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Sayantika ChatterjeeTop Contributor
I am a literature student from University of Calcutta and came here to contribute.
Asked a question 3 years ago

What do you mean by entrepreneurial decision?

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Sayantika ChatterjeeTop Contributor
I am a literature student from University of Calcutta and came here to contribute.
  • Converting an idea into an entrepreneurial journey is not an easy task. But despite of all the difficulties faced, one embarks on the venture even being known to the possible recessions, inflation, economic uncertainty, instability and high probability of failure. 
  • The whole procedure is not a mechanised one, but a very human and personal one. It is basically a movement, from one stage to another stage, growing through out the process. Maturation from a present lifestyle to forming a new enterprise. 
  • Individuals generally prefer to start their business in the fields that they are familiar with and that's the very first step towards an entrepreneurial decision. They get accustomed to the work environment and knows the ways to tackle the upcoming downs.  Trick is to turn every negative force into a positive outcome. 
  • The desire to start a new company comes from an individual's culture, subculture, family, teachers and peers. It is very important for a culture to value an individual's success in creating a business which in turn motivates not only person but also the upcoming generations. 
  • An entrepreneur's job is not only to establish an enterprise but also to take strategic, operational, transactional and situational decisions. 
  • He or she should prioritise the decisions and inquire about all the possibilities and looking for the immediate results. It is very important to take the right decision at the right time. 
  • As a leader, one should examine the motivations of the people working and take the opinions of other. Also, checking the facts and feelings of the employees. 

All in all, an entrepreneurial decision means making the right decisions at the right time. 

Puru BhatnagarTop Contributor
Business Analyst, Entrepreneur, Business developer, Marketer

Entrepreneur is the person who takes financial risk to build a profitable business with some innovative solution.

In the process of making an enterprise he/she has to perform different activities which is categories into entrepreneurship.

In this process there are different scenario where an entrepreneur has to take different decisions, this can be of how to make team to what should be our next step, to come up with this idea or should leave it whole.

In this various situations, the decision taken by an entrepreneur is known as entrepreneurial decision.

Steps involve in entrepreneurial decision are as follows:

1). What is the present situation.

Analysis of what is the present situation.

2). What are the possible solution for the same.

i.e. what are the different possibilities to solve the problem.

3). Analysing what will be the outcome 

i.e. what will be the outcome if a particular possibility is choosen.

4). Choosing the best way

5). Implementing it with best strategy.