Successful entrepreneurs minimize risk

Item Type Journal paper
Abstract

Many scholars see entrepreneurs as action-oriented individuals who use rules of thumb and other mental heuristics to make decisions, but who do little systematic planning and analysis. We argue that what distinguishes successful from unsuccessful entrepreneurs is precisely that the former vary their decision-making styles, sometimes relying on heuristics and sometimes relying on systematic analysis. In our proposed framework, successful entrepreneurs assess their level of expertise and the level of ambiguity in a particular decision context and then tailor their decision-making process to reduce risk.

Authors Murmann, Johann P. & Deepak, Sardana
Journal or Publication Title Australian Journal of Management
Language English
Subjects business studies
HSG Classification contribution to scientific community
Refereed Yes
Date 1 June 2012
Publisher Sage Journals
Volume 38
Number 1
Page Range 191-215
Number of Pages 24
Publisher DOI 10.1177/0312896212444114
Official URL http://journals.sagepub.com/doi/10.1177/0312896212...
Contact Email Address peter.murmann@unisg.ch
Depositing User Michele K├Âlbener
Date Deposited 17 Oct 2018 12:27
Last Modified 18 Oct 2018 13:51
URI: https://www.alexandria.unisg.ch/publications/255365

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Citation

Murmann, Johann P. & Deepak, Sardana (2012) Successful entrepreneurs minimize risk. Australian Journal of Management, 38 (1). 191-215.

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https://www.alexandria.unisg.ch/id/eprint/255365
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