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Decision-Making and Performance in Business
Introduction
What does it take to be a successful entrepreneur? The answer to this question is proper decision making and performance of the business contributed by the entrepreneur determine the prosperity of the business. Decision-making goes hand in hand with performance in the business. The performance of the business is determined by the decision-making of the entrepreneur.
Business Simulation is One of the Factors that Help in Business
SimVenture is a company that was established to make people understand ent6erprenuership and principles, does and donts. In simpler terms, the basis of the foundation is to enable people to begin and maintain a computer company. sim venture was established in September two thousand and six by an entrepreneur and a software engineer who were brothers. Peter Harrington and paul, the entrepreneur and the software engineer respectively were the sole developers of the system. the business simulation site was more of an advantage to the upcoming entrepreneurs than the owners.
Reasons to Do Business Simulation as an Entrepreneur
There are several tips and principles a person should understand before venturing into business grounds. The tips are to give a person to start a business a psychological awareness of what he/she will encounter. A big percentage of people who venture into business without proper knowledge of the field end up losing hope and failing. Several people think that business is the safest place you can invest your money without the knowledge that entrepreneurship is a slippery ground. The greater the advantage of something the higher the risk to it. Risks and advantages go hand in hand. The more you invest the higher you can lose. It requires brain muscles and patience to persevere the risk involved and hope for better days. The masculinity of the brain is brought by training s from companies like sim venture.
Some of the tips people should know before venturing into business simulation include: 1) take time to learn how the simulation works. One of the advantages of the SimVenture business simulation company is that it is clear for learners. It has four main areas of study and sub-areas to explain deeper and make the entrepreneurs choose and analyze the platform wisely. Before choosing a simulation venture, one should go through it and learn, compare and contrast between different ventures and pick the best that fits the businesss desires. One of the best simulation platforms is the SimVenture. It has been working since September and most of the entrepreneurs who use it benefit from their real-time investment.
Importance of The SimVenture to Learners and the Real World
There are various advantages to people who choose business simulation platforms for their firms. As it is commonly known, practice makes perfect. If an entrepreneur begins the business virtually and practices it for some time during the real-time engagement, the performance is quite better. The reason behind the perfection or improvement of the business during real-time investment is that one has a basic knowledge of the field. It can be easier to identify fore coming problems and solve them in advance or get prepared for them. Not all partners enjoy the benefits of SimVenture, but a greater percentage of the knowledge they gain during simulation reap.
Some of the benefits that all customers from SimVenture enjoy include the following; SimVenture nature more experienced learners. The experience is gained through training and interaction with different business ideas. The interplay in the venture nature minds and grows business ideas and leadership knowledge for the learners. Due to the affirmation, the learners are empowered, learn band understands how to manage an enterprise from bottom to top. It prepares the learners for real-time business and readiness for what they are going to encounter.
Simulation platforms highly contribute the affirming the decision one wants to take and the direction to follow. This sickness is brought about by the practice done virtually
Decision Making in Business
Choice-making is a crucial factor in the business platform during the simulation and real-time running of a business. Most of the entrepreneurs are not authentic to the field. Authenticity should be in the bloodstreams of a business person. A person should be peered at by everything to begin a business that is why most of these business simulation platforms are crucial. An entrepreneur can begin a business just because of another friend who is going on well. There are several factors to consider in decision-making as an entrepreneur before starting the business and at the runtime, some of the factors cover both the beginning and runtime.
Decision-making can be by a group of people or one person. IS Group decision-making way much better than sole decision-making? As it is commonly known, two heads are better than one. Does the idea still apply in business decisions making? The number of people to take part in decisions making depend on several factors. Having several members contributing to decision-making has the advantage of drawing ideas from different individuals hence having a wide range of choices. Sole decision-making also saves time since there are no arguments because the decision-making is done by a single person. The act of number of people making a decision can depend on what business is to be done and the size of the business. The business idea can be extensive but not complex, hence it can require individual decision making. On the other hand, Most businessmen lack originality thus, various of them end up falling. Most firms are established out of influence without considering what the market wants.
During the decision-making on the kind of business to start, there are several aspects to consider. Before any other step, one should explore the market and identify the market gap. Another reason to do market research is to familiarize yourself with the business environment. A firm that is ready to be successful highly pays attention to what is happening in the business world. The demand and supply, customers, and trends in the market are the most important in the selection of the business.
One of the basic factors to consider is organization. Organization as a factor entails what relates to the business an entrepreneur wants to start generally. Several elements are handled in the organization stage during decision making. One of the aspects includes resources. Resources are a critical aspect in the organization stage. Before a business begins a person should identify the source of resources. Most of the companies that begin their business omitting this component end up failing. Resources are the requirements to run the business like the source of labor, power, and needed. Compute the total cost of the resource and get ready to move to the next step. The flow of the resource should also be steady for easy and steady operation in the business.
