The Heuristics of Entrepreneurs
Andrea Makings and
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Andrea Makings: Wits Business School, University of the Witwatersrand, South Africa
Brian Barnard: Wits Business School, University of the Witwatersrand, South Africa
Expert Journal of Business and Management, 2019, vol. 7, issue 2, 179-203
The study considered and investigated the heuristics of entrepreneurs in the fields of management, strategy, innovation, marketing, sales, HR, and tactics. Overall, a very sophisticated heuristic set was surfaced. None of the areas studied can be described as under-developed. The sophistication of the heuristic set contrasts strongly with previous research on entrepreneursâ€™ heuristics. Entrepreneurs did not always and initially acknowledge their use of heuristics. It equally implies entrepreneurs may not be actively developing their thinking at all times. Although impressive, comprehensive, and original, the heuristics set may not truly be that distinct from the typical heuristics set of business leaders. Entrepreneurs differ in terms of the level of maturity or comprehensiveness they have reached in terms of the heuristics they consider and use. Entrepreneurs demonstrate natural proficiency and deficiency in terms of heuristics pertaining to areas they excel in and struggle with, respectively. Entrepreneurs may develop heuristics through experience. Education impacts the development of heuristics. Some entrepreneurs make up for the areas in which they lack, by seeking help, assistance, expertise, etc. Entrepreneurs may also pick up and learn heuristics from others.
JEL-codes: O30 L26 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:exp:bsness:v:7:y:2019:i:2:p:179-203
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