Evidence-Based Management For Entrepreneurial Environments: Faster And Better Decisions With Less Risk
Source: Stanford University
Entrepreneurship is risky. Most new technologies and new businesses fail. Two things seem to be true. First, evidence-based management could improve entrepreneurial decision-making, reducing risks, costs, and wasted time and effort - just as an evidence-based approach could benefit most if not all organizations and just as evidence-based medicine has improved medical practice and outcomes while saving money. Second, the mind set shift required to implement EBM is apparently large. Therefore, evidence-based approaches struggle even when they could demonstrably save vast sums of money and even lives.