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Evolution of Entrepreneurial Judgment with Venture-Specific Experience
Strategic Entrepreneurship Journal
  • Ugur Uygur, Loyola University Chicago
  • Sung Min Kim, Loyola University Chicago
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This study advances research on entrepreneurial cognition by investigating how entrepreneurial judgment evolves during new venture creation. We conceptualize entrepreneurial judgment as a cognitive process in the minds of entrepreneurs that operates on the causal map – i.e., a knowledge structure concerning what factors they believe will help the chances of profitability under uncertainty. At the time of initial epiphany, entrepreneurs construct a cognitive causal map which guides resource allocation decisions. Over time, venture-specific experience accumulates and entrepreneurial judgment evolves in response to their observations. Using a dataset of 524 nascent entrepreneurs, we find that entrepreneurs with more venturespecific experiences have more selective judgments, and have stronger conviction in those judgments. We also find that perceived uncertainty and cognitive dispositions of the individuals affect entrepreneurial judgment.

Author Posting. © Strategic Management Society, 2016. This is the author's version of the work. It is posted here by permission of Wiley for personal use, not for redistribution. The definitive version was published in Strategic Entrepreneurship Journal

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Creative Commons Attribution-Noncommercial-No Derivative Works 3.0
Citation Information
Uygur, Ugur & Kim, Sung Min "Evolution of Entrepreneurial Judgment with Venture-Specific Experience,” Strategic Entrepreneurship Journal, forthcoming