The cognitive perspective: a valuable tool for answering entrepreneurship's basic "why" questions

It is suggested that a cognitive perspective may provide important insights into key aspects of the entrepreneurial process. Specifically, it is proposed that this perspective-which has yielded impressive results in many other fields-can help the field of entrepreneurship to answer three basic questions it has long addressed: (1) Why do some persons but not others choose to become entrepreneurs? (2) Why do some persons but not others recognize opportunities for new products or services that can be profitably exploited? (3) Why are some entrepreneurs so much more successful than others? Specific cognitive factors relevant to each of these questions are identified, and their potential effects are described. It is suggested that a cognitive perspective can prove beneficial both to researchers wishing to understand entrepreneurship as a process and to practitioners hoping to assist entrepreneurs in their efforts to create successful new ventures. (C) 2003 Elsevier Inc. All rights reserved.