Inducements, Impediments, and Immediacy: Exploring the Cognitive Drivers of Small Business Managers' Intentions to Adopt Business Model Change

Oleksiy Osiyevskyy · Jim Dewald

72 citations0/0 files storedJournal of Small Business Management

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Business Strategies and Innovation Entrepreneurship Studies and Influences Innovation and Knowledge Management

Abstract

Small business managers rely on judgment and heuristics when making critical strategic decisions. We explore this phenomenon, expanding the theory on cognition and strategy to explain the cognitive determinants of strategic decisions leading to small firm business model change. We integrate existing theories (entrepreneurial opportunity exploitation, cognitive resilience, prospect theory, behavioral theory of the firm, threat-rigidity) into a framework explaining strategic intentions, based on managers' perception of business opportunity interacting with assessment of the external environment, current performance, and prior experience. The framework is empirically tested in the context of Canadian real estate brokerage industry, facing potentially major disruptive change.

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References

1979Prospect Theory: An Analysis of Decision under Risk 1983The Iron Cage Revisited: Institutional Isomorphism and Collective Rationality in Organizational Fields 1988Prospect theory: An analysis of decision under risk 1977Institutionalized Organizations: Formal Structure as Myth and Ceremony 1986Self-Reports in Organizational Research: Problems and Prospects 2000The Promise of Entrepreneurship as a Field of Research 1983The Iron Caged Revisited : Institutional Isomorphism and Collective Rationality in Organizational Fields 1977The Population Ecology of Organizations

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