Enhancing Entrepreneurial Excellence
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Enhancing Entrepreneurial Excellence

Tools for Making the Possible Real

Robert A. Baron

The field of entrepreneurship has long pondered the following question: Why, despite their high levels of motivation, effort and commitment, do so many entrepreneurs fail? This innovative volume tackles the complex question of entrepreneurial success, identifying the essential tools necessary for converting ideas into reality and offering concrete means for acquiring and strengthening those tools.
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Chapter 7: Making effective decisions—and avoiding cognitive traps

Tools for Making the Possible Real

Robert A. Baron


The basic nature of decision-making—and why it is far from totally rational Image theory: an intuitive perspective on decision-making Cognitive traps decision-makers should (must!) avoid Implicit favorites: the powerful—and lasting impact—of initial preferences The person sensitivity error: the self-serving bias revisited Failing to recognize when it is time to get out: the dangers of escalating commitments Decision-making strategies—and why some are better than others Maximizing versus satisficing: the potential downside of seeking perfection Signal detection theory: weighting the relative value of potential outcomes Group decision-making: benefits and costs Group polarization: why groups sometimes go “off the deep end” The failure to share information known only to some members Biased processing of information: do group members seek accuracy— or being “right”?

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