Make better decisions – Gala and Anna – Correction

Help Gala and Anna make better decisions for their futures and then review your own decisions.

  1. Gala loves cooking. She wants to open an eatery in her hometown. Which questions should she ask?
  2. Anna wants to build a house to avoid paying rent. Which questions should she ask?

You will find below some ideas of questions. Of course, you can have different ones. The most important is to ask yourself questions and take the time to make some research.

Gala

Questions about herself, her needs and feelings

  • How much does she need per month to live? Can she make this amount of money with an eatery?
  • Does she have enough knowledge to open a business? Does she feel strong enough to do it? Does she need support from her family?

    Questions about the options: Costs/Benefits? Risks/Rewards?

    • Cost/Benefits: Is owning an eatery the best business idea? How much does it cost to open (cooking utensils…) and to run (ingredients…)? How much money can she expect to make? Explore some other options: open a boarding house or a grocery store for example.
    • About the risks: are there already a lot of eateries? Or if there is no other eatery, is there a reason why it would not work (not enough clients?)

Questions about the decision: back up plan

  • What should she do if there are not enough clients? Move to another location? Or open a different business?  At which point should she close the business before it loses too much money?

Anna

Questions about herself, her needs and feelings

  • Why does she want to build her house? For herself, her children?
  • What kind of house does she need exactly? What are her “NEEDs” and her “WANTs”?

    Questions about the options: Costs/Benefits? Risks/Rewards?

    • Cost / Benefits: Is it cheaper to rent until the end of her life or to build a house. How much does it cost to build a big house compared with a medium one and does she really need a big house? Does she have quotes from different constructors? Reviews of these constructors by different clients?
    • About the Risks/Rewards: Can a typhoon destroy the house? Does she have enough money to finish building it even if she loses her job?

Questions about the decision: back up plan

  • What if the constructors are not reliable?
  • What if a typhoon comes when the house is not finished?
  • How to make sure there is no issue when building the house?

Your own decision sheet

  • My decision:
  • Why do I want to do that:
  • How do I feel about it:
  • What are the other options:
  • What are the costs and benefits of each option:
  • What are the risks and rewards of each option:
  • What do I do if I fail:
  • What do I do to reduce the risks of failing:

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