Entrepreneurs’ Exploratory Perseverance in Learning Settings

Entrepreneurship, Theory & Practice, Forthcoming

54 Pages Posted: 22 Nov 2015

See all articles by Katrin Muehlfeld

Katrin Muehlfeld

University of Trier - Faculty of Management; Utrecht University - School of Economics

Diemo Urbig

University of Wuppertal

Utz Weitzel

VU University Amsterdam

Date Written: November 20, 2015

Abstract

We introduce ‘exploratory perseverance’ as a novel construct that captures perseverant behavior in settings in which several alternatives can be explored and evaluated. We suggest that entrepreneurs display exploratory perseverance reflected by a tendency to keep exploring broader sets of alternatives, to adopt a parallel rather than sequential approach to trial-and-error learning, and, after negative experiences with some alternatives, to be more inclined to give them a second chance. The results from an experimental study of 449 individuals participating in the Iowa Gambling Task indicate that more entrepreneurially experienced individuals display greater exploratory perseverance than those with little to no entrepreneurial experience.

Keywords: Perseverance; Entrepreneurial cognition; Exploration; Iowa Gambling Task

Suggested Citation

Muehlfeld, Katrin and Urbig, Diemo and Weitzel, Utz, Entrepreneurs’ Exploratory Perseverance in Learning Settings (November 20, 2015). Entrepreneurship, Theory & Practice, Forthcoming, Available at SSRN: https://ssrn.com/abstract=2693702

Katrin Muehlfeld

University of Trier - Faculty of Management ( email )

Germany

Utrecht University - School of Economics ( email )

Kriekenpitplein 21-22
Adam Smith Building
Utrecht, +31 30 253 7373 3584 EC
Netherlands

Diemo Urbig

University of Wuppertal ( email )

Gaussstr. 20
Wuppertal, 42119
Germany

Utz Weitzel (Contact Author)

VU University Amsterdam ( email )

De Boelelaan 1105
Amsterdam
Netherlands

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