By Patrick A.M. Vermeulen, Petru L. Curseu
Strategic offerings made by way of marketers have significant results for SME functionality. This e-book explores the criteria that effect entrepreneurial strategic judgements utilizing a cognitive theoretical framework. The proposed version, in keeping with a twin processing method, integrates motivation, feelings and data processing modes and is validated in different empirical experiences. the consequences exhibit the model's power for furthering fascinating examine agendas in entrepreneurial cognition examine. The authors additionally demonstrate that entrepreneurial cognitions should be elicited and represented within the kind of cognitive maps.The structural complexity of the cognitive maps (cognitive complexity) is a vital prerequisite of potent strategic judgements and is a center inspiration for the development of our wisdom in entrepreneurial cognition. The booklet is an educated and engaging exploration of entrepreneurial cognition with either theoretical and methodological contributions to this box of analysis. it will likely be of significant curiosity to undergraduate scholars, and teachers within the box of entrepreneurship. Policymakers will research from this examine to appreciate the differences among a variety of forms of entrepreneurial decisionmakers and how they make strategic judgements.
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Additional info for Entrepreneurial Strategic Decision-Making: A Cognitive Perspective
Mintzberg and Westley (p. 91) argue that decision-makers need to ﬁnd out what works, make sense of that and then repeat successful behaviour while discarding the rest. They build on Weick’s (1979) organizing model which consists of enactment, selection and retention. Enactment is the process in which individuals create an image of their environment. Selection refers to the process that leads to a choice for an alternative among many possibilities. Those choices that are most useful and successful are retained in the form of rules and routines.
Improvements in information processing and telecommunications have led to major changes in most industries. Along with this, improvements in transportation and the growth of foreign economies (for example, in South-East Asia) have created a global marketplace and redeﬁned certain industries. In addition, as consumers are exposed to more choices, loyalty has become less important than it once was: a slightly better deal elsewhere can easily result in loss of customers (Eisenhardt, 1989). Also, competitors can change rapidly, with new ones appearing from the other side of the world facilitated by globalization processes.
This could lead to fast, careless decision-making or even decision-paralysis – no decisions are made at all (Harris, 1998). According to Mador (2000), the process of information gathering and analysis in SMEs is often chaotic and opportunistic. 5 THE PROCESS OF STRATEGIC DECISIONMAKING Decision-making is a multistage and multicriteria process (Hall and Hofer, 1993), which is non-linear and recursive. That is, most decisions are made by moving back and forth between the set of criteria (the characteristics that the ﬁnal choice has to meet) and the identiﬁcation of alternatives (the possible outcomes to choose from).