Goals, Beliefs and Decision Making Process of Business Angels

Document Type : Research Paper


1 Corporate entrepreneurship - Faculty of entrepreneurship - University of Tehran

2 Corporate entrepreneurship department, Faculty of Entrepreneurship, University of Tehran

3 Shahid Beheshti University

4 Faculty of Entrepreneurship, University of Tehran


Business angels are the first major step in financing entrepreneurs. The angels' decision-making process is less formal than venture capitalists, and so far no research has been conducted in the country on this process. Computer games Business angels have been studied in this research using deep interviews. Their goals and beliefs are extracted and their expectations of entrepreneurship financing are modeled in a process with the help of the grounded theory. In this research, we have tried to consider the decision as a process, with an emphasis on the mentality of business angels. This process involves two parts of the recognition and assessment of opportunities. It ends with the partnership. Goals and beliefs are effective in evaluating opportunities, and the whole process is shaped in the context of the micro and macro business environment. By recognizing this process, business angels can take into account individual differences and personal expectations in decision-making, and feel no confusion in choosing investment opportunities.


Main Subjects

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