Journal of International Business and Economics

Strategic Choices of an Entrepreneur Using Statistical Decision Theory
Gelmar García Vidal, Alexander Sánchez Rodríguez, Reyner Pérez Campdesuñer, Rodobaldo Martínez Vivar

Abstract
This paper addresses the strategic decisions in a start-up using statistical decision theory. While considerable progresses have been made in the development of statistical decision models, little attention has been paid to applying them in the "real world" mostly in the entrepreneurship. Three points are demonstrated on the basis of results: the importance of using scientific tools to decisions making, mainly at the initial stage of a venture; the use of payoff matrix provided structure to the necessary elements to select that strategy that guarantees the greatest benefit for the entrepreneur, all on the basis of previous research; the use of these tools is an advantage for those who want to start a business and want to pass over a decision based solely on intuition and the apparent perception of a market opportunity; and the awareness by the entrepreneur about the importance of deepening the information needed to make decisions and use of tools to process it.

Full Text: PDF     DOI: 10.15640/jibe.v5n1a7