The paper 'The Importance of Decision-Making' is a great example of a Management Case Study. The decision to start one’ s own business is not easy. According to the Bureau of Labor Statistics (2010), the number of business establishments set up per year depends on the overall status of the economy. While some businesses thrive and grow, others do not make it beyond their first year. This reason makes the decision of whether to continue with employment or begin one’ s own business very difficult. Various reasons have been given to explain why businesses fail and among the topmost reasons given almost every time is either lack of financial management skills or poor marketing knowledge or skills.
All these reasons may be true, however, it is important to realize that all these actions are as a result of a poorly thought and made decision. The impact of decision making on business success has always been underestimated yet it is the foundation of the entire process. One decides when to leave their current well paying job then they decide to invest a certain amount of resources in order to begin a business and the process goes on.
The key thing here is that the quality of decisions one ultimately makes influences the kind of results one will get. In order to make good personal decisions, it is important that one follows at least one of the outlined decision-making frameworks. Taking into consideration any of the well-known frameworks improves one’ s chances of making the correct decisions. It also broadens one’ s perspectives and helps them identify new business challenges that would have otherwise gone unnoticed.
Making the right decision has never been an easy task and that is why the importance of learning how to make the correct judgment cannot be overemphasized. Introduction Despite the fact that making decisions is an important aspect of life many people do not receive any form of training in it (Hammond 2008). Poor decision making can be very costly and the experience can not only be traumatizing but also mark the end of a dream, career, or start-up. Caprino (2012) notes that good decisions are those that are in touch with one’ s intrinsic values aspects that are considered under the ethical framework.
This paper finds it important that one looks at the different decision making theories and analyzes the information contained therein to see it how it has influenced my decision to start my own business. When making decisions, it is important that clearly understand their goals and objectives. One then is able to choose the correct framework thereby, preventing one from ignoring key objectives, causes, and criteria and other relevant information that would be crucial during the decision-making process. As an emerging entrepreneur, it is important that one does not leave any decision unprotected.
It means that one has to be able to forecast expected challenges and prepare for them adequately. The ethical discussion section will delve more on this and other related matters. Personal reflection is very important before one makes any type of decision hence its significance should not be underestimated. Before opening a business, I realized that a personal reflection helps one to identify the reasons why they want to go into business and what they hope to achieve. This makes it easier for one to develop a business plan that is not only unique but also one that is compatible with one's abilities.
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