Showing posts with the label opportunities

Entrepreneurship Requires the Eyes and Ears of a Wolf

Entrepreneurship is a popular occupational choice for Generation X and Y who desire more freedom to determine their own fate. When conversing with young people you will hear their stories of how they would like to someday be a business owner, work in an industry they have a passion for and keep their freedom. If you want to be an entrepreneur than having the eyes and ears of a wolf will help you discover opportunities. Opportunities abound but seeing potential opportunities can be a more difficult process. It takes considerable experience to see and understand where price differences occur and how to capitalize on these differences. Sometimes these opportunities are easy to discern while at other times considerable research must be conducted before it can be realized Consider the years and efforts it takes to successfully run a small business. Most businesses fail within the first five years as wishful thinking meets market realities. As entrepreneurs stick with their efforts th

Decision making: Likelihood over Rewards

Seeking the best possible outcome. People make decisions every day of their life. Some of these decisions are rational while others appear to be more irrational. Understanding the evaluative processes of such decision-making helps business leaders better grasp the choices people make between the probability of a positive outcome and higher levels of reward. Research helps show the risk aversive state of normal decision-making as people seek to gain higher likelihood of positive outcome over higher potential rewards. Decision making can be defined by a number of important key parameters that include probability of an outcome, the size of an outcome, and the variance of an outcome (Christopoulos, et. al., 2009). When making a decision people try and understand the likelihood that they will achieve a certain outcome, the potential value of that outcome and the uncertainty of that outcome. If there is a high likelihood that the object will be obtained, this object is of great