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

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

*Corresponding author for this work

Research output: Contribution to journalArticleAcademicpeer-review

26 Citations (Scopus)
494 Downloads (Pure)

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.

Original languageEnglish
Pages (from-to)327-347
Number of pages21
JournalJournal of Business Venturing
Volume34
Issue number2
Early online date1-Jun-2018
DOIs
Publication statusPublished - Mar-2019

Keywords

  • Counterfactual thinking
  • Experimental study
  • Future-oriented cognition
  • New venture idea
  • Perspective taking
  • Prospective thinking
  • PERSPECTIVE-TAKING
  • COUNTERFACTUAL THINKING
  • OPPORTUNITY IDENTIFICATION
  • SELF-ESTEEM
  • PRIOR KNOWLEDGE
  • INDIVIDUAL-DIFFERENCES
  • CREATIVE ACHIEVEMENT
  • SOCIAL RELATIONSHIPS
  • DEFENSIVE PESSIMISM
  • MODERATING ROLE

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