Enhancing Entrepreneurial Excellence

Enhancing Entrepreneurial Excellence

Tools for Making the Possible Real

Robert A. Baron

The field of entrepreneurship has long pondered the following question: Why, despite their high levels of motivation, effort and commitment, do so many entrepreneurs fail? This innovative volume tackles the complex question of entrepreneurial success, identifying the essential tools necessary for converting ideas into reality and offering concrete means for acquiring and strengthening those tools.

Chapter 3: Human cognition: the internal origins of creativity, innovation, and ideas for the possible

Robert A. Baron

Subjects: business and management, entrepreneurship


Human cognition: impressive, but imperfect Memory: how we store, recover, and use information gained through experience Cognitive errors and bias: why, often, we are far from rational The confirmation bias Beyond the confirmation bias: the powerful effect of wishful thinking Fast thinking effect: why risk-taking increases when the clock is ticking Heuristics: quick-and-simple—but inaccurate—rules for making judgments and decisions The self-serving bias Optimistic bias and planning fallacy Affect infusion: how feelings shape thought Sunk costs: getting trapped in bad decisions The last is best effect How can entrepreneurs reduce the impact of cognitive biases? Creativity: where entrepreneurship begins Concepts: what they are, and why they are definitely a “two-edged sword” Creativity: its foundations in the unusual or obscure Opportunity recognition: from ideas to action Cognitive foundations of opportunity recognition: alertness and connecting the dots Alertness: three basic components Pattern recognition: connecting the dots to recognize opportunities

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