Decision-making is an inevitable part of any modern entrepreneurship, and there is hardly any of businessmen who can imagine their business day without this procedure. Nowadays the process of decision-making makes entrepreneurs “tend to focus on alternatives with high emotional relevance”. It means that making that or another decision stimulates a decision-maker to make a profound analysis of all possible alternatives, and, in this way, an entrepreneur makes a choice. Furthermore, decision-makers “are more sensitive heuristics and biases in estimating probabilities of events and are more likely to focus on established social norms”.
On the other hand, it is not the only issue which should be taken into consideration while decision-making. First of all, a well-qualified entrepreneur who wants to make his business successful should underscore that the majority of decisions which are made in business focus on economics, but this branch of science “does not deal with goods and services”. There is no doubt that calculations are more than significant in making a right decision, but the logic of goods exchange is much more important.
This is the reason why the so-called “equilibrium”, (it is well-known that it is one of the constructs), which studies human actions and the processes which are related to it is more than important. Moreover, while decision-making, it is necessary to remember that “decisions made in running a business are much easier if you know where you are headed, how you are going to get there, and when you plan to arrive. Success is not determined by the amount of money you sell your business for, but by whether this amount meets your pre-set objectives”.
In any case, the main factor which influences decision-making is an entrepreneur or the entrepreneur team. If they analyze the current situation, they are able to understand if that or another decision is right or wrong. What is more, in numerous cases lending decisions is also making a right decision, and “the entrepreneurial team is a significant factor of lending decisions”.
Furthermore, it is noteworthy to admit that making entrepreneurial decisions can affect demographic diversity, cultural perceptions, financial resources. The example of such decision is Warner Tatter who decided to start running his own business as he had an example of his father who had already been a successful businessman. His decision to have a huge enterprise influenced the demographic diversity in the town in a positive way as a good reputation of a company stimulated an abundance of people to apply for a job there, and, finally, a lot of them made their mind to move to this town.
Moreover, making a decision to start running business as well as any other entrepreneurial decisions influences the financial resources of the state as well as any citizen in particularly. To begin with, the economic situation in the country depends on the enterprises which are situated there. The financial resources of the citizens depend on the salary which is paid at these enterprises. If the decisions which are made by the entrepreneur tem are correct, the salaries are high and the country is prosperous.
Cultural perceptions are also dependent on some decisions which are made by entrepreneurs. For example, different companies can have an impact on the consciousness of the public by means of promoting various kinds of social advertising. Cultural perception is one of such aspects, as well, and a decision to make investigations in this sphere can be right in any case.
In conclusion, it is noteworthy to admit that entrepreneurial decision making is more than significant; on the other hand, an abundance of businessmen need some experience and business skills and abilities in order to make their decisions right and their company one of the leading ones.