Thank you for visiting Which of the following is a characteristic of successful decision making in entrepreneurship A Relying solely on intuition B Avoiding risks at all costs C. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!
Answer :
Final answer:
Successful decision-making in entrepreneurship involves gathering and analyzing relevant information, rather than relying on intuition, impulse, or an excessive avoidance of risk. Informed decisions underpin successful entrepreneurship, especially as it requires understanding complex relationships and problem solving, to guide a venture towards success.
Therefore, option c is correct.
Explanation:
Among the options given, the characteristic of successful decision making in entrepreneurship is C) Gathering and analyzing relevant information. Successful entrepreneurs understand that every decision carries a risk, so it's critical that decisions are well-informed and not just based on intuition or impulse. Avoiding risks at all costs may hinder innovation and growth which is not a trait of successful entrepreneurship.
For example, consider the founders of a startup firm. They inevitably have better information on how hard they are willing to work and whether the firm is likely to succeed. And even when seeking investments, they must convincingly demonstrate their belief in the firm's prospects. This approach of gathering and analyzing relevant information underpins successful decision making in entrepreneurship.
Entrepreneurs typically use a combination of fluid intelligence, understanding complex relationships and problem solving, to gather and analyze the information available, avoiding impulsive decisions based on inadequate or imperfect information.
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