Another aspect that an entrepreneur should highly consider is competition in the market. Before establishing premises, one should consider the competition in the area. Severally for a business to prosper, the competition should be as low as possible. If there is a different company that substitutes your product, you should find a better way to give the customers reasons not to go for the products of other companies. Some of the primary things to do are by providing after-sale services. For instance prescriptions on how to use the product, deliveries
Ensuring that the capital to begin the business is enough is another crucial aspect. If the capital to start the business is not enough. An entrepreneur can chip in more funds by borrowing from banks, or family members or leases and lend him/her properties that may not be needed in the company or business.
The control of the customers should also be in control. Some of the ways to control the customers are credit control. Some of them may take advantage of credit offers and stay long without paying hence affecting the funding of the business.
Performance of the Business
Business performance is the effectiveness of a firm. The effectiveness of a company is brought by the management style, customers relation, services offered, and the employees motivation. The effectiveness of a commercial firm is the capability of a firm to achieve its goals. Therefore the effectiveness of a business cuts across the quality, time, cost, and profits. The nature of the environment where the company operates also contributes to its effectiveness. Several factors in the business environment determine its effectiveness. The business environment is the external factor that influences the functioning of a business. The business environment is classified into two; economic and non-economic. There are several factors business environmental factors that affect the functioning of a business. When the business is located in a favorable business environment, the chances of prosperity are high.
Conclusion
Business is a risk ground and without risk no gain. Therefore entrepreneurs should be careful in their decision-making to reduce the chances of risk. Most of the successful people globally have been financed by businesses. For commercial effectiveness, an entrepreneur should be authentic and have a firm decision-making strategy.
Reference List
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Bañuelos, J.A.M. and Flores, L.H., 2019. Experiencias en el uso del simulador de negocios SimVenture ®, en la educación superior. Horizontes de la Contaduría en las Ciencias Sociales, (11).
Baruah, B. and Mao, S., 2021, November. An effective game-based business simulation tool for enhancing entrepreneurial skills among engineering students. In 2021 19th International Conference on Information Technology Based Higher Education and Training (ITHET), pp. 01-06. IEEE.
Baruah, B. and Mao, S., 2021, November. An effective game-based business simulation tool for enhancing entrepreneurial skills among engineering students. In 2021 19th International Conference on Information Technology Based Higher Education and Training (ITHET), pp. 01-06. IEEE.
Baruah, B., Ward, A. and Jackson, N., 2019, September. On-line business simulation platforms for teaching entrepreneurship to engineering students in Higher Education. In 2019 29th Annual Conference of the European Association for Education in Electrical and Information Engineering (EAEEIE), pp. 1-7. IEEE.
Bejinaru, R., 2018. Assessing students entrepreneurial skills needed in the knowledge economy. Management & Marketing, 13(3), pp.1119-1132.
Costin, Y., OBrien, M.P. and Slattery, D.M., 2018. Using simulation to develop entrepreneurial skills and mind-set: An exploratory case study.
Hahn, D., Minola, T., Bosio, G. and Cassia, L., 2020. The impact of entrepreneurship education on university students entrepreneurial skills: a family embeddedness perspective. Small Business Economics, 55(1), pp.257-282.
Hazem, N. and Fahim, I.S., 2021, November. + The economic feasibility of converting agricultural waste to PLA using simventure. In 2021 Third International Sustainability and Resilience Conference: Climate Change, pp. 508-512. IEEE.
Toksanova, A., Galiyeva, A. and Tasbulatova, D., 2019. ENTREPRENEURSHIP DEVELOPMENT CONCEPT. OF SOCIAL AND HUMAN SCIENCES, p.213.
Yasin, N. and Hafeez, K., 2018. Enterprise simulation gaming: effective practices for assessing student learning with SimVenture Classic and VentureBlocks. In Experiential learning for entrepreneurship, pp. 51-69. Palgrave Macmillan, Cham.
Burns, Paul. (2014). New Venture Creation: A Framework for Entrepreneurial Start-Ups. Palgrave. (Please note that this is available online via UNLOC).
Hill, Inge. (2015). Start-Up : A Practice Based Guide For New Venture Creation. Palgrave. (Please note that this is available online via UNLOC).
Sarasvathy, Saras D. (2001). Causation and Effectuation: Toward a Theoretical Shift from Economic Inevitability to Entrepreneurial Contingency. The Academy of Management Review
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