A scientific approach to decision-making: Key tools and design principles

Abstract

The recent empirical studies have shown the positive impact of a scientific approach to decision-making on entrepreneurial performance. Building on this evidence, this article offers a description of the scientific approach that is oriented toward its practical implementation by entrepreneurs. Focusing on the approach's two main pillars – the processes of theory building and evidence gathering – we outline a set of tools developed to facilitate the application of the scientific approach in practical decision-making activities. Ultimately, we derive a set of design principles that researchers can adopt to develop novel tools and methodologies to aid entrepreneurial actions based on the prescriptive aspects of the scientific approach.