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Entrepreneurial cognition and the quality of new venture ideas: An experimental approach to comparing future-oriented cognitive processes

Author

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  • Frederiks, Arjan J.
  • Englis, Basil G.
  • Ehrenhard, Michel L.
  • Groen, Aard J.

Abstract

In the research reported here, we compared how future-oriented cognitive processes underpin differences in the quality of new venture ideas (NVIs) generated by respondents. We primed the use of future-oriented cognitive processes in two experiments. The first experiment shows that prospective thinking leads to NVIs of higher quality in comparison to counterfactual thinking, perspective taking and a control group. The second experiment shows that prospective thinking and perspective taking result in NVIs of higher quality compared to counterfactual thinking and the control group. We also find that prior knowledge of technology strengthens these effects. Post-hoc analyses show that these effects are present when respondents are prompted to generate NVIs, but not when they spontaneously generate NVIs, and that respondents with more prior business experience are more likely to spontaneously generate NVIs. Finally, we discuss contributions our research makes to the literature on entrepreneurial cognition and opportunity recognition, and to practice.

Suggested Citation

  • Frederiks, Arjan J. & Englis, Basil G. & Ehrenhard, Michel L. & Groen, Aard J., 2019. "Entrepreneurial cognition and the quality of new venture ideas: An experimental approach to comparing future-oriented cognitive processes," Journal of Business Venturing, Elsevier, vol. 34(2), pages 327-347.
    • Handle: RePEc:eee:jbvent:v:34:y:2019:i:2:p:327-347
    DOI: 10.1016/j.jbusvent.2018.05.007
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    More about this item

    Keywords

    Future-oriented cognition; New venture idea; Experimental study; Prospective thinking; Counterfactual thinking; Perspective taking;
    All these keywords.

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship

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