Economics at your fingertips  

When the Quest for the Best Pays Off: How Maximising Entrepreneurs Improve Performance by Creating Entrepreneurial and Market Oriented Businesses

Brandon William Soltwisch

Journal of Entrepreneurship and Innovation in Emerging Economies, 2021, vol. 30, issue 2, 223-248

Abstract: New research in the behavioural sciences has identified that some individuals consistently strive to make the best choice through extensive information search (maximisers), while others are inclined to select options that are good enough (satisficers). The purpose of this study is to investigate how these decision-making styles impact the entrepreneurial process. It is predicted that maximising entrepreneurs will perform better in their entrepreneurial ventures than satisficing entrepreneurs. In order to achieve improved outcomes, it is expected that maximisers will apply their preference for information search to develop more entrepreneurially oriented and market-oriented businesses. Data gathered from a sample of 172 entrepreneurs in the United States indicate that entrepreneurs who maximise outperformed their satisficing counterparts. This relationship was mediated by both entrepreneurial orientation and market orientation, suggesting that maximising entrepreneurs are more likely than satisficers to adopt innovative and market driven approaches to improve entrepreneurial performance.

Keywords: Entrepreneurial performance; entrepreneurial orientation; market orientation; maximising; satisficing; decision-making styles (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link) (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

DOI: 10.1177/09713557211025648

Access Statistics for this article

More articles in Journal of Entrepreneurship and Innovation in Emerging Economies from Entrepreneurship Development Institute of India
Bibliographic data for series maintained by SAGE Publications ().

Page updated 2021-10-23
Handle: RePEc:sae:jouent:v:30:y:2021:i:2:p:223-248