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Book part
Publication date: 27 December 2018

Matthew S. Wood and J. Robert Mitchell

Judgments and decision are central to entrepreneurship, but capturing them empirically is challenging. Shepherd and Zacharakis (1997) addressed this challenge by identifying…

Abstract

Judgments and decision are central to entrepreneurship, but capturing them empirically is challenging. Shepherd and Zacharakis (1997) addressed this challenge by identifying metric conjoint analysis as an experimental method capable of capturing the decision policies of actors engaged in entrepreneurial task, creating a “window of opportunity” for entrepreneurship research. On the twentieth anniversary of this chapter, the authors reflect on the impact the ideas had on their own work and careers, while, at the same time, address the possibility that the “typical” conjoint study may have reached the end. From this platform, the authors identify unknown attributes, interactive effects, rich media, mixed methods, and sophisticated data analysis as potential pathways by which conjoint analysis can continue to advance understanding of entrepreneurship. Their conclusion is that when coupled with impactful research questions, innovative uses of conjoint analysis have an important role to play in the future of entrepreneurship research. Hence, the authors believe that Dean A. Shepherd’s and Zach Zacharakis’s bold effort will continue as a quintessential resource for those researchers who wish to tap the mind of entrepreneurs, investors, and other key actors as they traverse the journey of business venturing.

Details

Reflections and Extensions on Key Papers of the First Twenty-Five Years of Advances
Type: Book
ISBN: 978-1-78756-435-0

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Book part
Publication date: 1 July 2012

Matthew S. Wood, David W. Williams and Denis A. Grégoire

Studies of entrepreneurial action often distinguish between different phases such as opportunity identification, evaluation, and exploitation. Yet, the richness of past…

Abstract

Studies of entrepreneurial action often distinguish between different phases such as opportunity identification, evaluation, and exploitation. Yet, the richness of past contributions masks the absence of an integral framework to organize, in a theoretically consistent ensemble, the different kinds of cognitive processes that underpin entrepreneurial action. In this chapter, we draw from research on human action and cognition to offer an integrative model of the cognitive processes that foster entrepreneurial action. By presenting a more specific articulation of when, how, and why different cognitive processes operate, we provide theorists and empiricists with a more complete picture of how entrepreneurs’ thinking evolves from the emergence of an opportunity idea to the initiation of concrete entrepreneurial acts. In addition, our framework draws attention to cognitive inflection points that entrepreneurs must navigate in their journey toward entrepreneurship. By explicitly locating these inflection points and specifying the changes in mental processing that occurs at each point, we highlight that for entrepreneurial action to ensue, entrepreneurs must shift from one type of cognitive processing to another. Along this line, our model draws attention to the entire set of cognitive “skills” entrepreneurs must master for successful completion of each phase and successful transitions between phases.

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Book part
Publication date: 23 September 2016

Reed E. Nelson, Anderson Santana and Matthew S. Wood

Entrepreneurship involves complex interactions between individuals and environments but there is little research on these dynamics. We address this gap by conducting an inductive…

Abstract

Entrepreneurship involves complex interactions between individuals and environments but there is little research on these dynamics. We address this gap by conducting an inductive qualitative study of entrepreneurs in the exclusive tourist destination of Tiradentes, Brazil. Tiradentes has a unique architectural, cultural, and economic heritage that serves as a unique sociocultural backdrop that influences entrepreneurs’ models of start-up thinking and action. Specifically, our investigation revealed that entrepreneurs’ backgrounds (native vs. nonnative) and social identities come together with the sociocultural fabric of the community in a way that moved them towards a “Joia” or “Bijuteria” orientation, each of which were associated with a distinct mindset. This diversity had implications for entrepreneurs’ conceptualizations of start-up models possible within the backdrop of Tiradentes sociocultural fabric and this influenced the actions entrepreneurs took such as the geographic location chosen for the business and the business practices used. We discovered that entrepreneurs favoring one orientation over another tended to occupy predictable physical and social positions in the community while also espousing similar values and perspectives. These results are used to elaborate the theory on the link between the external and internal explanation for entrepreneurial thinking and action. The net effect is new understanding regarding ways models of start-up thinking and action can be investigated.

Details

Models of Start-up Thinking and Action: Theoretical, Empirical and Pedagogical Approaches
Type: Book
ISBN: 978-1-78635-485-3

Keywords

Available. Content available
Book part
Publication date: 27 December 2018

Abstract

Details

Reflections and Extensions on Key Papers of the First Twenty-Five Years of Advances
Type: Book
ISBN: 978-1-78756-435-0

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Article
Publication date: 20 June 2016

Matthew S. Wood, Per Bylund and Steven Bradley

– The purpose of this paper is to investigate effects of policy initiatives on entrepreneurs’ opportunity evaluation decisions.

