Entrepreneurial Decision Making and Company Success
Mark Simon (Strategy)
Successful new companies and/or entrepreneurial business initiatives can make people millionaires, but unfortunately up to 80% fail miserably! My research, therefore, examines how entrepreneurs can improve their decision making to achieve success. It is, however, very difficult to make good decisions in entrepreneurial environments. Entrepreneurs often take novel actions that can't be based on historical data and they operate in settings that are constantly changing and full of contradictory, unreliable information. Specifically, to understand how entrepreneurs are affected by these challenges, I study:
common decision making errors that lead entrepreneurs to start ventures yet hinder future performance, how entrepreneurs achieve success by constantly learning, and how management information systems can help or hinder entrepreneurial decision making and performance.