eoincostello

Decision making for SMEs/Start-ups with a Decision Matrix – getting the important ones right

In Advice for Start-ups on October 1, 2011 at 6:58 pm

Decision making under conditions of uncertainty is a daily task for an entrepreneur according to Michael Dell.

I was working with a group on my Masters with a start-up and we had each researched a potential route to market but had no easy way of quatifying which route should be the recommended one so I said let’s identify the key objective of this start-up and then list the factors that are relevant to that objective and assign each factor a mark out of 10 based on our best estimate from our research. This way we were able to arrive at a preferred route on a basis other than who shouted the loudest 🙂 Here is the Decision Matrix I put together.

Route to Market Decision Matrix table – The row which refers to FIT is based on this model: https://eoinkcostello.wordpress.com/2011/10/01/startups-getting-the-right-fit/

I recommended this approach to one of my Mentees on the Enterprise Ireland Mentor Programme and he came up with a great decision matrix which he kindly let me reproduce here:

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