Entrepreneurial Decision Making: A Comprehensive Analysis
Explore the challenges and strategies for successful entrepreneurship, delving into small business survival rates, possible entrepreneurial alternatives, decision-making models, criteria evaluation, sensitivity analysis, and optimal choices based on BOCR model results.
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Entrepreneurial Decision Rohan Adwalpalker Karma Edwards Travis Wagner Decision Making in Complex Environments Final Project - April 20, 2010
Background Information Less than half of all small business start-ups survive for more than four years U.S. Small Business Association To increase the odds of success you need: Attitude Sacrifice Risk Tolerance Planning http://www.gaebler.com/Small-Business-Failure-Rates.htm
Possible Entrepreneurial Alternatives Consulting Firm Knowledge intensive Network and credibility based Computer Service Labor intensive Self-directed Nike Retail Store Capital intensive Personnel management
Basic Criteria Work Life Balance Health Benefits, Time with family Financial Gain Increased Disposable Income, Material Possessions Status Network Power, Respect Self Direction Time Management, Self Fulfillment
BOCR Model Benefits Opportunities Costs Risks
Sensitivity Analysis Benefits and Opportunities
Sensitivity Analysis Costs and Risks
Conclusion Best Choice Consulting Firm 0.449321 Close Second Choice Computer Service 0.430806 Least Desirable Choice Nike Retail Store 0.119873
