Decision Making Process
Describe how you would handle the decision making process in the following scenario: You and a close family member have decided to open your own retail clothing store. You have equal investment risk, but different skill sets that bring a well-rounded approach to the overall business strategy. Critical business decisions must be made and as with any business there are times when partners do not agree. Write a 2 page paper (not including cover sheet and reference pages) describing the business decision making process and how conflicts would be resolved for launching a controversial line of clothes. Your paper should include the following:
- What is the decision making process normally used by you and family member?
- Is there one person responsible for the new line of clothes or accessories due to their experience and skill set, or are decisions mutually agreed upon?
- Describe how the conflict would be resolved with you wanting to launch the clothing line, while your business partner does not.
- How would the decision-making process help resolve this conflict?
Consider the special challenge of working to make a company decision with family involvement.