Q.Why should an Entrepreneur possess Decision Making Skill?

Decision-making skill is essential because an entrepreneur alone chooses among alternatives on products, resources and markets under risk, and the venture's success rests on these choices.

An entrepreneur is the person who takes the key decisions of the enterprise, usually under risk and uncertainty. Decision-making skill matters because:

• He must select among alternatives — what to produce, the scale of production, location, technology and sources of finance.
• Business conditions keep changing, so quick and correct decisions are needed to seize opportunities and avoid losses.
• Wrong or delayed decisions can waste scarce resources and threaten the survival of the venture.
• Good decisions give the firm a competitive edge and drive growth and profit. …