1,432
Views
2
CrossRef citations to date
0
Altmetric
Original Articles

Most common heuristics and biases in nascent entrepreneurs’ marketing behavior

, , &
Pages 451-472 | Received 25 Jul 2017, Accepted 10 Jan 2018, Published online: 12 Feb 2018

References

  • Aldrich, H., and E.R. Auster. 1986. “Even Dwarfs Started Small: Liabilities of Age and Size and their Strategic Implications.” Research in Organizational Behavior 8: 165–186.
  • Baron, R.A. 1998. “Cognitive Mechanisms in Entrepreneurship: Why and When Entrepreneurs Think Differently than Other People.” Journal of Business Venturing 13 (4): 275–294.
  • Baron, R.A. 2008. “The Role of Affect in the Entrepreneurial Process.” Academy of Management Review 33 (2): 328–340.
  • Baron, R., and S. Shane. 2007. Entrepreneurship: A Process Perspective. Nelson: Education.
  • Bazerman, M.H. 1994. Judgment in Managerial Decision Making. New York: Wiley.
  • Bernardo, A.E., and I. Welch. 2001. “On the Evolution of Overconfidence and Entrepreneurs.” Journal of Economics & Management Strategy 10 (3): 301–330.
  • Biotechnology Council (BTC). 2016. The Second National Biotechnology Plan 2016-2025 [ In Persian]. Tehran: BTC.
  • Bjerke, B., and C. Hultman. 2004. Entrepreneurial Marketing: The Growth of Small Firms in the New Economic Era. Cheltenham, UK: Edward Elgar Publishing.
  • Bobocel, D.R., and J.P. Meyer. 1994. “Escalating Commitment to a Failing Course of Action: Separating the Roles of Choice and Justification.” Journal of Applied Psychology 79 (3): 360–363.
  • Braun, V., and V. Clarke. 2006. “Using Thematic Analysis in Psychology.” Qualitative Research in Psychology 3 (2): 77–101.
  • Brockner, J. 1992. “The Escalation of Commitment to a Failing Course of Action: Toward Theoretical Progress.” Academy of Management Review 17 (1): 39–61.
  • Buehler, R., D. Griffin, and M. Ross. 1994. “Exploring the” Planning Fallacy“: Why People Underestimate their Task Completion Times.” Journal of Personality and Social Psychology 67 (3): 366–381.
  • Busenitz, L.W., and J.B. Barney. 1997. “Differences between Entrepreneurs and Managers in Large Organizations: Biases and Heuristics in Strategic Decision-Making.” Journal of Business Venturing 12 (1): 9–30.
  • Cacciolatti, L., and S.H. Lee. 2015. Entrepreneurial Marketing for SMEs. London: Palgrave Macmillan.
  • Camerer, C., and D. Lovallo. 1999. “Overconfidence and Excess Entry: An Experimental Approach.” The American Economic Review 89 (1): 306–318.
  • Cardon, M.S., J. Wincent, J. Singh, and M. Drnovsek. 2009. “The Nature and Experience of Entrepreneurial Passion.” Academy of Management Review 34 (3): 511–532.
  • Carr, J.C., and D.P. Blettner. 2010. “Cognitive Control Bias and Decision-Making in Context: Implications for Entrepreneurial Founders of Small Firms.” Frontiers of Entrepreneurship Research 30 (6): 1–15.
  • Carson, D., S. Cromie., P. McGowan, and J. Hill. 1995. Marketing and Entrepreneurship in SMEs: An Innovative Approach. Hemel Hempstead: Prentice Hall.
  • Carsrud, A.L., M. Brännback, and M. Renko. 2008. “Strategy and Strategic Thinking in Biotechnology Entrepreneurship.” In Handbook of Bioentrepreneurship, edited by T. Brenner and H. Patzelt, 83–103. New York, NY: Springer.
  • Cooper, A.C., C.Y. Woo, and W.C. Dunkelberg. 1988. “Entrepreneurs' Perceived Chances for Success.” Journal of Business Venturing 3 (2): 97–108.
  • Cossette, P. 2014. “Heuristics and Cognitive Biases in Entrepreneurs: A Review of the Research.” Journal of Small Business & Entrepreneurship 27 (5): 471–496.
