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Strategic decision making in small firms: a taxonomy of small business owners

Author

Listed:
  • Petra Gibcus
  • Patrick A.M. Vermeulen
  • Jeroen P.J. De Jong

Abstract

Most changes in firms take place after a decision has been made. Despite the small firms being no exception to this, the previous researches into decision-making processes have left this subject uncharted. The current study empirically investigates and identifies the different types of entrepreneurial decision makers. Drawing on a database of 646 entrepreneurs, five types of decision makers are distinguished: the Daredevils, the Lone Rangers, the Doubtful Minds, the Informers' Friends and the Busy Bees. We propose that the various types of Small Business Owners (SBOs) decision makers will differ in their cognitive abilities and find empirical support.

Suggested Citation

  • Petra Gibcus & Patrick A.M. Vermeulen & Jeroen P.J. De Jong, 2009. "Strategic decision making in small firms: a taxonomy of small business owners," International Journal of Entrepreneurship and Small Business, Inderscience Enterprises Ltd, vol. 7(1), pages 74-91.
    • Handle: RePEc:ids:ijesbu:v:7:y:2009:i:1:p:74-91
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    Citations

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    Cited by:

    1. Pedota, Mattia, 2023. "Big data and dynamic capabilities in the digital revolution: The hidden role of source variety," Research Policy, Elsevier, vol. 52(7).
    2. Jamshed Memon & M. Z. A. Rozan & Kamariah Ismail & Mueen Uddin & DzurllKanian Daud, 2015. "Mentoring an Entrepreneur," SAGE Open, , vol. 5(1), pages 21582440155, February.
    3. Boban Melović & Slavica Mitrović Veljković & Dragana Ćirović & Tamara Backović Vulić & Marina Dabić, 2022. "Entrepreneurial decision-making perspectives in transition economies – tendencies towards risky/rational decision-making," International Entrepreneurship and Management Journal, Springer, vol. 18(4), pages 1739-1773, December.
    4. Martijn Adriaan Boermans & Daan Willebrands, 2017. "Entrepreneurship, risk perception and firm performance," International Journal of Entrepreneurship and Small Business, Inderscience Enterprises Ltd, vol. 31(4), pages 557-569.
    5. Miroslaw Dyczkowski & Jerzy Korczak & Helena Dudycz, 2015. "Multi-Criteria Evaluation of BI Systems for SMEs Based on the BI Scorecard Framework Approach (Wielokryterialna ewaluacja systemu klasy BI dla MSP oparta na podejsciu BI Scorecard Framework)," Problemy Zarzadzania, University of Warsaw, Faculty of Management, vol. 13(52), pages 136-149.
    6. Musso, Fabio & Francioni, Barbara, 2012. "The Influence Of Decision-Maker Characteristics On The International Strategic Decision-Making Process: An SME Perspective," MPRA Paper 50063, University Library of Munich, Germany.
    7. Laura Sánchez Pulido & Jordi Moreno Gené & José Luis Gallizo Larraz, 2022. "Internationalization of family firms: the effect of CEO attributes," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 26(4), pages 1123-1154, December.
    8. Carmela Rizza & Antonio Leotta & Daniela Ruggeri, 2017. "Accounting Information Systems as Sensemaking Tools in DecisionMaking Processes of Small Firms," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 7(4), pages 248-262, October.
    9. C. Troise & D. Matricano & E. Candelo & L. Schjoedt, 2022. "A ten-year cross-national examination of the dance between intuition and rationality in entrepreneurial processes," International Entrepreneurship and Management Journal, Springer, vol. 18(2), pages 663-692, June.

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