Opportunity Evaluation (OE) |
A unidimensional scale with three questions* measured from a 1 to 7 Likert configuration. |
Kruger (1993Krueger, N. F. Jr. (1993). The impact of prior entrepreneurial exposure on perceptions of new venture feasibility and desirability. Entrepreneurship Theory and Practice , 18(1), 5-21. https://doi.org/10.1177/104225879301800101 https://doi.org/10.1177/1042258793018001...
); Sandberg and Hench (1999Sandberg, W. R., & Hench, T. J. (1999). Perceiving opportunity through a fog of uncertainty. Paper presented at Foundation of Entrepreneurship Research Conference, University of South Carolina.); Krueger and Bazeal (1994Krueger, N. F. Jr. , , & Brazeal D. V. (1994). Entrepreneurial potential and potential entrepreneurs. Entrepreneurship Theory and Practice , 18(3), 91-104. https://doi.org/10.1177/104225879401800307 https://doi.org/10.1177/1042258794018003...
); and Krueger (2000Krueger, N. F. Jr. (2000). The cognitive infrastructure of opportunity emergence. Entrepreneurship Theory and Practice , 24(3), 5-23.). |
Risk Perception (PR) |
A unidimensional scale with four questions* measured from a 1 to 7 Likert configuration. |
Das and Teng (1997Das, T. K., & Teng, B. S. (1997). Time and entrepreneurial risk behavior. Entrepreneurship Theory and Practice, 22(2), 69-88. https://doi.org/10.1177/104225879802200206 https://doi.org/10.1177/1042258798022002...
); Allinson and Hayes (2000Allinson, C. W., Chell, E., & Hayes, J. (2000). Intuition and entrepreneurial behavior. European Journal of Work and Organizational Psychology, 9(1), 31-43. https://doi.org/10.1080/135943200398049 https://doi.org/10.1080/135943200398049...
); Sitkin and Pablo (1992Sitkin, S. B., & Pablo, A. L. (1992). Reconceptualizing the determinants of risk behavior.Academy of Management Review , 17(1), 9-38. https://doi.org/10.2307/258646 https://doi.org/10.2307/258646...
); Simon et al. (2000Simon, M., Houghton, S. M., & Aquino, K. (2000). Cognitive biases, risk perception and venture formation: How individuals decide to start companies. Journal of Business Venturing , 15(2), 115-134. https://doi.org/10.1016/S0883-9026(98)00003-2 https://doi.org/10.1016/S0883-9026(98)00...
); and Forlani and Mullins (2000Forlani, D., & Mullins, J. W. (2000). Perceived risks and choices in entrepreneurs’ new venture decisions. Journal of Business Venturing , 15(4), 305-322. https://doi.org/10.1016/S0883-9026(98)00017-2 https://doi.org/10.1016/S0883-9026(98)00...
). |
Overconfidence (OC) |
Dummy: “0” to those who acted overconfidently “1” for those who did not, out of 10 questions*. |
Haller (2013Haller, M. K., & Welch, E. W. (2014). Entrepreneurial Behavior of Academic Scientists: Network and Cognitive Determinants of Commitment to Grant Submissions and Award Outcomes. Entrepreneurship Theory and Practice , 38(4), 807-831. https://doi.org/10.1111/etap.12022 https://doi.org/10.1111/etap.12022...
); Simon et al. (2000Simon, M., Houghton, S. M., & Aquino, K. (2000). Cognitive biases, risk perception and venture formation: How individuals decide to start companies. Journal of Business Venturing , 15(2), 115-134. https://doi.org/10.1016/S0883-9026(98)00003-2 https://doi.org/10.1016/S0883-9026(98)00...
); and Russo and Schoemaker (1992Russo, J. E., & Schoemaker, P. J. (1992). Managing overconfidence. Sloan Management Review, 23, 7-17.). |
Belief in the Law of Small Numbers (LSN) |
Dummy: “0” to those who base their arguments in statistical terms and “1” otherwise. |
Simon et al. (2000Simon, M., Houghton, S. M., & Aquino, K. (2000). Cognitive biases, risk perception and venture formation: How individuals decide to start companies. Journal of Business Venturing , 15(2), 115-134. https://doi.org/10.1016/S0883-9026(98)00003-2 https://doi.org/10.1016/S0883-9026(98)00...
); Golder and Tellis (1993Golder, P. N., & Tellis, G. J. (1993). Pioneer advantage: Marketing logic or marketing legend. Journal of Marketing Research, 30(2), 158-170. https://doi.org/10.2307/3172825 https://doi.org/10.2307/3172825...
); and Busenitz and Barney (1997Busenitz, L. W., & Barney, J. B. (1997). Differences between entrepreneurs and managers in large organizations: biases and heuristics in strategic decision-making. Journal of Business Venturing, 12(1), 9-30. https://doi.org/10.1016/S0883-9026(96)00003-1 https://doi.org/10.1016/S0883-9026(96)00...
). |
Planning fallacy (PF) |
A unidimensional scale with two questions* measured from a 1 to 7 Likert configuration. |
Kahneman and Lovallo (1993Kahneman, D., & Lovallo, D. (1993). “Timid Choices and Bold Forecasts: A Cognitive Perspective on Risk Taking”. Management Science, 39(1), 17-31. https://doi.org/10.1287/mnsc.39.1.17 https://doi.org/10.1287/mnsc.39.1.17...
) and Zietsma (1999Zietsma, C. (1999). Opportunity knocks-or does it hide? An examination of the role of opportunity recognition in entrepreneurship. Paper presented at Babson College/Kaufman Foundation and Entrepreneurship Research Conference, Columbia, SC.). |