Entrepreneurship: Conceptualised model on strategic decision making

Partially building on the decision thinking process model, we introduce a new model from a cognitive perspective in regards to entrepreneurial decision making. The study addresses the psychological dimensions involved in the decision-making phenomena and its relation to how entrepreneurs make strategic decisions. We develop factors based on the literature review and an analysis allowed us to interview eight entrepreneurs. Fundamentally, all the factors we propose tie into the entrepreneur's vision: thus the outcome is a successful strategic decision. The study sheds light into areas which past literature has overlooked, and has paved the way for academics to view entrepreneurship from a psychological perspective. Further, we suggest adaptation of the model would make a suitable management tool to aid decision making. This research has in turn broadened the field of knowledge regarding entrepreneurial behaviour and its relation to the decision making process.