Entrepreneurial decision-making: new conceptual perspectives
ISSN: 0025-1747
Article publication date: 21 March 2019
Issue publication date: 4 September 2020
Abstract
Purpose
The purpose of this paper is to call for inclusion of alternative but complementary conceptual perspectives in entrepreneurial decision-making theory and practice.
Design/methodology/approach
A conceptual approach, drawing on two sets of theoretical perspectives relating to decision making of entrepreneurs, is adopted.
Findings
The paper presents a conceptual framework of entrepreneurial decision making utilising the intersection between a metacognitive model of the entrepreneurial mindset and the recognition-primed decision-making theory. The paper argues that the convergence of these theoretical viewpoints provides a selection of decision-making processes for entrepreneurs in an uncertain business environment.
Practical implications
Decision-making models and tools are available to entrepreneurs; however, the relevance and applicability are restrained by the complexity and uncertainty of business environments in which entrepreneurs operate. New and more inclusive conceptual perspectives are required to improve the accuracy of decision making.
Originality/value
The study offers a framework that integrates two diverse theoretical dimensions of entrepreneurial decision making. The findings of this study provide direction for practice and for future research on entrepreneurial decision making. The paper intends to encourage researchers to support a new combined theoretical approach and to help practitioners better understand the reasons for entrepreneurial decision failure.
Keywords
Acknowledgements
This article forms part of a special section “Entrepreneurial cognition”, guest edited by Brandon Randolph-Seng, Jean S. Clarke and Yasemin Atinc.
Citation
De Winnaar, K. and Scholtz, F. (2020), "Entrepreneurial decision-making: new conceptual perspectives", Management Decision, Vol. 58 No. 7, pp. 1283-1300. https://doi.org/10.1108/MD-11-2017-1152
Publisher
:Emerald Publishing Limited
Copyright © 2019, Emerald Publishing Limited