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Cognitive Adaptability and an Entrepreneurial Task: The Role of Metacognitive Ability and Feedback

29 Pages Posted: 16 Mar 2012  

J. Michael Haynie

Syracuse University - Whitman School of Management

Dean A. Shepherd

Indiana University - Kelley School of Business - Management & Entrepreneurship

Holger Patzelt

Max Planck Institute of Economics

Date Written: March 2012

Abstract

To sense and adapt to uncertainty by leveraging prior entrepreneurial knowledge is a critical ability. However, for many individuals, prior entrepreneurial knowledge is absent or underdeveloped. We investigate the ability of individuals without prior entrepreneurial knowledge to effectively adapt decision policies in response to feedback, while performing an entrepreneurial task. We model 10,000 “entrepreneurial decisions” nested within 217 individuals, to demonstrate how differences in metacognitive ability and feedback type promote (or alternatively impede) cognitive adaptability. Our findings suggest insights into the interplay between knowledge, learning, and cognition that are generalizable to activities and actions central to the entrepreneurial process.

Suggested Citation

Haynie, J. Michael and Shepherd, Dean A. and Patzelt, Holger, Cognitive Adaptability and an Entrepreneurial Task: The Role of Metacognitive Ability and Feedback (March 2012). Entrepreneurship Theory and Practice, Vol. 36, Issue 2, pp. 237-265, 2012. Available at SSRN: https://ssrn.com/abstract=2024819 or http://dx.doi.org/10.1111/j.1540-6520.2010.00410.x

J. Michael Haynie (Contact Author)

Syracuse University - Whitman School of Management

721 University Avenue
Syracuse, NY 13244-2130
United States

Dean A. Shepherd

Indiana University - Kelley School of Business - Management & Entrepreneurship ( email )

Bloomington, IN 47405
United States
812-856-5220 (Phone)

Holger Patzelt

Max Planck Institute of Economics ( email )

Kahlaische Str. 10
D-07745 Jena
Germany

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