4.4 Decision making in practice: a scenario-based adventure
In the following activity, you will take decisions about the best sources of finance at different stages of development for an innovative new business idea. Of course, the situations, decisions, and their consequences are simplified versions of how they exist in the real world. However, you will get a sense of the variables that businesses have to consider when deciding the most appropriate type of funding.
Activity 12 Funding your way: decision making for a new business idea
Introduction
You are developing a potentially exciting and innovative idea. Each choice you make will contribute to an overall score, which will be revealed to you at the end of your business journey. The higher your score, the more efficient your decision making has been. Accompanying you at each step will be your business advisor who will help you think about the consequences of the choices you make. If you make a decision that isn’t the best fit for the business, your advisor will be there to help you to rethink your position.
Choose your player to read out about your big idea, then progress through each step by making your decision and calling your advisor who will advise you on whether you should progress your project or reconsider your course of action. Will you be able to take the right decisions at the right time and to drive the business from an idea with potential to real success? Good luck!