Decision making is an indispensable part of life. Near about 6.36 billion people in the world and he can never take the same decision always different style to think or handle any situation. It is based upon factual and value premises. In the point of every entrepreneur, he should be good decision maker. All entrepreneurial function like planning, organizing, controlling, coordinating, staffing, directing are carried on through decision. In every entrepreneur, he is the capability to convert the complex information to simple information and to choose best alternative & take possible decision for business.
When any person takes the decision then following steps which are necessary to follow it:
- First of all, deep study about a product.
- Find more and more alternative.
- More alternative then you can take best decision.
- Innovative alternatives.
When any person takes the decision then success and failure of business depends upon his decision.
"The part of determines one's mind upon an opinion or course of action"
Decision making:
- Preparation: it means detail study about the product, thinks about the problem with different alternatives, analysis the problem.
- Illumination: illumination means no solution about the problem after making his best possible efforts.
- Incubation: the time period between the preparation and illumination.
- Verification: properly study of all the merits and demerit about the problem either achieved or not the best result.
- Innovative: when any person choose alternative to solve a problem always innovative. Totally take new decision or ideas.
- Synthesis: when take decision, absorb it as they are part of your life.
- Duplication: when you solved a problem never used the old ideas. Creativity to use old plus new ideas.
sometime when person take decision effects or outcomes bad on life and some decision has good effect on life due to fluctuation or change the government policy.
Tips for entrepreneur:
- Entrepreneur must gathered sufficient information to solve a problem and detailed analysis, interpreted, find caused or factor affecting how to arise this problem.
- He must receive market information like consumer needs, terms & condition of the market. For collect this information to make more and more efforts.
- It must always give less preference to personal problem as compared to business problem.
