Thursday, February 14, 2013

Understanding and Embracing the Decision-Making Process

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When it comes to making decisions, small business owners are a different breed compared to their big-business counterparts. Large companies often have the luxury of tapping into a deep well of specialists and other staff resources, while a small business owner's consulting assistance is typically limited to his or her own expertise. "For the most part, small business decision making is done by one person, the owner," says K. Ramachandran, a professor of family business and wealth at the Indian School of Business in Hyderabad who also serves as academic director of the university's Goldman Sachs 10,000 Women entrepreneurship program.
"A small-business entrepreneur may employ a variety of research-based decision-making methods, from one-person rule to consensus," he adds. "But in the final analysis, the decision is theirs.

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