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Simple Rules for Entrepreneurial Decision-Making

In: 66 Simple Rules for Entrepreneurs

Author

Listed:
  • Dean A. Shepherd

    (University of Notre Dame)

  • Holger Patzelt

    (Technical University of Munich)

  • Nicola Breugst

    (Technical University of Munich)

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.

Suggested Citation

  • Dean A. Shepherd & Holger Patzelt & Nicola Breugst, 2024. "Simple Rules for Entrepreneurial Decision-Making," Springer Books, in: 66 Simple Rules for Entrepreneurs, chapter 0, pages 27-38, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-62032-4_4
    DOI: 10.1007/978-3-031-62032-4_4
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