  • Coviello, N.E., R.J. Brodie, and H.J. Munro. 2000. “An Investigation of Marketing Practice by Firm Size.” Journal of Business Venturing 15 (5): 523–545.
  • Davidsson, P. 2006. “Nascent Entrepreneurship: Empirical Studies and Developments.” Foundations and Trends in Entrepreneurship 2 (1): 1–76.
  • De Kort, M.J.J., and P.A.M. Vermeulen. 2010. “Entrepreneurial Decision-Makers and the Use of Biases and Heuristics.” In Entrepreneurial Strategic Decision-Making: A Cognitive Perspective, edited by Patrick A.M. Vermeulen and P.L. Curseu, 123–134. Cheltenham, UK: Edward Elgar Publishing Limited.
  • Delmar, F., and P. Davidsson. 2000. “Where do They Come From? Prevalence and Characteristics of Nascent Entrepreneurs.” Entrepreneurship & Regional Development 12 (1): 1–23.
  • Dimov, D. 2010. “Nascent Entrepreneurs and Venture Emergence: Opportunity Confidence, Human Capital, and Early Planning.” Journal of Management Studies 47 (6): 1123–1153.
  • Duhaime, I.M., and C.R. Schwenk. 1985. “Conjectures on Cognitive Simplification in Acquisition and Divestment Decision Making.” Academy of Management Review 10 (2): 287–295.
  • Everett, C.R., and R.J. Fairchild. 2014. “A Theory of Entrepreneurial Overconfidence, Effort, and Firm Outcomes.” The Journal of Entrepreneurial Finance 17 (1): 1–26.
  • Fillis, I. 2010. “The Art of the Entrepreneurial Marketer.” Journal of Research in Marketing and Entrepreneurship 12 (2): 87–107.
  • Finucane, M.L., A. Alhakami, P. Slovic, and S.M. Johnson. 2000. “The Affect Heuristic in Judgments of Risks and Benefits.” Journal of Behavioral Decision Making 13 (1): 1–17.
  • Foo, M. 2011. “Emotions and Entrepreneurial Opportunity Evaluation.” Entrepreneurship Theory and Practice 35 (2): 375–393.
  • Foo, M., M.A. Uy, and R.A. Baron. 2009. “How do Feelings Influence Effort? An Empirical Study of Entrepreneurs’ Affect and Venture Effort.” Journal of Applied Psychology 94 (4): 1086–1094.
  • Forbes, D.P. 2005. “Are Some Entrepreneurs More Overconfident than Others?” Journal of Business Venturing 20 (5): 623–640.
  • Franco, M., M. de Fátima Santos, I. Ramalho, and C. Nunes. 2014. “An Exploratory Study of Entrepreneurial Marketing in SMEs: The Role of the Founder-Entrepreneur.” Journal of Small Business and Enterprise Development 21 (2): 265–283.
  • Gardner, D.M. 1994. “In Hills G. (Ed.), Marketing/Entrepreneurship Interface: A Conceptualization? Marketing and Entrepreneurship: Research Ideas and Opportunities.” 35–54.
  • Gilmore, A. 2011. “Entrepreneurial and SME Marketing.” Journal of Research in Marketing and Entrepreneurship 13 (2): 137–145.
  • Gruber, M. 2004. “Marketing in New Ventures: Theory and Empirical Evidence.” Schmalenbach Business Review 56 (2): 164–199.
  • Gudmundsson, S.V., and C. Lechner. 2013. “Cognitive Biases, Organization, and Entrepreneurial Firm Survival.” European Management Journal 31 (3): 278–294.
  • Haynie, J.M., D.A. Shepherd, and J.S. McMullen. 2009. “An Opportunity for me? The Role of Resources in Opportunity Evaluation Decisions.” Journal of Management Studies 46 (3): 337–361.
  • Hayton, J.C., and M. Cholakova. 2012. “The Role of Affect in the Creation and Intentional Pursuit of Entrepreneurial Ideas.” Entrepreneurship Theory and Practice 36 (1): 41–68.
  • Hayward, M.L.A., D.A. Shepherd, and D. Griffin. 2006. “A Hubris Theory of Entrepreneurship.” Management Science 52 (2): 160–172.
