About the Cource

Hello and welcome to today's topic of entrepreneurs and strategic decisions. Last time, we talked about the opportune analysis canvas, and today we'll turn our attention towards decision making, particularly as it's related to entrepreneurship. Connecting cognition to those decisions. And talking about what's unique and different for entrepreneurs versus managers in making strategic decisions. So decision making is very much a cognitive process, meaning it's a thinking process. Meaning that we have an array of options and choices and alternatives with unknown outcomes. And that we want to make the best decision possible based on the goals and objectives that we have as entrepreneurs. And when you think about decisions, large and small, there are certain commonalities. There is certainly the element of problem definition. And the old adage of a problem well defined is half solved. Of thinking about alternatives. Not necessarily rushing to make the choice to do the first thing that comes to mind, but to think about alternatives, to think about scenarios in situations. And to create a landscape for evaluating those alternatives that we've identified. And then from there, seeking the best alternative based on whatever evaluation criteria and timeline and resources that we're operating within. So with that when we look at entrepreneur decision making, what we want to recognize for entrepreneur is that you are often operating with limited information, you may not have the time or the resources to really capture all of the data and all of the information that you would like to have. There may also be a limited window of opportunity. And that there may be competitors that are already in the market, or that will emerge on the market. And that you don't want to take too much time to evaluate and decide what you want to do. That also introduces an element of risk, that is typically higher than many existing managers, and existing companies. And that you're putting more time