Advantages And Disadvantages Of Decision Making

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Theoretical framework This dissertation seeks to provide an answer as to how various funding models may influence the decision-making process of a new business owner and thus provide the answer as to which one of them is suitable for founders of cafés and restaurants. Therefore, it is based on a theoretical framework comprising multiple concepts such as decision-making, voting rights and the concept of risk. The aspects of each funding model need to be assessed, with a particular focus on perceived or actual voting rights, general personal involvement of third parties in business decisions, risks and advantages and disadvantages. Decision-making According to the Business Dictionary, decision-making is “the thought process of selecting a logical…show more content…
One of them is determining whether the business owner will be the sole decider on behalf of his new business. Individual decision-making, as anything else in life, has its advantages and disadvantages. The advantages of individual decision-making include saving time and sometimes money – assembling multiple people and discussing the topic of each decision can take much more time than simply deciding on your own (Individual Decision Making - Pros and Cons, n.d.). Individually made decisions also do not only tend to be more logical and rational, the individuals who make them can also be held accountable for them, which can be a difficult thing to achieve in a group where a decision is made and supported by multiple individuals, while some others may not agree (Individual Decision Making - Pros and Cons,…show more content…
With multiple people working on a decision, the group has the potential to gather more valuable information required to make the decision at hand, which may take too much time for an individual (Individual Decision Making - Pros and Cons, n.d.). Moreover, an individual may be more likely to be biased by his own personal tendencies and his intuition – this risk is much smaller when multiple decision-makers are involved (Individual Decision Making - Pros and Cons,
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