There’s a lot to learn when starting a business! It’s one thing to learn business principles in college; it’s a totally different thing to implement them in your company or your start-up.

Even with an undergraduate and masters degree in business, starting One Thread Outfitters brings challenges and learning experiences (some that I would never have imagined and classes cannot teach). I will periodically post things I’m learning along this incredible journey. If you have any tips or advice, I’m all ears! Email me here or leave a comment. Come along for the ride…

Making Major Business Decisions

When starting a business and/or running one, you have to make decisions. Decisions are crucial for any company; without them you have no business. Well then, how should the process for making major decisions look like? In its simplest form, I believe it looks like this:

1. Plan - Preparation is key. Make sure you do your homework. This includes things like organizational tasks, due diligence, budgets, research (i.e. market analysis), you name it…

2. Execute - Do it as planned with necessary adjustments along the way, but stick as closely to the plan as possible.

3. Revisit - Analyze the outcome. Is it what you expected? What went wrong? What went right? Were there any hiccups or setbacks? How would you do it differently next time to make it better, more efficient, etc?

It is imperative that you document the three stages in detail. And remember if you are doing something that doesn’t require originality, you don’t necessarily have to recreate the wheel. See what others are doing. If it works, mimic it (of course stay clear of copyright infringement and patents).

This can even work in your personal life, but maybe scaled back some. Like you could probably lose the market analysis, however, the principles of the three stages still hold true.

Mr//