Innovation and Entrepreneurship (OMM 614)
April 23, 2012
Entrepreneurial Decision Making
Decision making is a vital component to entrepreneurship, and can affect a variety of elements in business. In this paper, legal and regulatory issues, political agendas, cultural perceptions, demographic diversity and financial resources will become clear how decision making can affect each facet of a successful or unsuccessful business venture. The understanding of the legal and regulatory environment in which most if not all organizations operate by, is a critical component of business compliance. Newly enacted legislation, changing regulation, and evolving case law affect the business world as a whole and can certainly affect the venture of an entrepreneur’s dream of invention. The political agenda is the set of issues that are the subject of decision making and debate within a given political system at any one time. Whether one puts ethical responsibility, or cultural perceptions first because of political agendas; it is better than not putting them first at all, because when one does not have demographic diversity set in motion through putting cultural diversity first in the workplace; the entire business will eventually fail. The reason is that from the owners, to the upper level managers if they; the organization as a whole does not have a diversified attitude the business will be run by narrow minded individuals, and for growth to happen in any business having tunnel vision concerning diversity will never work. According to, Entrepreneurship, “a leader has an ethical obligation to be honest with stakeholders about issues that directly concern them." As entrepreneurs we must be diligent in training our stakeholders in how to be socially responsible concerning ethical diversity. (Hisrich. Peters & Shepherd, p.p.284) It is clear that fostering entrepreneurial activity requires...