©Femi Adefioye. All Rights Reserved http://entrepreneurship-skills.blogspot.com
Decision making encompasses the process that leads up to and includes the choice of a course of action from among two or more alternatives, and these actions are meant to help to achieve the set goals by the entrepreneur.
Decision making connects the entrepreneurs presents circumstances to action that will take the business into the future. It is the process of choosing actions that are directed towards the solutions or problems, and also important to note that this process can be carried out by an entrepreneur.
It can be difficult to make decisions for a number of reasons. Sometimes it’s a matter of not having enough information. Other times, it’s simply a lack of confidence.
An entrepreneur, of course, should not make decision in isolation, while you are making your decision, other decisions are being made by people within the business i.e. your employees and those outside the business. Your employees and those outside the business should carried along in your decision making because their ideas and criticism can make the goals set achievable when entrepreneur project possible consequences of their own decision they must be conscious that other people’s decision may conflict or interact their own.
Different problems require types of decision making. Routine or minor maters, such as a return of merchandise, can be handled by a set procedure, a type of programmed decision. More important decision, such as the location of a new retail outlet or branch, require non-programmed decision, a specific solution created through a less structural process of decision making and problem solving. Because all decision involves future events, entrepreneur must also learn to analyze the certainty, risk and uncertainty associated with alternative courses of action.
No approach to decision making can guarantee that an entrepreneur will always make the right decision. But entrepreneur that make decisions intelligently are more likely than others to come up with high quality solutions.
To your success.
