Managerial vs. Entrepreneurial Decision Making
Decision making is important for every business. It plays a vital part of any business and a key role of its success. There can be two style of decision making in an organization: Entrepreneurial style and managerial style. These styles of decision making can be differentiated on five basis:
1. On the basis of strategy the entrepreneurs think from their perspective of the situations andopportunities; while managerial style deals with the planning system as strategically oriented and is administrative in nature.
2. On the basis of commitment, the entrepreneurial domain is revolutionary with short duration; while managerial domain is evolutionary with long duration.
3. On the resource availability aspect, the entrepreneurial domain has to maximize the use of the limited resources.while he managerial domain has the resources spread across and can effectively control the resources
4. Organizational structure in the entrepreneurial domain is a well-organized hierarchical and formalized in nature.
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