Research SummaryHow should decision‐making be organized in entrepreneurial teams pursuing competing economic and noneconomic goals? Using a computational model, we examine how four archetypical decision‐making structures—unanimous approval, individual autonomy, majority voting, and lead entrepreneur—shape the performance of entrepreneurial firms when team members hold varied preferences for how to tradeoff economic and noneconomic goals. In stable environments, we find that majority voting generates highest economic performance, while unanimous approval generates highest noneconomic performance. Conversely, unanimous approval outperforms in fast‐changing contexts. Although goal diversity generally reduces economic performance, it enhances it in fast‐changing settings when teams operate under unanimous approval. This study thus underscores the critical role of decision‐making structures for the success of entrepreneurial teams.Managerial SummaryHow should entrepreneurial teams make decisions when balancing economic and noneconomic goals? We examine four decision‐making approaches—unanimous approval, individual autonomy, majority voting, and lead entrepreneur—and their impact on economic and noneconomic performance. In stable environments, majority voting leads to highest economic performance, while unanimous approval excels in achieving noneconomic goals. In fast‐paced environments, unanimous approval consistently delivers superior outcomes, enhancing both economic and noneconomic performance. Notably, teams with diverse goals can improve their economic performance in high‐velocity settings when using unanimous approval. These findings highlight the importance of choosing the right decision‐making structure to optimize performance in varying conditions. For entrepreneurial teams, adapting decision‐making processes to the pace of the environment is essential for success.

中文翻译：

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在具有竞争性经济和非经济目标的创业团队中做出决策


研究摘要在追求相互竞争的经济和非经济目标的创业团队中，应该如何组织决策？使用计算模型，我们研究了当团队成员对如何权衡经济和非经济目标持有不同的偏好时，四种典型的决策结构——一致批准、个人自主、多数投票和首席企业家——如何影响创业公司的绩效。在稳定的环境中，我们发现多数投票产生的经济绩效最高，而一致批准产生的非经济绩效最高。相反，在快速变化的环境中，一致认可率优于表现。尽管目标多样性通常会降低经济绩效，但在快速变化的环境中，当团队在一致批准下运作时，它会增强经济绩效。因此，本研究强调了决策结构对创业团队成功的关键作用。管理摘要在平衡经济和非经济目标时，创业团队应该如何做出决策？我们研究了四种决策方法——一致批准、个人自主、多数投票和主要企业家——以及它们对经济和非经济表现的影响。在稳定的环境中，多数投票会导致最高的经济表现，而一致认可则擅长实现非经济目标。在快节奏的环境中，一致批准始终如一地提供卓越的结果，从而提高经济和非经济绩效。值得注意的是，使用一致批准时，具有不同目标的团队可以提高他们在高速环境中的经济绩效。这些发现强调了选择正确的决策结构以优化不同条件下性能的重要性。 对于创业团队来说，根据环境的节奏调整决策过程对于成功至关重要。