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Entrepreneurial Choice and Decision

Updated:2017-9-7 15:56:16    Source:www.tannet-group.comViews:103

As an entrepreneur you must make different types of decisions on everyday basis. You must choose directions. You must solve problems. You must take actions. The decision making process is one of the most important processes in your company.Simply, you as an entrepreneur will make a decision about everything. Some decisions are more influential on your overall business processes, but some of them are small decisions without important effect on your business as whole.

The most common used approaching in decision making process is according the following steps:
(i) Discover the problem. First things, first. Every decision making process starts with the problem or some type of distraction between the desired and current state.

(ii) Analyze the problem. After you find possible problems that require solutions you can start with the analysis of already defined problems.

(iii) Define possible solutions. This is the step when you need to start brainstorming all possible solutions for a given problem, or problem you want to solve with that solutions.

(iv) Analyze all possible solutions. Because in the third step you come to more than one possible solution for a given problem, in this step you need to analyze all proposed solutions in order to rang them to make a decision what will be implemented.

(v) Select the best solution for application. Now is time for real decision. What will be implemented as a solution for the given problem? Answer of this question will be the decision you are making.

In the process of making a decision, the business consultant plays a crucial role for the new starters. Any new starter should make a lot of choices and decisions. For example, choosing a city, choosing an industry; choosing a business form (such as onshore company, offshore company, wholly foreign owned enterprise (WFOE), equity joint venture (EJV), cooperative joint venture (CJV) or representative office (RO); choosing a cooperator or work team; choosing market place and making a good placement, choosing resources, etc. Anyway, making a smart decision is not easy at all, a good beginning means a half done, making a smart decision is so crucial for the future success.

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