Simple Rules for Entrepreneurial Decision-Making

Dean A. Shepherd (), Holger Patzelt () and Nicola Breugst ()
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Dean A. Shepherd: University of Notre Dame
Holger Patzelt: Technical University of Munich
Nicola Breugst: Technical University of Munich

Chapter Chapter 4 in 66 Simple Rules for Entrepreneurs, 2024, pp 27-38 from Springer

Abstract: Abstract This chapter offers simple rules for entrepreneurial decision-making. These simple rules are: entry decisions are complex, so time them right; if you think you do not have implicit biases, you are probably wrong (we all do), so set up procedures to circumvent them; reduce your overconfidence in making predictions; while slack is nice, necessity can be the mother of innovation; when you lack information to make decisions, turn to what you have at hand; if you want to capture fleeting opportunities, then speed up your decision-making; and decision analysis will only get you so far, tap into your inner child to ask questions.

Date: 2024
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DOI: 10.1007/978-3-031-62032-4_4

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