Importance of making the right decision the first time for an entrepreneurial venture
Author : Writer at Chatur Idea
Posted : 2 years ago
14Mar, 2016

Being a successful entrepreneur, you know very well that a business can’t be run in isolation. Several stakeholders that make it functional. In this situation, the responsibility of the business owner increases manifold that he or she takes the right decision at the right time. An organization is responsible for a group of individuals known as stakeholders.  Since many people get affected by the correctness or incorrectness of the business decision, an entrepreneur can’t take a risk. If you ask any of the mentors in business, then all of them have unanimity to it.

Benefits of making right decision the first time

Typically, an entrepreneurial venture has several stakeholders. Customers, legal bodies, shareholders, channel partners, and employees are to name a few. Efficient Mumbai entrepreneurs know that all of them are critical for the business. Therefore, it is important for the organization to act ethically and responsibly. Since there is a different implication of the result taken, there is no a predictable pattern. Hence, each time one has to b cautious. It is quite easy for experienced business owners to understand the value of correct decision making, a business start up mentor has to explain it to budding entrepreneurs.

  • Benefits to the society:  Regardless of the type or magnitude of the business, there is always a social angle to it. You can’t ignore the same in any case. The companies have ethical and moral responsibility of maintaining the welfare and interests of the society. Thus, each right business decision makes sure that it protects lives of the stakeholders, keeps the environment clean, and helps the community in a better manner. A decision taken in a hurry may go wrong and cause a big dent to the society. An entrepreneur is socially responsible and should work for the betterment of the society.

  • Benefits to the investors and shareholders: They are the vital financial sources for a business. An entrepreneurship Mumbai can’t survive without money. Therefore, right business decisions should be taken at the right time to keep business profitability high.  Product decisions are crucial because they not only decide the plan of actions but also affect the profitability and productivity. A seasoned business owner looks into every facet of it; quality of the product, pricing, and safety. Each one of the stakeholders may not be required in the decision-making process, but relevant stakeholders must be included.

Some people believe in the intuitive decision-making process, but it is not a god idea. Every decision should have a thought process and rationale.