Entrepreneurship Decision Process
Today we are discussing the entrepreneurship decision making Process. Decision making is the actual selection of the among alternatives. We have various available alternative options in the market.
E.g You have a lot of alternative options to make decisions such as if you have to do cooking, you have to do sleeping, you have to do creative work but you have 2 hrs then you choose Best decision for you best Work. That is the best decision making. Following We are discussing the Entrepreneurship decision process.
Entrepreneurs need to make various decisions for these business he/she needs good decision making skills because of the Market problem and defending the market situation. Entrepreneurs in decision making the identity alternative and then select the best course of action to solve specific problems in the business.
The entrepreneur needs to follow the steps of the entrepreneurship decision process.
- Identification of problem or opportunity.
- Generate alternative solutions.
- Analyse the alternative solutions.
- Selection of the best alternative.
- Implementation of the alternative.
- Review the performance.
# 1. Identification of problem or opportunity (Entrepreneurship decision process)
In entrepreneurship the first process of identifying opportunities or problems. The entrepreneurial decision process Both are equal to arising opportunity and Problem if you are firm under various arising problems then you identify a particular problem and opportunities as same.
Step by step make decision problems and find opportunity following are the steps to follow.
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# 2. Generate alternative solutions
Identify opportunities and problems. These first process are completed then the second decision process generates alternative solutions. You must be innovative to choose alternative ideas. That’s why we call this step an innovative step to make entrepreneurs’ decisions for particular taking decisions.
How to find innovative ideas in particular problems or opportunities. Here we are considering categories to choose alternative solutions.
- Take solutions from the same decision made previously. It may be a good idea to use the work you have done in the past to make an existing decision. Note- especially if your decision does not require much change.
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# 3 Analyse The Alternative Solutions
The second step is to generate ideas then analyze those ideas alternatively you choose for your particular purpose. You must analysis all areas of these ideas for beneficial in your organisation.
# 4. Selection of the best alternative
When you generate alternative solutions and analysis, Then Fourth steps of entrepreneurship in deciding the best alternative decision.
When you choose the best alternative per requirement, it definitely benefits you.
# 5. Implementation of the alternative(Entrepreneurship decision process)
Selection of the best alternative in the entrepreneurship decision process then the fifth process implements these alternatives in your purpose for getting more benefits.
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# 7. Review the performance.
In the entrepreneurship decision last process review the performance means that all reviews of you are choosing these alternatives. Look At the actual performance and previous performance what are differences between them.
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