According to a recent study, large discrepancies exist in business practices and decision- making behaviours between those who manage their own businesses and those who manage someone else’s. In the summary of findings, the following illustrates some differences in responses between the two groups in the following situations:
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| Entrepreneurial Behaviour and Management Practices | Corporate or Institutional Managerial Behaviour and Practices | ||
| 1 | Attitude to new situations | There are perceived opportunities in every problem situation | Every opportunity has inherent problems |
| 2 | Attitude to presence of opportunity | Let’s do what we can to make it happen | Do a cost and benefit analysis |
| 3 | Attitude to risk | If the risk is too great, find alternatives, otherwise, risk is a challenge | Risk is to be avoided, so attempts should be made to reduce or eliminate the risk |
| 4 | Attitude to making a decision | Make the decision and take consequences | Sound out ideas to a few more people, call a meeting; form a task force or committee to do a study |
| 5 | Decision making behaviour | Try it out first and see what happens; if necessary, smooth out rough spots | Seek out perfect information |
| 6 | Dealing with crisis | Put out the fire first – firefighter’s approach | Let’s find out who is responsible – investigator’s approach |
| 7 | Action orientation | Do it before it’s too late | There are always more opportunities |
To be successful in starting a business you need to think in terms of the entrepreneur’s thinking. This will help you to act and respond quickly to situations and circumstances. Often it’s not the decision in itself that’s bad, but the commitment behind the decision that’ll make it successful or not.
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Please call Seamus Parfrey today on 021 431 0266 for a consultation on starting your business and what it takes to be a successful entrepreneur.
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