Name: MON Pecheta

ID: 60-18-08-02

Question: Explain why making the “right” choice of the form of ownership is unique to every
entrepreneur and their business. Discuss and provide practical examples to support your idea.

Answer

The reason why is decision making important in business. For your business to be successful, those in
charge must create a secure and sure environment for clients and staff. To accomplish this, leaders
need to be good decision- makers and understand the importance of decision-making in business.
Decisions need to be made in businesses multiple times on a daily basis. You should be able to
quickly judge what the right choice is for the benefit of your organization. If not, you can seriously
affect that day's profitability and the business as a whole. People do their best work when they feel
that their job is secure. So you need to make sure you give off a sense of assuredness. Every decision
you make must be treated with care and careful consideration. However, it must also be made
efficiently. Here are a few of the reasons why being a good decision maker is key to creating a
successful business.

1- You get better to make choice

When you're an able decision-maker from the get-go, you'll be much more likely to make better
decisions. These decisions will always keep your business's well-being in mind. You need to ensure
you separate your own personal needs from those of the organization. You cannot afford to take the
easiest path because you're tired or choose an idea based on friendship. Even picking a solution just
because it seems like the best without understanding all the facts can devastate your business. You
need to make sure you keep a clear and sound mind, without any prejudices or outside influences
interfering. In the end, business is business, and your decisions need to reflect that. Only then will
your team feel confident that you have their best interests in mind at every moment. Thus giving
credence to the importance of decision-making in business.

2- It helps you with the big decisions

Often, as a leader within a business, big decisions that could potentially impact the health of your
organization need to be made. These hard decisions can affect the lives of multiple employees, not to
mention your. own job security. Nonetheless, a choice needs to be made. Your ability to draw out the
facts and find the best solution will be key. However, at times like this, it's important to remember
that you're not necessarily alone. The best decision-makers will always seek out the opinions of those
around them. Find trusted individuals who have a reputation for keeping things straight in even the
hardest of times. Ask them what they would do in this particular situation. The more varied the
opinions you gather, the more likely you'll be able to find the right choice.

3- You learn to understand the difference between what's rational and what feels right
Another importance of decision-making in business is that you need to understand the difference
between what is rationally the best choice and the decision that simply feels right. A gut feeling can
certainly be a key part of your final decision in business. However, it just can't be the only thing that
drives a course of action. You need to make sure that you find and understand all the information you
can. Rationality needs to overrule intuition at this particular moment, as difficult as that can be to do.
Using your gut isn't necessarily an irrational course of action. Still, the more you know about a given
subject, the more likely you'll be to see the right path quickly. Don't put yourself at risk by relying on
an unsure thing as your own intuition. Let the facts guide your choices. This way, you can always feel
completely confident in the road you're heading down.
 4- It saves your time and money
When a business leader is a good decision-maker, they can save the company tremendously in time
and money. The longer it takes the management team to tell the team about the choices that have been
made, the longer it takes for staff to get themselves into the proper mode to execute the business'
needs. A quick decision made by the organization's leading team, causes the staff underneath them to
work more efficiently. Thus getting you the results required and proving the importance of decision-
making in business. The more efficient a business is, the more money they are able to save and make
in the long run. As such, when a business leader is able to quickly make up their minds about what
path their company should take, the more profit they'll be able to bring in.

5- Stronger professional development

Similarly, the more confident your team is, the more likely they'll take educated risks. Subsequently,
this could quickly lead the business down a new developmental path. Companies must always be
pushing boundaries and leaping into new frontiers. For this, they need someone sound and sure at the
helm in order to do so. By guiding your team towards new and exciting objectives, you'll be able to
bring the organization to new heights that have never before been achieved. Yes, bearing in mind the
importance of decision-making in business, you’ll need to make difficult decisions to get this done.
So you need to ensure you're considering everything as you do so. Moving a company ahead can be a
serious challenge. However, with confident staff behind you, even the most impossible task can
somehow seem within reach.

6- You tend to accomplish more, faster

When you and everyone around you know what should be accomplished and what can make it
happen, you get results at a tremendously fast rate. If consumed by doubt, people become hesitant to
take action and require further clarification. This takes up time that could be better spent otherwise.
However, when every employee knows they can trust that your choices will lead them down the path
to success, they will dive headfirst into accomplishing the tasks you've set in front of them. They will
charge full speed ahead to help achieve your goals. Knowing the importance of decision-making in
business, you can inspire your team to work at full capacity even when they don't fully understand the
end goal. They will trust that you have their best interests in mind and will follow you wherever you
need them to go.

7- Having a better grasp on the information

A major importance of decision-making in business is your ability to separate important information
from fluff. In the end, a brain can only process so much in any given amount of time. As a good
decision-maker, you'll need to learn how to pinpoint what information is key to the choice you're
about to make. Also, what information you can let go of in order to get to the central idea. The people
around you should see that you're able to quickly determine what's important and what's not. By this,
they'll dramatically develop more confidence in your decisions and where you choose to lead them.
Being able to sort through information quickly and efficiently is a key characteristic of any good
decision-maker and leader.

8- Business reputation
When you create an image of yourself that exudes a sense of confidence and power, you'll be creating
a tremendous reputation for yourself and your business. In today's world, another advantage of the
importance of decision-making in business is your reputation. There's nothing more important to an
organization than its reputation. You want to make sure everyone knows that you make decisions
quickly and do everything in your power to turn every choice into a success. This will give your staff
a sense of security, and also instill a sense of confidence in your customers. They'll know that they
can rely on you to get things done from the very moment you set out to do them.
 9- Fewer mistakes made
With sure and final decisions, you'll be setting your staff on a clear and defined path that they can
easily follow. However, with a lack of confidence in the choices that you've made, you'll leave your
staff in a state of confusion resulting in little to nothing being accomplished. A great advantage of the
importance of decision-making in business is that your staff will be able to make fewer mistakes as
they attempt to accomplish the goals you've laid out for them. When your employees know that they
can trust your judgment, they'll be more likely to carry out whatever you say. This will give them the
confidence they need to finish their tasks accordingly. If your staff isn't sure which way you need
them to go, they can easily wind up making mistakes. This can significantly take away from your final
profits.

Finally, a business can only ever be as successful as its leader. To be a successful leader, you
need to make decisions confidently and assuredly. If you don't believe in the choices you're making,
how can you ever expect anyone else to? To bring out the best in your business, your staff should
know that you have their best interests in mind. Additionally, you'll always make logical and
reasonable decisions for the betterment of the organization as a whole. You can never be sure of the
end result that your decision will have. Nevertheless, having the will to make those choices even in
difficult times will inspire those around you to follow wherever you lead.