—more manageable, and less risky. There's a common fear that "the higher you climb, the further you fall," as expanding means more people, complexity, responsibility, and challenges.
To make decisions around expanding more effectively, you should clarify your goals, and be clear on the desired outcomes. Focus on facts, and remove emotion from the equation by identifying what is known, unknown, and assumed.
Explore options by considering "What could I do if?" scenarios, imagining actions without fear, obstacles, or constraints. This exercise can reveal what's holding you back, and open new possibilities for growth.
