Choices are tough. Americans have a major choice to make on November 8th. New entrepreneurs also have important selections to make.
Three of the most important decisions a new founder must make include the following:
- Product vs. 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 vs. 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.
- Permanent Hire vs. Contract – 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 other important elections and selections you have had to make in your startup? Happy voting!