Entrepreneurship Research Group

The Entrepreneurship Research Group is a consortium of university scholars, qualified students and industry leaders dedicated to advancing our understanding of the principles and practices that facilitate effective and efficient entrepreneurship. Founded in the Jon M. Huntsman School of Business, the Entrepreneurship Research Group is based on the notion of engaged scholarship and administered as a scholarly think tank. It is firmly committed to the belief that collaboration among stakeholders is critical to ensuring that research conducted by the group is both rigorous in its quest for fundamental understanding and relevant with regard to its consideration for use in society. In this way, the Entrepreneurship Research Group is intended to serve as a catalyst for the development and transfer of knowledge to both the discipline of entrepreneurship and to society in general. The guiding philosophy of the Entrepreneurship Research Group is “Dare Great Things”.

Administration:

Co-Directors and Managing Partners
Daniel Holland, Ph.D. daniel.holland@usu.edu
Christopher Reutzel, Ph.D. christopher.reutzel@usu.edu

Associates
Bryson White

Current Projects:

TITLE: “The Relationship Between the Need for Cognition and the Use of Biases in Entrepreneurial Decision-Making”

ABSTRACT: Entrepreneurs seem to be different yet research in entrepreneurship has not been able to define the “entrepreneurial personality.” Over the last decade, entrepreneurship research has shifted away from looking at personality traits and has increasingly focused on growing our understanding of the ways entrepreneurs think. For example, research has shown that entrepreneurs are more likely than managers to manifest certain biases in their decision-making. The aim of this study is to explore why some individuals are more likely to use biases and to see if such individuals are indeed more likely to act entrepreneurially. Specifically, we examine the relationship between the need for cognition—a need to understand and make sense of the experiential world— and the use of biases and heuristics in entrepreneurial decision-making. Social psychology studies suggest that individuals who are high in the need for cognition may be less susceptible to a variety of decision-making biases. Thus, in this study we seek to answer the following questions: (1) is the need for cognition inversely related to the manifestation of decision-making biases in entrepreneurial decisions?; (2) since entrepreneurs are often working in highly ambiguous environments which may preclude them from thoroughly “thinking things through,” are those who are high in the need for cognition less likely to act entrepreneurially? Implications for entrepreneurs and suggestions for future research are provided.

Presented at the Utah Conference on Undergraduate Research, 2009

Project Investigators:
Bryson White, Associate, The Entrepreneurship Research Group
Daniel Holland, Ph. D., Managing Partner, The Entrepreneurship Research Group