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302.652.4800

Phone Number : 302.652.4800

Industry News

When starting your own business, sometimes you have to make tough decisions

Making smart decisions will help ensure the long-term success of your company.

Making smart decisions will help ensure the long-term success of your company.

You start your own company because you have a great idea and you just know it will make you rich. You are excited about this idea. In fact, you are so excited you don't know when to stop yourself and think strategically about the decisions you have to make as a business owner.

This point was made in a recent Forbes article that discusses the enthusiastic nature of entrepreneurs. They are often driven by their passion, which can certainly be a good thing, but entrepreneurs can get themselves in trouble by reaching for their furthest goals without thinking if they are plausible. Sebastian Bailey, a psychologist, author, Forbes contributor and co-founder of consulting firm Mind Gym, spoke with the news source about this fact.  

"Entrepreneurs tend to be more overoptimistic than general managers in organizations," Bailey said. "They overestimate their ability to be good at predicting the future, they over-generalize information, they tend to over-focus on their own abilities versus external factors, they're prone to expanding their organizations despite negative market feedback and they're also prone to overconfidence."

There's nothing wrong with ambition, but sometimes you have to make smart decisions that limit your immediate growth. You don't want to assume the market will support your early initiatives only to find out that your growth path is not sustainable. Your long-term viability is even more important than your short-term rewards, so consider this when making decisions about your company. Reaching out for support can help as you can learn valuable lessons such as how to incorporate your business.