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Effectual versus predictive logics in entrepreneurial decision-making: Differences between experts and novices

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Author
Dew, Nicholas
Read, Stuart
Sarasvathy, Saras D.
Wiltbank, Robert
Date
2009
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Abstract
In support of theory, this study demonstrates that entrepreneurial experts frame decisions using an “effectual” logic (identify more potential markets, focus more on building the venture as a whole, pay less attention to predictive information, worry more about making do with resources on hand to invest only what they could afford to lose, and emphasize stitching together networks of partnerships); while novices use a “predictive frame” and tend to “go by the textbook.”We asked 27 expert entrepreneurs and 37MBAstudents to think aloud continuously as they solved typical decision-making problems in creating a new venture. Transcriptions were analyzed using methods from cognitive science. Results showed that expert entrepreneurs framed problems in a dramatically different way than MBA students.
Description
The article of record as published may be found at http://dx.doi.org/10.1016/j.jbusvent.2008.02.002
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This publication is a work of the U.S. Government as defined in Title 17, United States Code, Section 101. Copyright protection is not available for this work in the United States.
URI
http://hdl.handle.net/10945/41245
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  • Faculty and Researchers' Publications
NPS Dudley Knox LibraryDUDLEY KNOX LIBRARY
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