  • Hill, J., and L.T. Wright. 2000. “Defining the Scope of Entrepreneurial Marketing: A Qualitative Approach.” Journal of Enterprising Culture 8 (1): 23–46.
  • Hills, G.E., and C.M. Hultman. 2005. “Marketing, Entrepreneurship and SMEs: Knowledge and Education Revisited.” In Proceedings of the 10th Annual Research Symposium of the Academy of Marketing Special Interest Group on Entrepreneurial and SME Marketing. Southampton University.
  • Hills, G.E., and C.M. Hultman. 2011. “Academic Roots: The Past and Present of Entrepreneurial Marketing.” Journal of Small Business & Entrepreneurship 24 (1): 1–10.
  • Hills, G.E., and C.M. Hultman. 2013. “Entrepreneurial Marketing: Conceptual and Empirical Research Opportunities.” Entrepreneurship Research Journal 3 (4): 437–448.
  • Hills, G.E., C.M. Hultman, S. Kraus, and R. Schulte. 2009. “History, Theory and Evidence of Entrepreneurial Marketing – An Overview.” International Journal of Entrepreneurship and Innovation Management 11 (1): 3–18.
  • Hills, G.E., C.M. Hultman, and M.P. Miles. 2008. “The Evolution and Development of Entrepreneurial Marketing.” Journal of Small Business Management 46 (1): 99–112.
  • Hogarth, R. M. 1987. Judgement and Choice: The Psychology of Decision. Chichester, UK: John Wiley & Sons.
  • Hogarth, R.M., and N. Karelaia. 2012. “Entrepreneurial Success and Failure: Confidence and Fallible Judgment.” Organization Science 23 (6): 1733–1747.
  • Hulbert, B., A. Gilmore, and D. Carson. 2013. “Sources of Opportunities Used by Growth Minded Owner Managers of Small and Medium Sized Enterprises.” International Business Review 22 (1): 293–303.
  • Invernizzi, A.C., A. Menozzi, D.A. Passarani, D. Patton, and G. Viglia. 2016. “Entrepreneurial Overconfidence and Its Impact upon Performance.” International Small Business Journal 35 (6): 1–20.
  • Kaish, S., and B. Gilad. 1991. “Characteristics of Opportunities Search of Entrepreneurs versus Executives: Sources, Interests, General Alertness.” Journal of Business Venturing 6 (1): 45–61.
  • Keh, H.T., M.D. Foo, and B.C. Lim. 2002. “Opportunity Evaluation under Risky Conditions: The Cognitive Processes of Entrepreneurs.” Entrepreneurship Theory and Practice 27 (2): 125–148.
  • Kilenthong, P., C.M. Hultman, and G.E. Hills. 2016. “Entrepreneurial Marketing Behaviours: Impact of Firm Age, Firm Size and Firm's Founder.” Journal of Research in Marketing and Entrepreneurship 18 (1): 127–145.
  • King, J., and P. Slovic. 2014. “The Affect Heuristic in Early Judgments of Product Innovations.” Journal of Consumer Behaviour 13 (6): 411–428.
  • Koellinger, P., M. Minniti, and C. Schade. 2007. ““I Think I Can, I Think I Can”: Overconfidence and Entrepreneurial Behaviour.” Journal of Economic Psychology 28 (4): 502–527.
  • Kraus, S., R. Harms, and M. Fink. 2009. “Entrepreneurial Marketing: Moving Beyond Marketing in New Ventures.” International Journal of Entrepreneurship and Innovation Management 11 (1): 19–34.
  • Langer, E.J. 1975. “The Illusion of Control.” Journal of Personality and Social Psychology 32 (2): 311–328.
  • Lincoln, Y.S., and E.G. Guba. 1985. Naturalistic Inquiry. Beverly Hills, CA: Sage Publications.
  • Manimala, M.J. 1992. “Entrepreneurial Heuristics: A Comparison between High PL (Pioneering-Innovative) and Low PI Ventures.” Journal of Business Venturing 7 (6): 477–504.
  • McCarthy, A.M., F.D. Schoorman, and A.C. Cooper. 1993. “Reinvestment Decisions by Entrepreneurs: Rational Decision-Making or Escalation of Commitment?” Journal of Business Venturing 8 (1): 9–24.
  • Morrish, S.C. 2011. “Entrepreneurial Marketing: A Strategy for the Twenty-First Century?” Journal of Research in Marketing and Entrepreneurship 13 (2): 110–119.