983

Abstract

Purpose

The purpose of this paper is to investigate effects of policy initiatives on entrepreneurs’ opportunity evaluation decisions.

Design/methodology/approach

Factors were selected from real world policy initiatives. The model pricing power as a traditional economic base rate attribute and then considering how variance in use fees and reporting requirements changes the base rate relationship. The factors served as decision attributes in a conjoint analysis experiment. A total of 126 entrepreneurs made 2,268 opportunity evaluation decisions.

Findings

While increases in pricing power result in a positive upward base rate opportunity evaluation, government mandated use fees and reporting requirements diminish the base rate toward the negative. This suggest that that even though the likely profits are much higher with the significant pricing power opportunity, entrepreneurs heavily discount these opportunities because they view the combination of economic costs of paying high use fees and the non-pecuniary costs of reporting requirements as unappealing. Further, the authors find entrepreneurs’ disproportionately discount higher margin opportunities when the regulatory burden is higher revealing the importance of policy factors in new product introduction decisions.

Practical implications

Policy has traditionally focussed on the macro-level effects of initiatives and how they directly affect issues like economic growth. This study reveals that this is only part of the equation because changes in government policy impact entrepreneurs’ opportunity evaluation decisions that underpin macro trends. In order to be effective, policy makers need to pay greater attention to not only the economic, but also the non-pecuniary costs that policy changes evoke. This is especially true for those policies like reporting requirements that may be perceived as threats to entrepreneurs’ sense of autonomy.

Originality/value

This research brings to the foreground the relationship between the policy environment and the cognitions and decision of individual entrepreneurs whose collective actions move the economy. The net effect is new insight regarding how policy factors coalesce to influence entrepreneurs’ assessments of opportunities, often in ways that negatively affect these assessments beyond what simple economic calculations would suggest.

Details

Management Decision, vol. 54 no. 5
Type: Research Article
ISSN: 0025-1747

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Book part
Publication date: 28 August 2020

Anna Souakri

Venture capital is a critical source of funding and development of new ventures. The investment decision of venture capitalists (VCs) is a multi-stage assessment process where the…

Abstract

Venture capital is a critical source of funding and development of new ventures. The investment decision of venture capitalists (VCs) is a multi-stage assessment process where the entrepreneurs’ characteristics are the most important criteria to determine the decision to accept or to reject the proposal at the screening stage. At this stage, the decision-making of VCs is influenced by their subjective characteristics and their interactions with the entrepreneurs who share the same characteristics as theirs. How do the entrepreneurial experiences of both VCs and entrepreneurs interact and bias the evaluation? Several studies have tried to provide an answer to this still pending question. Research concurs in that entrepreneurial experience drives primarily the screening decisions of VCs. Yet, if many studies have shown that VCs are prone to cognitive biases in their evaluations, research focusing on the relationship between of those biases and entrepreneurial experience in the context of investment decision is scarce. VCs’ cognitive biases have been linked to the subjective characteristics of VCs. Most precisely, many studies have shown that a common bias among investors is the similarity-attraction bias such that VCs’ evaluations improve when VCs and entrepreneurs share the same characteristics. As a result, it is likely that entrepreneurial experience plays a significant role in explaining biases in investment decisions. Overall, research points out the importance of entrepreneurial experience of both VCs and entrepreneurs, their interactions and the cognitive biases shaped by their respective experiences in explaining the investment decisions of VCs at the screening stage.

Details

The Entrepreneurial Behaviour: Unveiling the cognitive and emotional aspect of entrepreneurship
Type: Book
ISBN: 978-1-78973-508-6

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Book part
Publication date: 22 April 2020

Tim Chapman, Lynn Pickford and Tony Smith

Abstract

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Coaching Winning Sales Teams
Type: Book
ISBN: 978-1-78973-488-1

Available. Content available
Book part
Publication date: 23 September 2016

Abstract

Details

Models of Start-up Thinking and Action: Theoretical, Empirical and Pedagogical Approaches
Type: Book
ISBN: 978-1-78635-485-3

Available. Content available
Article
Publication date: 9 January 2017

Paul Jones

675

Abstract

Details

International Journal of Entrepreneurial Behavior & Research, vol. 23 no. 1
Type: Research Article
ISSN: 1355-2554

Available. Content available
Article
Publication date: 11 April 2016

Rocío Aliaga-Isla

403

Abstract

Details

International Journal of Entrepreneurial Behavior & Research, vol. 22 no. 2
Type: Research Article
ISSN: 1355-2554

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