Entrepreneurial Decision Making

Last night’s MGSM research seminar by Peter Bryant PhD, provided an interesting insight into the minds of entrepreneurs.

Bryant’s research shows that when a great opportunity comes along, entrepreneurs use four heuristics (decision making short cuts) when deciding whether to take it up or pass. Effectively, they scan for information to confirm the following unconscious questions:

1. Does it fit our core strategy?

2. Do I know the market?

3. What’s the worst that could happen?

4. Do I trust the other party?

My sense is that analytical decision making attempts to cover the first three, but there’s not much focus on the fourth, even though in my mind that is the first decision not the fourth.

For more information on this topic, read about Peter Bryant and his research at MGSM.

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