6. Entrepreneurs and strategic decisions - You Tube Videos - MODULE 1 - Home

Strategic Decision Making - Kennesaw State Univeristy - Video 3

Transcript

The starting point for understanding strategic decision making is to realize that these decisions impact the activities and investments of an entire organization but but are made by or the responsability of individuals or very small teams who might be influenced by a wide variety of people, groups and outside influences as such strategic decision making is never easy rarely definitive 

often subject to second-guessing and disension. At the heart of this issue is the fact that decisins made on behalf of an entire organization

actually made by individuals not the organization itself since organizations of any size are comprised with many people all of 

trading

relationships

personal preferences. It is imposible to think that deicisions major enough  

to go about strategic decision making which is to say that there are many perspective 

I have reproduced a few of those methods here

all of them involve gathering data and information of some source

have to be thought

think about exercises 

exercises that reconsider how the business should work 

analytical

operational markets 

happening within a firm

or its industry

ideological positions 

this typically includes 

leanring focuses ofn finding new 

or as everyone 

who gets to control the 

this follows along with the 

and finally copycat 

Retrieved from: https://www.youtube.com/watch?v=quQuZy6mh_8

CBS Entrepreneurship Talks: Strategic Decision Making in Entrepreneurship (Laurel Austin) - Video 4

Transcript:

So I can tell you a little bit about my field. I am trained as a behavioral decision theorist. I do research  basically on how people make decisions both, in their personal life and in their organizational life and one of the courses that I teach here in Copenhagen Business School is strategic decison making in entrepreneurship.

In terms of what I think is really interesting in terms of teaching entrepreneurs about decision making what I like to do is really focused on decisions that entrepreneurs make early in forming a venture  and in particular decisions about the team because we know that the team that is put together is so important for the success of an entrepreneurial company and the team of course emcompasses many people: there is the initial founder or potentially founders so we think of that typically as the founding team but there is also the investors who might be brought in maybe initially, often a little bit later but they are part of the decision making team. There may be an advisory board and of course they are part of the decision making team. There might be employees who come in and they are part of the team and we know that when investors for example asses an entreprenurial venture often a lot of the focus is on the team. So, of course they are interested in a good idea but lots of people have good ideas and that everyone can take that good idea from just the idea to something that is really successful and and working and that grows. So investors know this and they know what's really important is the team and that's where they are assessing and so some of the really important decisions that entrepreneurs have to make early in founding have to do with that team and so, in my field, as a decision theorist, I take the perspective that we have normative models of how decisions ought to be made and we can compare that to descriptively what do people do. So, what do in entrepreneurs for example do with respect to these founding decisions about the team and then, we can come up with prescriptive models of how break the gap between what people are doing with respect to decision making and what we know from researcher what are better ways for making decisions and so for example when it comes to making decisons about the teams, sort of, just as a starting point normatively what you should do, what you should consider. So, this is sort of a slide that I have put together that I use sometimes for talking to people, is, we indeed when we are making these decisions about the team, and of course an important decision for entrepreneurs in founding team decisions has to do with equity splits, and that's where we see a lot of overtime sort of disagreement or difficulties with entrepreneurs so that's a really importan decision but so these decisions about the team, we know normatively what founders have to do is first they should consider their goals. What are they trying to achieve and you might say well, isn't that obvious? but sometimes we don't certain think what are my goals and specially my long-term goals and we don't take that into account and what happens is if you don't take into account your long-term goals as you are making decisions, the decicions you make might not be aligned with your goals and one day you wake up and realize, "well, I wanted to get to this place and I'm finding myself at a different place", and especially what we see with entrepreneurs what can be difficulty is, so for example, a lot of entrepreneurial goals, a lot of goals that entrepreneurs have some are really focus on "I want to create wealth, I want a business that makes a lot of money, I want to make money for myself, for my shareholders, for my investors

for other entrepreneurs 

really has more to do with control, with autonomy, I want to be the one making decicions, I want to start a venture, I want to grow it, I want to keep that

some people go into entrepreneurship because of more altruistic goals, they want to help others, they want to

certain kinds of innovation 

Retrieved from: https://www.youtube.com/watch?v=w9phWXoKcWE

The 3 Levels of Entrepreneurial Decision Making (Scott Oldford) - Video 5

Retrieved from: https://www.youtube.com/watch?v=Kp3ztcp9dtM