Because entrepreneurs have a great desire to be in control, they are faced with more decisions than other people. Knowing how to make good decisions is an important internal skill which builds self-confidence and has an impact on the direction in which an individual moves.
All economic decisions require risks and have both costs and benefits.
With experience, a structure of this kind becomes automatic and often helps a person develop confidence in their decision making. Give two examples which illustrate the importance of gathering information before making a decision. Define economics as the study of the choices made by consumers, entrepreneurs, and workers to satisfy their wants. Procedure Tell students that another skill successful entrepreneurs exhibit is the ability to make good decisions. Explain that because decision making is a skill, it can be learned.