ENTREPRENEURIA

L DECISION
MAKING AS A
CORE
COMPETENCY
The success or failure of a business depends on
how its owner decides on many circumstances.
What must an
entrepreneur consider
to make the right
decision?
RATIONAL/SCIENTIFIC METHOD
An entrepreneur must:
■ Identify the problem to be solved.
■ Gather data that may help or connected to the problem.
■ Analyze those data gathered.
■ Based on the data, make a set of solutions that ease or
solve the problem totally.
■ Out of these solutions, choose the best one.
■ Once you already chose the best solution implement it.
USE OF INTUITION
There comes a time that the data were
not enough to support the solution to the
problem. What makes the entrepreneur
formulate the decision is his/her gut
feelings. A person always has this feeling
of what will be the outcome of hid/her
decision.
AFFECT INFUSION
Sometimes, their decisions were affected
by their mood or feelings toward
something or somebody. For example with
a suggestion given to you, if you do not
like it, you change it. Or if a person you
don’t like that much, you have a lower
chance of listening to him.
ATTRIBUTION STYLE
It is basically what an entrepreneur’s
decision is based on his skills. For every
decision he makes, he put himself on the
main battle and imagine if he will be going
to successful or not based on what he can
do.
COUNTERFACTUAL THINKING
This is understood as an “afterthought in
decision-making in which the procedures
followed to perform the task are
discussed and various alternatives that
could have been followed are
considered.”
OVERCONFIDENCE
This simply means that overconfidence
may exceed the limit of one’s knowledge
and skills. This will lead to problems or for
worse, failure.
KNOWING STYLE
It is how an entrepreneur study the data
before formulating solutions. Some apply
statistical methods for them to be accurate
in making decisions.
CREATIVE STYLE
An entrepreneur with creative style
has a wide imagination he always
makes some decisions that are new to
hear and has a big chance of being
favorable.