The text at hand was written as two assignments for a summer school course at the University of Lincoln in 2010.
The first text is about entrepreneurship. It was written for the course of Kevin Blanchard in the first week of the summer school. It tries to show the importance of entrepreneurs in today’s society.
The second text is about decision making for the second week of the summer school. This course was taught by Steven Marshall. The text tries to show with an example how decision trees work and if they could be applied in more than business decision making.
Table of Contents
1. Preface
2. Entrepreneurship in today’s society
2.1 Introduction
2.2 Why is entrepreneurship relevant for today’s society?
2.2.1 Entrepreneurship creates values for society
2.2.2 Entrepreneurship sets paragons for society
2.3 Conclusion
3. Decision Making Process
3.1 What is a Decision Tree?
3.2 My Decision Tree
3.3 Reflexion
Objectives and Topics
This work aims to examine the definition and societal role of entrepreneurs while exploring the practical application of decision trees as a tool for navigating complex professional and personal choices.
- The core attributes that distinguish an entrepreneur from an innovator.
- The relevance of entrepreneurship in generating economic and social value.
- The role of entrepreneurs as societal role models.
- A practical application of decision tree methodology to career planning.
- A critical reflection on the limitations of quantitative decision-making tools in personal life.
Excerpt from the Book
What is a Decision Tree?
Decision Trees are useful tools for helping you to choose between several courses of action. They provide a highly effective structure within which you can explore options, and investigate the possible outcomes of choosing those options. They also help you to form a balanced picture of the risks and rewards associated with each possible course of action.
There are several symbols in a decision tree which are explained below.
squares – Squares represent decisions what need to make.
circles – Circles represent uncertain outcomes.
lines – Lines represent the solutions for the decisions.
Every Decision Tree starts with a decision that you need to make. Therefore you need a large piece of paper on where you draw a small square on the left hand side half way down the page. This square represents your fist decision. From this box draw out lines towards the right for each possible solution, and write a short description of the solution along the line. At the end of each line, consider the results. If the result of taking that decision is uncertain, draw a small circle. If the result is another decision that you need to make, draw another square. Write the decision or factor above the square or circle. If you have completed the solution at the end of the line, just leave it blank.
Summary of Chapters
Preface: This chapter introduces the origin of the document as two separate assignments written for a 2010 summer school course at the University of Lincoln.
Entrepreneurship in today’s society: This section investigates the defining characteristics of entrepreneurs and discusses their significance in fostering economic progress and societal inspiration.
Introduction: This part examines the core abilities of an entrepreneur, such as identifying profitable opportunities and managing risk, while distinguishing entrepreneurs from innovators.
Why is entrepreneurship relevant for today’s society?: This chapter explores how entrepreneurs drive market equilibrium and create value through innovation, while also acting as role models for future generations.
Entrepreneurship creates values for society: This sub-chapter contrasts the views of Schumpeter and Kirzner regarding how entrepreneurial actions force market reactions and provide new value.
Entrepreneurship sets paragons for society: This sub-chapter discusses how the dedication of entrepreneurs influences societal standards and achievement motivation.
Conclusion: This part synthesizes the theoretical perspectives on entrepreneurship, suggesting that the concept is best understood as a combination of various expert viewpoints.
Decision Making Process: This chapter introduces the decision tree as a structured analytical tool for evaluating options and potential outcomes.
What is a Decision Tree?: This section provides a technical guide on the symbols and methodological steps required to construct a functional decision tree.
My Decision Tree: This chapter applies the previously defined methodology to a real-life scenario involving the author's career path in the military.
Reflexion: This final section critically evaluates the effectiveness of decision trees, concluding that while they are powerful for business, they are limited by the difficulty of quantifying emotional and familial values.
Keywords
Entrepreneurship, Innovator, Decision Tree, Economic Equilibrium, Risk Management, Career Planning, Schumpeter, Kirzner, Decision Making, Opportunity Identification, Values, Military Career, Qualitative Analysis, Personal Choices, Methodology.
Frequently Asked Questions
What is the primary focus of this work?
The work explores two distinct management and academic topics: the theoretical foundations of entrepreneurship and the practical implementation of decision-making methodologies.
What are the central themes discussed?
The document covers entrepreneurial attributes, societal impact, and the utility of decision trees as visual aids for problem-solving.
What is the main research objective?
The objective is to identify the core traits that define an entrepreneur and to test whether decision trees are applicable beyond simple business settings, specifically in personal career decision-making.
Which scientific methods are employed?
The author uses a literature-based theoretical analysis for the entrepreneurship section and a case study approach for the decision-making section.
What is covered in the main body?
The main body examines various definitions of entrepreneurship by theorists like Schumpeter and Kirzner, followed by a guide on constructing decision trees and a personal case study.
How would you characterize this work with keywords?
The work is defined by themes of entrepreneurship, innovation, risk assessment, decision-making, and structural analysis.
How does the author distinguish between an entrepreneur and an innovator?
The author notes that while an innovator is often attached to their invention, an entrepreneur is primarily focused on the survival and growth of their venture.
Why does the author feel decision trees have limitations in personal life?
The author argues that while decision trees are great for calculating financial turnover, they struggle to capture the complex, non-monetary value of balancing a career with family life.
What was the specific personal decision the author modeled?
The author used a decision tree to map out potential career outcomes regarding whether to apply for a commission as a reconnaissance officer in the army.
- Citar trabajo
- René Müller (Autor), 2010, Decision Making Process, Múnich, GRIN Verlag, https://www.grin.com/document/157833
