Study On Entrepreneurial Decision-making Behavior Under The Knightian Conditions

Business decision-making behavior has always been faced with the dilemma of the strategic choices and practical implementation in entrepreneurial process under the knightian environment, In recent years, entrepreneurial decision-making has increasingly become the focus of decision-making theory.Scholars find that the traditional prediction-based decision-making theory can't explain the problem of entrepreneurial decision-making in the context of highly uncertain environment, so the non-predictive decision-making has becoming the focus of academic. Recalling the past three decades of Chinese venture history, entrepreneurs often make decision base on the previous results, when they in the face of situation that lack of information and environmental changeable. Such decision-making model is a effective way of entrepreneurial decision-making in the uncertainty environment.Practice process and feedback, cognitive processes are two parts of "watching and walking" decision-making model. Decision makers analyze the result in order to make the next decision. "Watching and walking" can help entrepreneurs to find an entrepreneurial path under conditions of uncertainty, and have a positive effect to the performance of the enterprise. Master this decision-making patterns can help Entrepreneurs to make effective decisions.To this end, this paper demonstrated the feasibility of the theory and reality of the" watching and walking " with the use of mathematical model and empirical method." watching and walking " is a kind of entrepreneurial decision-making model, this model can ensure that decision-making behavior converge in multi-stage decision-making, and it has two dimensions, they are process control and the use of existing resources. The process control conducive to raising the corresponding capacity, and the use of existing resources is beneficial to improving the capacity of identify opportunities and corresponding capacity of environment, the two dimensions' cyclical effects can improve the enterprise's economic performance, the capacity of identifing opportunity and the environment corresponding capabilities. At last ,the paper use case analysis method, proposed that the " watching and walking " is the process that Entrepreneurs germination of vague business objective base on the available resources, and reach a consensus with the partners, realize double loop process, one is the resources repositioned , the other is the objectives gradual converge.