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Publication date: 28 August 2020

Sid Hanna Saleh and Richard A. Hunt

When entrepreneurs create new ventures, they struggle with making consequential decisions under severe restrictions such as tight deadlines, limited resources, and lack of…

Abstract

When entrepreneurs create new ventures, they struggle with making consequential decisions under severe restrictions such as tight deadlines, limited resources, and lack of information. Making challenging decisions inherently requires creativity as entrepreneurs improvise and work around the limitations they face. Under these conditions, entrepreneurs resort to their heuristics and biases instead of rational decision models. Entrepreneurs employ – sometimes for better and sometimes for worse – a myriad of rule-setting heuristics and experience-based biases to navigate the difficult path between novelty and utility. In this chapter, the authors answer Shepherd, Williams, and Patzelt’s (2015) call for research into how entrepreneurs leverage heuristics and biases in decision-making and the benefits they gain as a result. The authors explore how entrepreneurs introduce heuristics and biases at different stages of their decision-making process using a qualitative study of 21 new ventures. The results attest to entrepreneurs’ ingenuity and creativity in managing complexity, ambiguity, and uncertainty.

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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: 28 August 2020

Abstract

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: 27 September 2021

Nicholas H. Kirk and Lamberto Zollo

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European Venture Toolbox: The Path for SMEs to Grasp and Defend Opportunities
Type: Book
ISBN: 978-1-80117-319-3

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