Entrepreneurs' choices that affect the nature of a small firm and its basic direction are known as
A) market-based decisions.
B) tactical decisions.
C) strategic decisions.
D) focus-based decisions.

Question

Quizplus · Accepted Answer

Strategic decisions are the choices and actions taken by entrepreneurs that determine the overall direction of the firm, its purpose, and long-term goals. These decisions involve identifying the target market, setting objectives, determining the product or service to offer, and deciding how to finance and manage the firm. Therefore, making effective strategic decisions is crucial for the success of a small business.

Entrepreneurs' Choices That Affect the Nature of a Small Firm