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The SCALES-paper series is an electronic working paper series of EIM Business and Policy Research. The SCALES-initiative (Scientific Analysis of Entrepreneurship and SMEs) is part of the 'SMEs and Entrepreneurship' programme, financed by the Netherlands' Ministry of Economic Affairs. Complete information on this programme can be found at www.eim.nl/smes-and-entrepreneurship The papers in the SCALES-series report on ongoing research at EIM. The information in the papers may be (1) background material to regular EIM Research Reports, (2) papers presented at international academic conferences, (3) submissions under review at academic journals. The papers are directed at a research-oriented audience and intended to share knowledge and promote discussion on topics in the academic fields of small business economics and entrepreneurship research. Contents 1 Introduction 2 Introduction to general decision theory 2.1 Classical rationality 2.2 Bounded rationality 2.3 Neoclassical rationality 2.4 Conclusion: what is the place of entrepreneur in the general decision theory? 3 Analytical framework of strategic decisionmaking in SMEs 3.1 The entrepreneur 3.2 The decision environment 3.3 The decision and the process of strategic decisionmaking 4 Empirical findings on entrepreneurial strategic decision-making Literature