Choices are tough. Americans had a major choice to make on November 8, 2016. New entrepreneurs also have important selections to make.
Three of the most important decisions a new founder must make include the following:
Product Versus Service
There are advantages to either strategy. Products are generally more scalable but require upfront investments. Services, on the other hand, are harder to scale, but can be executed with lower upfront investments. Often entrepreneurs start by providing a service, and when they see the potential, they shift to a product opportunity.
Build Versus Buy
A new entrepreneur may feel inclined to build everything from scratch instead of buying or subscribing to an existing solution. The former often takes longer and requires more spend. Weigh your individual solution and determine what makes sense to pursue.
Permanant Hires Versus Contract Employees
New hires are sometimes less expensive hourly, but require training and alignment. Contract hires are expensive but they usually have the expertise required. Starting with the contract route may provide the early flexibility new entrepreneurs need, after which permanent hires may prove more sustainable.
What are the other important elections and selections you have had to make in your startup? Happy voting!
[This post by Kriti Vichare first appeared on #entrepreneurfail.com and has been reproduced with permission.]