An Empirical study on Decision Making Styles among Students Pursuing Interest in Sustained Family Businesses

Abstract

The confidence to rely on a person or willingness to act on the basis of words is the outcome of interpersonal trust and decision-taking ability. Any relation will have trust as its basic foundation that will lead towards longterm relations-as a person, in a group or as an organisation. The moment a person is able to put confidence in his ability to take decisions and have confidence on others, the outcome of any objective would be effortlessly achievable. In an organisation, objectives can be easily attained with the increase in performance level which is directly affected by the relationship of members due to internalisation of the common objectives and understanding about others, which is possible only if the decsions are taken in anticipation and for future reference. Organisational effectiveness is dependent on coordination and decisions which are taken to support/intiate them. Organisations would suffer if there is a lack of trust when decisions are taken by others. This research, therefore, is based on the established styles of decision making by people who are associated with businesses. The sample comprises people who have inclination to take their family businesses further and are already participating in the same. The factors that we have evlauated are using a validated questionnaire on decision making that identifies them on the basis of decision styles followed such as Perceptive, Deferring/Procastination, Impulsive/Indiscriminate, and Imperceptive/Detached. Data analysis of questionnaire collected proved that professional competence and support, and factors of inter-personal trust play an important role in sustainability and support for decion making. Inter-personal trust leads to exchange of expertise in the group for effective learning and has long-term benefit to the organisation with accuracy and swiftness. Interpersonal trust will lead towards appropriate behaviour and decision styles.