Strategic decision making in small firms: a taxonomy of small business owners

Most changes in firms take place after a decision has been made. Despite the small firms being no exception to this, the previous researches into decision-making processes have left this subject uncharted. The current study empirically investigates and identifies the different types of entrepreneurial decision makers. Drawing on a database of 646 entrepreneurs, five types of decision makers are distinguished: the Daredevils, the Lone Rangers, the Doubtful Minds, the Informers' Friends and the Busy Bees. We propose that the various types of Small Business Owners (SBOs) decision makers will differ in their cognitive abilities and find empirical support.