  • Morrish, S.C., M.P. Miles, and J.H. Deacon. 2010. “Entrepreneurial Marketing: Acknowledging the Entrepreneur and Customer-Centric Interrelationship.” Journal of Strategic Marketing 18 (4): 303–316.
  • Nouri, P., N. Imanipour, K. Talebi, and M. Zali. 2017. “Heuristics and Biases in Entrepreneurial Marketing: Some New Insights.” International Journal of Entrepreneurship 21 (3).
  • Podoynitsyna, K., H. Van der Bij, and M. Song. 2012. “The Role of Mixed Emotions in the Risk Perception of Novice and Serial Entrepreneurs.” Entrepreneurship Theory and Practice 36 (1): 115–140.
  • Reynolds, P., and S.B. White. 1997. The Entrepreneurial Process: Economic Growth, Men, Women, and Minorities. Westport, CT: Praeger Pub Text.
  • Shepherd, D.A., T.A. Williams, and H. Patzelt. 2015. “Thinking about Entrepreneurial Decision Making: Review and Research Agenda.” Journal of Management 41 (1): 11–46.
  • Simon, H.A. 1992. “Rational Decision-Making in Business Organizations.” In Nobel Lectures in Economic Sciences 1969–1980, edited by A. Lindbeck, 343–371. Singapore: World Scientific Publishing Company.
  • Simon, M., and S.M. Houghton. 2002. “The Relationship among Biases, Misperceptions, and the Introduction of Pioneering Products: Examining Differences in Venture Decision Contexts.” Entrepreneurship Theory and Practice 27 (2): 105–124.
  • Simon, M., and S.M. Houghton. 2003. “The Relationship between Overconfidence and the Introduction of Risky Products: Evidence from a Field Study.” Academy of Management Journal 46 (2): 139–149.
  • Simon, M., S.M. Houghton, and K. Aquino. 2000. “Cognitive Biases, Risk Perception, and Venture Formation: How Individuals Decide to Start Companies.” Journal of Business Venturing 15 (2): 113–134.
  • Simon, M., and R.C. Shrader. 2012. “Entrepreneurial Actions and Optimistic Overconfidence: The Role of Motivated Reasoning in New Product Introductions.” Journal of Business Venturing 27 (3): 291–309.
  • Singer, S., J.E. Amorós, and D.M. Arreola. 2015. “Global Entrepreneurship Monitor 2014 Global Report.” Global Entrepreneurship Research Association 1: 1–116.
  • Slovic, P., M.L. Finucane, E. Peters, and D.G. MacGregor. 2007. “The Affect Heuristic.” European Journal of Operational Research 177 (3): 1333–1352.
  • Staw, B.M. 1981. “The Escalation of Commitment to a Course of Action.” Academy of Management Review 6 (4): 577–587.
  • Staw, B.M., and J. Ross. 1987. “Behavior in Escalation Situations: Antecedents, Prototypes, and Solutions.” Research in Organizational Behavior 9: 39–78.
  • Stokes, D. 2000. “Entrepreneurial Marketing: A Conceptualisation from Qualitative Research.” Qualitative Market Research 3 (1): 47–54.
  • Thérin, F. 2007. Handbook of Research on Techno-Entrepreneurship. Northampton, MA: Edward Elgar Publishing.
  • Tversky, A., and D. Kahneman. 1971. “Belief in the Law of Small Numbers.” Psychological Bulletin 76 (2): 105–110.
  • Tversky, A., and D. Kahneman. 1973. “Availability: A Heuristic for Judging Frequency and Probability.” Cognitive Psychology 5 (2): 207–232.
  • Tversky, A., and D. Kahneman. 1974. “Judgment under Uncertainty: Heuristics and Biases.” Science 185 (4157): 1124–1131.
  • Uslay, C., and E. Erdogan. 2014. “The Mediating Role of Mindful Entrepreneurial Marketing (MEM) between Production and Consumption.” Journal of Research in Marketing and Entrepreneurship 16 (1): 47–62.
  • Zhang, S.X., and J. Cueto. 2017. “The Study of Bias in Entrepreneurship.” Entrepreneurship Theory and Practice 41 (3): 419–454.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.