The limited capacity of human mind, to understand and solve complex problems, makes it harder to ensure rationality. Due to this limitation, people are exposed to some influences that violate the principles of Rational Model. At the beginning of these influences the decision making biases at individual, group and organizational level are ranked. In this study, the decision making biases, that top management team of a family owned business experience are questioned via in-depth interviews. As a result, the reasons underlying these biases and their sources are put forth and suggestions are proposed for strategic decision makers.
Strategic Decision making, Family-Owned Businesses, Decision Making Biases