Training micro‐business owner‐managers: a challenge to current approaches

Despite the importance of micro‐businesses to the UK economy, training has failed to recognise and take into account the way owner‐managers run such firms. These owner‐managers tend to combine informally absorbed information, heuristics and other short‐cut methods in a more intuitively‐based approach to decision making. Does not, however, advocate that more formalised and comprehensive forms of decision making should be adopted. Instead, suggests that intuitive methods of decision making may be the most appropriate for micro‐business owner‐managers. As such, training should attempt to reduce the types of bias that are inherent in more intuitive approaches to decision making.