Entrepreneurial Decision Making and the Effect on Business Models

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Entrepreneurial decision making
and the effect on business models.
D o entrepreneurs take decisions based on gut feeling rather than on facts?

Marijn A.W. Mulders
Clemens P.J.A. van den Broek
Avans University of Applied sciences,
Breda, The Netherlands
March 2012

Entrepreneurial decision making and the effect on business models. EFMD, European Foundation for Management Development

Paper for Entrepreneurial Activities and Support of Entrepreneurs

\march 5th and 6th 2012

Table of Contents
Abstract.................................................................................................................................................... 4 Introduction .............................................................................................................................................. 5 The Avans Centre for Entrepreneurship .............................................................................................. 6 Aim of this paper .................................................................................................................................. 6 Business Models ..................................................................................................................................... 7 The Business model canvas................................................................................................................ 8 Empirical research in business models ............................................................................................... 9 Evaluating Business Models.............................................................................................................. 10 Entrepreneurship ................................................................................................................................... 12 Information gathering and distribution. .............................................................................................. 12 Discover opportunities ....................................................................................................................... 13 Decision making .................................................................................................................................... 13 Process of decision making. .............................................................................................................. 13 Biases and Heuristics ........................................................................................................................ 15 Future implications ................................................................................................................................ 17 Practical implications ......................................................................................................................... 18 References ............................................................................................................................................ 19

Entrepreneurial decision making and the effect on business models. EFMD, European Foundation for Management Development

Paper for Entrepreneurial Activities and Support of Entrepreneurs

\march 5th and 6th 2012

Abstract
In this paper we review the results of an
empirical research of a number of
organisations. The research shows a
difference in the evaluation of a business
model of an organization by the entrepreneur
and by the researchers. It shows, based on an
extensive list of questions, the decision to be
taken on strategic level differs by
entrepreneurs compared with the decision to
be taken by researchers based on the same
set of questions. The paper goes into the field
ofentrepreneurs and the factors why they drive
their own business like they do and how they
gather data and process this data to prepare
for a decision on strategic level. The paper
describes how cognitive possibilities of the
entrepreneur, biases and heuristics,...
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