Making a decision on what business to create provided me with a tool that I have altered to use for other decisions as well.
Choosing a business can be a tricky thing. You can have your judgement clouded by emotion or ambition. Using a decision matrix is a great tool to have to generate practical information to use in making a decision. The decision matrix I used is made on an excel spreadsheet and it allows you to list business ideas (ex. selling pens or writing a blog to sell ad space) down the side and list aspects of starting any business (ex. upfront cost, time, etc.) across the top. A critical part of this matrix is giving a weight to the aspects of the business to show which are more important to you. When this is done you rank each business idea according to the start up aspects and because of the calculations you get a ranking of which business is best to start according to the aspects in which you weighted and how you ranked each business idea in those aspects. For my matrix a 10 was the best and a 1 was the worst.One of the most important things when filling out this matrix was my mentality. My Professor said, “Change weights based on your situation, not which one you want to win.” This helped me to be more neutral and honest in my weighting and ranking of business ideas.