How does the use of heuristics by entrepreneurs in their long-term strategic decision-making influence firm performance?
This research proposal suggests a positive relationship between the use of heuristics in decision-making and entrepreneurial firm performance. Consequently, the findings of this study could have important implications for the academic area concerned with heuristics. These findings could also provide meaningful implications for the success and sustainability of entrepreneurial firms that are currently facing substantial challenges. Moreover, this study provides valuable information for entrepreneurial and strategic decision-making, and, given the economic importance of entrepreneurial activity, strongly benefits society as a whole.
To answer the research question at hand, this paper is structured as follows. Firstly, the literature review will incorporate existing research on strategic decision-making, heuristics, and the research gap, after which the proposed hypothesis will be derived. Secondly, the methodology and research design will be outlined. This section is followed by a description of how to execute the data analysis of the research model. Afterwards, this paper outlines potential findings and contributions in terms of theoretical and practical implications. Moreover, possible limitations will be examined, and an outlook for future research will be provided. Lastly, a brief conclusion will be given.
Inhaltsverzeichnis (Table of Contents)
- Introduction
- Literature Review
- Strategic decision-making in times of uncertainty
- The role of heuristics in the decision-making process
- Assessment of previous literature
- Hypothesis development: the value of heuristics
- Methodology and Research Design
- Sample Design and Data Collection
- Variables and Measurement
- Independent Variable: Heuristics
- Dependent Variable: Firm performance
- Control Variables
- Reliability Constructs
- Data Analysis
- Potential Results
- Discussion
- Theoretical Implications
- Practical Implications
- Limitations and Future Research
- Conclusion
- References
- Appendix
- Appendix A: Business cases
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This research proposal examines the impact of heuristics on entrepreneurial firm performance, focusing on how heuristics can assist entrepreneurs in making long-term strategic decisions during periods of uncertainty. The study aims to establish a positive relationship between the use of heuristics in decision-making and entrepreneurial firm performance.
- Strategic decision-making in times of uncertainty
- The role of heuristics in decision-making
- The impact of heuristics on firm performance
- The potential benefits of using heuristics for entrepreneurs
- Limitations and future research directions related to heuristics and strategic decision-making
Zusammenfassung der Kapitel (Chapter Summaries)
The first chapter provides an introduction to the topic of strategic decision-making in the face of uncertainty, particularly within the context of entrepreneurship. It highlights the importance of addressing uncertainty and outlines the research question: How does the use of heuristics by entrepreneurs in their long-term strategic decision-making influence firm performance? The chapter also discusses the potential implications of the research findings for both academia and practice.
The literature review, covered in the second chapter, delves into existing research on strategic decision-making, heuristics, and the research gap. It examines the challenges of making strategic decisions in dynamic environments and explores how heuristics can be used to navigate uncertainty. This chapter lays the groundwork for the hypothesis development.
Chapter three outlines the methodology and research design. It discusses the sample design, data collection methods, variables and measurement, reliability constructs, and data analysis techniques used to investigate the research question. This chapter provides a detailed description of the research approach.
Schlüsselwörter (Keywords)
The key themes of this research are entrepreneurship, strategic decision-making, uncertainty, heuristics, and firm performance. The study focuses on the application of heuristics in long-term strategic decision-making by entrepreneurs and seeks to analyze the impact of these strategies on firm performance. The research draws on existing theories of bounded rationality, decision-making under uncertainty, and the benefits and limitations of heuristics in decision-making.
- Citar trabajo
- Felix Pütz (Autor), 2021, Embracing Uncertainty. How Heuristics Can Assist Entrepreneurs in their Long-Term Strategic Decision-Making to Enhance Firm Performance, Múnich, GRIN Verlag, https://www.grin.com/document/1119132
