Entrepreneurs' Exploratory Perseverance in Learning Settings. (July 2017)

• Record Type: Journal Article
• Authors: Muehlfeld, Katrin; Urbig, Diemo; Weitzel, Utz
• Is Part Of: Entrepreneurship theory and practice. Volume 41:Number 4(2017:Jul.)
• Page Start: 533
• Page End: 565
• Publication Date: 2017-07
• Subjects: Small business -- Periodicals; New business enterprises -- Periodicals; Entrepreneurship -- Periodicals; 658.421
• DOI: 10.1111/etp.12224
• Languages: English
• ISSNs: 1042-2587

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.