Previous studies on entrepreneurship have not differentiated between types of entrepreneurial decisions or new venture environments, assuming they were homogenous in terms of task and context. The authors examine the ways in which decision context causes particular biases, and how these biases,...

Managers in small firms often adopt a strategy ofintroducing new products in order to improve a small firm's ailing performance.Prospect theory suggests that individuals tend to take risks if they are in anegative decision context and motivated to seek any opportunity no matter howunrealistic,...

Previous research indicates that entrepreneurs do nothave a high propensity to willingly take risks. However decisions made byentrepreneurs often come with risks and entrepreneurs adopt differentstrategies that help them to cope with these risks. The cognitive strategiesadopted by individuals to...