How To Prioritize When Making Decisions
business advice from Prof. of Entrepreneurship at OSU, Per Bylund
Priorities. Decisions. Chaos.
All of these play a role in the life of an entrepreneur. They key is to put processes in place to help you quell the chaos, set your priorities, and make smart business decisions. Per Bylund, Professor of Entrepreneurship at Oklahoma State University has this to say to business owners…
Life in a startup is fast paced, varied and fun. But it is also a constant and chaotic struggle, a juggling of disparate issues that need attention and decisions to be made at a moment’s notice. There are employees who need directions, tensions that threaten to erupt into personal conflicts, the bank that keeps calling about refinancing the loan, the supplier who suddenly needs the blueprints earlier to be able to deliver on time, and, at the same time, an endless stream of prioritization that need to be right. How are entrepreneurs to make order of this chaos?
Here are questions to answer when making a decision:
1. Does solving this issue contribute directly to the bottom line?
2. Does it make my customers better off?
3. Does it strengthen my firm’s capabilities?
4. Is this for us? Or something else?