September 11, 2009

The Facts and Opinion in Internet Business

Decision making is the most crucial stage in starting an internet business. This is where you are going to rely the success of your business. The decision that you will be making will determine the journey of your business. Before making a decision, you must answer the most important question first, “Are you making decisions based upon a fact or opinion?”

We should know how to draw a borderline between the facts and the opinion. The facts should be based on the actual performance of the business, facts should always have a basis, there should always a supporting idea. Opinion is simply saying something out of observation, you cannot say that it is wrong or it is right. Facts and Opinion, these are the elements that we need to consider in making decisions. Take a look at this example:

Fact: You have invested in an e-commerce business. You are very well aware how well or how poorly is the progress of this project.

Opinion: You will be paying high on the cost of cart software and maintenance, add to that you need to undergo the tricky process to acquire a merchant account to make your business run online, you surely will have a great cash flow for this project.

Deciding based on the fact will definitely associated with the performance of the business. Is it good or bad? If good then you may say yes. If bad then you may say No. Saying Yes to both is a risk, Saying No to both will suppressed you to explore for possibilities.

If you are going to decide based on Opinion, you are more focus on the risk involve based on the observation. You are not after the performance of the project because you are already occupied with the thoughts of what you have been perceived.

No comments: