Sunday, March 20, 2011

Three Tips for Making Trade-offs

Every important decision inevitably involves a trade-off. Knowing what you can't pursue is as valuable as articulating what you will. But how do you know which trade-offs are acceptable and which are losing propositions? Here are three ways to help make the distinction:

  • Get input on pros and cons. List advantages and disadvantages and ask others for their perspective on which carries the heaviest weight.
  • Balance short term with long term. Determine what you'd be willing to give up in the long run for some important short-term gain — and vice versa.
  • Gauge support. While weighing alternatives, think about who will support a particular idea and who will oppose it. Ask whose support you can live without, and whose backing and buy-in you absolutely need.

Startup Mentor is a place for all the Startups to find their virtual mentors. The forum is dedicated to giving ideas to the aspiring entrepreneurs and the first generation entrepreneurs. If you fee that you can contribute to the community of entrepreneurs by providing your articles, opinions, analysis and case studies, please send an email to startupmentor@gmail.com

Three Tips for Making Trade-offs

Every important decision inevitably involves a trade-off. Knowing what you can't pursue is as valuable as articulating what you will. But how do you know which trade-offs are acceptable and which are losing propositions? Here are three ways to help make the distinction:

  • Get input on pros and cons. List advantages and disadvantages and ask others for their perspective on which carries the heaviest weight.
  • Balance short term with long term. Determine what you'd be willing to give up in the long run for some important short-term gain — and vice versa.
  • Gauge support. While weighing alternatives, think about who will support a particular idea and who will oppose it. Ask whose support you can live without, and whose backing and buy-in you absolutely need.

Startup Mentor is a place for all the Startups to find their virtual mentors. The forum is dedicated to giving ideas to the aspiring entrepreneurs and the first generation entrepreneurs. If you fee that you can contribute to the community of entrepreneurs by providing your articles, opinions, analysis and case studies, please send an email to startupmentor@gmail.com