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  • Successful entrepreneurs minimize risk

    Author(s)
    Murmann, Johann Peter
    Sardana, Deepak
    Griffith University Author(s)
    Sardana, Deepak
    Year published
    2013
    Metadata
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    Abstract
    Many scholars see entrepreneurs as action-oriented individuals who use rules of thumb and other mental heuristics to make decisions, but who do little systematic planning and analysis. We argue that what distinguishes successful from unsuccessful entrepreneurs is precisely that the former vary their decision-making styles, sometimes relying on heuristics and sometimes relying on systematic analysis. In our proposed framework, successful entrepreneurs assess their level of expertise and the level of ambiguity in a particular decision context and then tailor their decision-making process to reduce risk.Many scholars see entrepreneurs as action-oriented individuals who use rules of thumb and other mental heuristics to make decisions, but who do little systematic planning and analysis. We argue that what distinguishes successful from unsuccessful entrepreneurs is precisely that the former vary their decision-making styles, sometimes relying on heuristics and sometimes relying on systematic analysis. In our proposed framework, successful entrepreneurs assess their level of expertise and the level of ambiguity in a particular decision context and then tailor their decision-making process to reduce risk.
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    Journal Title
    Australian Journal of Management
    Volume
    38
    Issue
    1
    DOI
    https://doi.org/10.1177/0312896212444114
    Subject
    Commerce, management, tourism and services
    Entrepreneurship
    Publication URI
    http://hdl.handle.net/10072/173644
    Collection
    • Journal articles

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