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Entrepreneurial Search Principles: How to save time and avoid bias
KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Entrepreneurship and innovation.
2015 (English)Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

When entrepreneurs are searching for more information to develop their business ideas, they generally do not have enough time to do extensive research and thus are inclined to take shortcuts. This could undermine the rationality of their decisions, depending on what information is not found. However, one popular shortcut offers an interesting opportunity. By consulting experts, entrepreneurs can save time and, if they apply the search principles identified in this study, they can further avoid search obstacles, such as cognitive biases and poor decision framing. For example, by consulting skeptics of a technology, entrepreneurs can counteract their own optimism. While the right mitigation techniques for bias may seem obvious once the bias has been identified, acting pro-actively is not obvious and seems to require experience or prior learning. The results of this study were obtained by applying grounded theory on data obtained from semi-structured interviews. Nine interviews were done in Stockholm, Sweden. The interviewees included founders of companies, a business developer and a business coach for entrepreneurs.

Place, publisher, year, edition, pages
2015. , 37 p.
Keyword [en]
Cognitive bias; information search; entrepreneurship.
National Category
Social Sciences Economics and Business
URN: urn:nbn:se:kth:diva-168923OAI: diva2:818803
Subject / course
Entrepreneurship and Innovation Management
Available from: 2015-06-12 Created: 2015-06-09 Last updated: 2015-06-12Bibliographically approved

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Louw, Robert Hendrik
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