Development of Entrepreneurial Decision Making

Question: Describe about The Development of Entrepreneurial Decision Making? Answer: Importance of Market Reputation: Over the timeframe, consumer behavior has been governed by peer-generated positive as well as negative reviews, ratings, and word-of-mouth recommendation. Consideration of market reputation gives an idea on Company Client Confidentiality and explains how the company has respected the privacy of its client's business as well as any information regarding its employee base (Jain, 2015). In this context, it is also true that any other fact that the client shares with the Company are of a confidential nature. According to Shaw (2013), the maintenance of customer privacy is an ethical practice which should be considered by all Companies if they wish to improve and succeed. The only way in which a business can flourish is if the clients can secure the buoyancy of the Company and its owner. The nature of todays business demonstrates that company keeps a database of some information about its employees. This information can be in the form of bank details, personal information or any other relevant data. Therefore, sharing such information just to attain revenue affects the ethical principle of doing business. My thoughts: To better understand this situation, if the scenario of Yelp is taken into consideration, then it can be seen that they gave out the personal information about its customers, to other business organization just to earn revenue. This process was done to lure new customers to purchase shares of the Company at a high value. This act was criticized heavily, and such actions might result in the violation of business ethics. Legal proceedings can also be instituted against him in the form of a Breach of a Confidentiality clause. Therefore, as per my opinion, every business owner has to be aware that he cannot divulge in the personal, financial or any other information of his clients to any source outside (YouTube, 2016). While building up review is not illegal, forcing businesses to use their services by threatening to ruin the reputation of the company is neither ethical nor intelligent. Doing business ethically acts as the key while taking about long-term sustainability. From that point of view, it can be said that Yelp is losing its consumer base because of the bad name earned due to bullying. This paints a picture of contradiction. To strike a good note, Yelp should change its business tactic and policy. References Jain, R. (2015). The Development of Entrepreneurial Decision Making: The Effect of Feedback and Gender on Risk Taking, Confidence and Decision Making. Shaw, W. (2016).Business ethics: A textbook with cases. Cengage Learning. YouTube,. (2016).Billion Dollar Bully Trailer. Retrieved 26 February 2016, from https://www.youtube.com/watch?v=l2dkJctUDIs