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The purpose of the current study is to address the distinctive roles of cognitive style and risk preference on four types of entrepreneurial self-efficacy and entrepreneurial intentions. More specifically, we examine how both cognitive style and risk preference separately and interactively contribute to an individual's assessment of his/her own skills and abilities as well as to his/her own entrepreneurial intentions. This study investigated these relationships using an international sample of 528 entrepreneurial students across three universities. Results indicated that individuals with a high risk preference had higher levels of entrepreneurial intentions and opportunity-identification efficacy, whereas individuals with a low risk preference had higher levels of relationship efficacy, and tolerance efficacy. Individuals with an intuitive cognitive style were also found to have lower perceived self-efficacy concerning the establishment of relationship with investors, the economic management of the new venture, and their capacity to tolerate ambiguity. However, intuitive individuals who had a high preference for risk exhibited higher levels of opportunity identification efficacy. Finally, contrary to our final hypothesis, analytic individuals with a low preference for risk had higher levels of relationship and tolerance self-efficacy than intuitive individuals with a high risk preference. Implications of these findings and directions for future research are discussed.
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The question of what separates those who choose to pursue entrepreneurial pursuits from those who opt not to be entrepreneurs is an intriguing issue, and investigating the role of individual differences in entrepreneurial behavior and intentions is a growing field of research. While increased understanding of the individual-level constructs that may contribute to successful entrepreneurial endeavors appears to be an essential endeavor, prior research has only begun to scratch the surface of this pursuit (Markman, Balkin, & Baron, 2002; Zhao, Seibert, & Hills, 2005). The purpose of the current study is to examine in-depth the role of two key individual differences and entrepreneurial motivation and behavior. More specifically, we examine how cognitive style and risk preference-both separately and interactively-contribute to an individual's entrepreneurial efficacy as well as to his/her own entrepreneurial intentions.
The current study examines the specific ways in which cognitive style and risk preference may affect entrepreneurial selfefficacy beliefs and entrepreneurial intentions. Drawing upon different conceptual frameworks from the literature on...