Strategic Decision-Making in Small Firms

21 december 2004

Small and medium sized enterprises (SMEs) play a key role in the modern market economy. The success of small firms is too a large extent dependent upon strategic decision-making practices. Strategic decisions made by small and medium sized business entrepreneurs form the heart of entrepreneurship and can therefore be considered as essential for the dynamics in the economy. Surprisingly, little is known about the decision-making process within SMEs. As far as we know this study is the first to present an empirically derived typology of entrepreneurial decision-makers. On the basis of a large-scale survey among 646 entrepreneurs, we were able to develop and validate a typology involving five types of decision-makers: daredevils, lone rangers, doubtful minds, informers' friends and busy bees.

Voor inlichtingen: 079 343 06 04

Strategic Decision-Making in Small Firms: Towards a Typology of Entrepreneurial Decision-Makers

10 november 2004

Most changes in firms take place after a decision has been made. Obviously small firms are no exception to this, but how this decision-making process looks like is still an uncharted area of research. There are many studies that focus on the decision-making process of large firms, but only a few pay attention to small firms. The underlying quantitative study investigated the decision-making process in SMEs. Drawing upon a database of 646 firms across eight industries, this paper develops a typology of decision-makers in small firms.

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Auteur(s): dr. J.P.J. de Jong, drs. P. Gibcus, prof. dr. P.A.M. Vermeulen


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