Micro‐business start‐ups: challenging normative decision making?

Abstract

Argues that micro‐business start‐ups appear to adopt an approach to business start‐up that conflicts with normative decision making models. It is, however, contended that the approach they adopt may be perfectly rational and effective when account is taken of the context within which they are starting‐up. The research found that very few potential owner‐managers adopted an approach involving the formulation of business plans and formal market research. Also little use was made of networks. Instead, most owner‐managers utilised informally absorbed information obtained through previous experience. They also adopted risk minimising strategies that involved an incremental approach to start‐up. This article argues that trainers and others involved with business inception need to take into account that businesses will often successfully adopt such methods at start‐up.

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