Overview of my decision.
For any type of business to thrive, an entrepreneur must possess the trait of being a risk-
taker at a particular given time. Risk-taking comes in handy when a dealer needs to decide
between two options to ensure a business thrives despite its challenges. After the coronavirus
pandemic outbreak, I happened to spot a market niche of supplying sanitizers to shopping malls.
Hence, I decided to forego my online hair customer care services for one day each week to
deliver sanitizers.
Tradeoffs faced.
According to Bolland & Lopes (2018), you have to make a critical analysis of the most
viable option in each business choice. However, one must be ready to embrace the consequences
of foregoing the other choice. In my scenario, I had to forego my online hair customer care
services for one day each week, thus lowering my wages in online employment at the expense of
supplying sanitizers to shopping malls.
Highest valued alternative.
My choice between the two options, of waiving one working day and supplying
sanitizers, resulted from sanitizers offering me an opportunity to make a net profit of eighty
dollars in a day while my other job offered me twenty-five dollars in a day. Hence, it was worth
to lower my weekly wages out of failing to be available for a day, intending to finally earn a
higher amount from the economic niche that I came across. I was ready to forgo two days a week
for more sales; however, other shopping malls acquired consistent suppliers before I took action.
All in all, I also took precautions for not completely forgoing my online employment since the
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corona pandemic might end anytime, thus lowering the demand for supply, which might lead to
some suppliers being terminated from the supply contract.
References
Bolland, E. J., & Lopes, C. J. (2018). Decision making and business performance.