The Power of Big Decisions: How Entrepreneurs Navigate Success and Setbacks

The Anatomy of a Big Decision

Not all decisions carry equal weight. Big decisions are the ones that can change the trajectory of your business. Let’s take a closer look at what defines these moments:

• The Stakes Are High: A decision to expand internationally, win a major customer or onboard a new investor could make or break your business. These choices often come with significant risks and big rewards. Expanding internationally requires not only financial investment but also an understanding of new markets, cultures, and regulatory environments. Taking on a major client can stretch your ability to serve all your customers, and onboarding a major investor, while potentially providing needed capital, might also mean sacrificing a degree of control or facing new expectations and pressures.
• Uncertainty Looms: Often, there’s no clear right answer, and you’re navigating a landscape filled with unknowns. Entrepreneurs must grapple with incomplete data, shifting market conditions, and unpredictable outcomes. The uncertainty can be compounded by the fact that even well-reasoned decisions might not yield immediate results, leaving room for doubt and second-guessing.
• Multiple Perspectives Matter: Big decisions often involve input from external advisors, a network of mentors, or your team, but the final call rests on your shoulders. Engaging multiple perspectives helps identify blind spots and uncover opportunities, but it can also introduce conflicting opinions. The challenge for entrepreneurs is to synthesize this input and make that big decision aligned with their vision and goals, balancing collaboration with personal accountability.

How do entrepreneurs handle these moments? Some rely heavily on data, while others trust their intuition. Many use a blend of both, supported by conversations with their closest confidantes such as friends and family, fellow founders, trusted advisors and mentors and tapping into a broad network of stakeholders made up from their teams, customers and industry connections. The approach varies, but the pressure remains universal.

After the Decision: Success or Setback?

Once the decision is made, the story doesn’t end. Whether it leads to success or setback, what happens next often defines the entrepreneur as much as the decision itself.

When the Decision Pays Off

Success feels rewarding, but it often brings its own set of challenges. A decision to scale might lead to new markets and opportunities, but it also requires adapting to greater complexity and expectations. Entrepreneurs who thrive after a successful decision are those who remain focused on their vision and adaptable in the face of growth. It’s hard to keep the long-term goals in sight amidst the busyness of the everyday running of the business. Finding ways to keep your accountability in focus pays dividends in the long run.

When Things Don’t Go as Planned

Not all decisions work out. Perhaps the market didn’t respond as expected, or a key assumption turned out to be wrong. Resilience becomes crucial here. Entrepreneurs who recover well from setbacks tend to:

• Reflect and Learn: They analyse what went wrong and extract lessons for the future. This might involve reviewing decisions made, understanding market dynamics, or even seeking feedback from customers or team members. The key is turning failure into a roadmap for improvement rather than a roadblock.
• Adapt and Pivot: They’re not afraid to change course, even if it means admitting a mistake. Pivoting could mean shifting to a new product line, targeting a different customer segment, or overhauling operations entirely. It’s about using the insights from the setback to chart a new, more promising direction.
• Lean on Their Network: Mentors, peers, and supporters often play a vital role in helping them bounce back. This might include seeking advice from those who’ve faced similar challenges or finding encouragement to keep moving forward. A strong network offers perspective, resources, and emotional support.
• Closing a Venture: Sometimes, the best decision is to close a venture. While this is often seen as a last resort, it can be a powerful reset. Entrepreneurs who navigate this outcome with grace often find ways to celebrate what they learned, preserve relationships, and prepare for their next endeavour. Closing a venture and accepting the failure and its wider impact can be a step toward greater clarity and help build future success.

Common Patterns and Insights

From my research and conversations, I’ve noticed some recurring themes in how entrepreneurs navigate big decisions:

• Values Matter: Entrepreneurs who anchor decisions in their personal and business values often find clarity, even in uncertainty. They are more able to preserve those essential relationships before embarking on their next venture.
• Iterate, Don’t Hesitate: Many big decisions are approached as experiments rather than definitive answers. Learn from smaller steps or milestones in a project and be flexible to maintain momentum.
• Resilience Is a Skill: The ability to recover and adapt is just as important as the ability to make the initial decision. Learning to fail, accept rejection (especially when seeking investment) and criticism challenge your emotional well-being, so take care of yourself. Knowing your boundaries will make you more resilient.

Share Your Story

As a PhD researcher exploring decision-making by entrepreneurs, I’m fascinated by the stories behind these big moments. What’s the biggest decision you’ve faced as an entrepreneur? How did you approach it? What was the outcome, and what did you learn along the way?

Your experiences could provide valuable insights for others facing similar challenges. Let’s start a conversation — because while entrepreneurship often feels like a solitary journey, we all share these pivotal moments.

Decisions that Change You and Your Business

Big decisions are part of the entrepreneurial journey, but they’re never easy. Whether they lead to success or setbacks, these moments shape not just our businesses, but also who we are as entrepreneurs. By sharing our experiences, we can learn and inspire one another. I’ve been sharing stories with entrepreneurs on the hgkc podcast Finding Your North Star for several years. Get in touch if you would like to share your experience, you can find our podcast here https://www.hgkc.co.uk/podcasts.

I look forward to hearing your stories. Let’s navigate this journey together.

Kim Jones

After more than 10 years at the helm of hgkc, helping owner-managed businesses make decisions with confidence, Kim has taken her next big decision, and has embarked on the next stage of her career - a research doctorate in entrepreneurial decision making. At hgkc, we are very excited that she will be sharing her findings and her thoughts on this blog periodically. If you would like to contact her to share your story, please do reach out. She will be delighted to speak to you.