1 Kaplan University AB140 Introduction to Management Welcome to Seminar 10!

2 This week’s seminar is about… Entrepreneurship and Decision Making

3 Why do people become entrepreneurs, and what does it take, personally?

4 Is owning your own business for everyone? Why?

5 Why do you think some business succeed and some fail?

6 What are some of the challenges an entrepreneur might face?

7 How can you increase your chances of success?

8 The spirit of entrepreneurship can benefit a large corporation through -- intrapreneurship.

9 Perception and Decision Making

10 How would you define perception?

11 How are our perceptions of our own actions different from our perceptions of the actions of others?

12 Selectivity is one of the shortcuts we use to judge others. We tend to take bits and pieces of information to form an opinion or make a decision. These are usually based on our interests, background, experience, or attitudes. Selectivity

13 How does selectivity affect perception? Again…Selectivity is one of the shortcuts we use to judge others. We tend to take bits and pieces of information to form an opinion or make a decision. These are usually based on our interests, background, experience, or attitudes.

14 Anchoring bias This is a tendency to fixate on initial information. In learning theory it is also called the law of primacy. It’s hard to let go of what we learn first.

15 How does anchoring bias distort decision making? Again… This is a tendency to fixate on initial information. In learning theory it is also called the law of primacy. It’s hard to let go of what we learn first.

16 Availability bias Availability bias is the tendency for us to base judgments on information readily available. Fear of flying is a good example. More of us are afraid to fly than to ride in a car. Statistics show flying is safer, but we read about every airplane crash.

17 How does availability bias distort decision making? Again…this bias is the tendency for us to base judgments on information readily available.

18 What factors do you think differentiate good decision makers from poor ones?

19 Probably not a good idea…

20 What are some organizational factors that might constrain decision makers?

21 Do you think unethical decisions are more a function of the individual decision maker or the decision maker's work environment. Why?

22 Making good decisions is a crucial skill at every level. Peter Drucker Sometimes you make the right decision, sometimes you make the decision right. Dr. Phil

23 That’s it! Questions?

24 Last seminar You guys have been a great group! Hate to see it end. Thanks for all your participation!