How can biases affect entrepreneurial decision making? toward a behavioral approach to unicorns

How can cognitive biases affect the birth and evolution of entrepreneurial ventures? In Entrepreneurial Decision Making (EDM), this lively research question remains largely unaddressed when the world of Unicorns, as a per se entrepreneurial species, is considered. Thus, through this conceptual artic...

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Bibliographic Details
Published in:International entrepreneurship and management journal 2022-06, Vol.18 (2), p.693-711
Main Authors: Abatecola, Gianpaolo, Cristofaro, Matteo, Giannetti, Federico, Kask, Johan
Format: Article
Language:English
Subjects:
Biases
Business and Management
Business Studies
Cognition
Conceptual
Decision making
Emerging Markets/Globalization
Entrepreneurial decision making
Entrepreneurship
Företagsekonomi
Management
Unicorns
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Summary:How can cognitive biases affect the birth and evolution of entrepreneurial ventures? In Entrepreneurial Decision Making (EDM), this lively research question remains largely unaddressed when the world of Unicorns, as a per se entrepreneurial species, is considered. Thus, through this conceptual article, we aim to contribute toward knowledge creation in this context. We start by proposing a conceptual framework of Unicorns’ EDM based on a behavioral approach. Through three propositions, this novel framework advances how the birth , transition , and consolidation of a Unicorn may be explained by the sequentially intertwined occurrence of biases, from which establishment and legitimization eventually emerge. We complement the framework with examples from the social media industry and then discuss its main implications for theory and practice.
ISSN:1554-7191
1555-1938
1555-1938
DOI:10.1007/s11365-021-00772-4