Exploring Decision Making Processes and their Influence on Uncertainty Management

Sammanfattning

In this master's thesis, data from eight different cases of novice entrepreneurs is gathered. The goal was to investigate how novice entrepreneurs shape their decision-making process to manage uncertainty in the early stages of their ventures. Utilizing qualitative interviews conducted between March and April of 2024, this study delves into the different strategies used by novice entrepreneurs in their decision-making processes and how they manage uncertainty in the early stages of their start-ups. The analysis of the empirical data provided three aggregate themes: reasoning logic, exploring external knowledge, and impulsiveness. These various themes serve as the cornerstones for comprehending the choice and were selected through the process of a thematic analysis. By analysing and comparing the three aggregated themes with earlier research, in regards to setting the course, seeking knowledge, and gaining experience, a new framework is presented. The framework describes how novice entrepreneurs shape their decision-making process in uncertainty in early-stage ventures: having a clear idea of the kind of company they want to be, having strong values, learning from their network and making the most of the resources at their disposal, and gaining experience by trying out various options and solutions. The research revealed that these elements have the greatest influence on how novice entrepreneurs formulate their decision-making processes. By providing these insights, this study not only supplements the theoretical understanding we have today but also offers practical insights for aspiring entrepreneurs who want to understand how novice entrepreneurs navigate and shape their decision making process under uncertainty.