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The Role of Emotions and Cognitions in Entrepreneurial Decision-Making

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Revisiting the Entrepreneurial Mind

Part of the book series: International Studies in Entrepreneurship ((ISEN,volume 35))

Abstract

This chapter examines the role of emotions and cognitions in entrepreneurial decision-making and how they interact in this process. First, definitions of the terms emotions and cognitions are outlined. Second, entrepreneurial decision-making processes and the role of emotions and cognitions within these processes are presented. Afterward, we briefly describe three representatives of cognitive appraisal theories of emotion with the focus on entrepreneurship. Finally, we present a model of how to study emotions and cognitions in entrepreneurial decision-making and point out implications for future research, for practice, and for teaching.

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Notes

  1. 1.

    Scherer (2005) criticizes that William James (1884) asked the wrong question with “what is an emotion,” but should have rather asked “what is a feeling.”

  2. 2.

    In the early 1970s, Tversky and Kahneman described a research orientation which has dominated the judgement and decision-making literature ever since. They argued that individuals make use of cognitive heuristics, i.e., simple rules of thumb to make “quick-and-easy” decisions, which reduce the complexity of a decision under uncertainty. Heuristics in general, however, are quite useful, but sometimes they also lead to serious and systematic errors, i.e., cognitive biases. Tversky and Kahneman defined three cognitive heuristics for risk judgments, namely representativeness, availability, and anchoring-and-adjustment.

  3. 3.

    This concept was later transferred into a formula by Kurt Lewin (1890–1947), who established that behavior is a function of both person and environment or B = f (P, E).

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Authors and Affiliations

  1. Munich School of Management, Ludwig-Maximilians-University, Ludwigstr. 28, 80539, Munich, Germany

    Theresa Michl & Arnold Picot

  2. Technical University of Munich, Arcisstr. 21, 80333, Munich, Germany

    Isabell M. Welpe

  3. Private University Seeburg Castle, Seeburgstraße 8, 5201, Seekirchen am Wallersee, Austria

    Matthias Spörrle

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  4. Arnold Picot
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  1. School of Business and Economics, Abo Akademi University, Turku, Finland

    Malin Brännback

  2. School of Business and Economics, Åbo Akademi University, Abo (Turku), Finland

    Alan L. Carsrud

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Michl, T., Welpe, I.M., Spörrle, M., Picot, A. (2017). The Role of Emotions and Cognitions in Entrepreneurial Decision-Making. In: Brännback, M., Carsrud, A. (eds) Revisiting the Entrepreneurial Mind. International Studies in Entrepreneurship, vol 35. Springer, Cham. https://doi.org/10.1007/978-3-319-45544-0_15

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