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The Role of Cognitive Style and Risk Preference on Entrepreneurial Self-Efficacy and Entrepreneurial Intentions

Megan W. Gerhardt

Jill Richard Kickul

The purpose of the current study is to address the distinctive roles of cognitive style and risk preference on four types of entrepreneurial self-efficacy and entrepreneurial intentions. More specifically, we examine how both cognitive style and risk preference separately and interactively contribute to an individual's assessment of his/her own skills and abilities as well as to his/her own entrepreneurial intentions. This study investigated these relationships using an international sample of 528 entrepreneurial students across three universities. Results indicated that individuals with a high risk preference had higher levels of entrepreneurial intentions and opportunity-identification efficacy, whereas individuals with a low risk preference had higher levels of relationship efficacy, and tolerance efficacy. Individuals with an intuitive cognitive style were also found to have lower perceived self-efficacy concerning the establishment of relationship with investors, the economic management of the new venture, and their capacity to tolerate ambiguity. However, intuitive individuals who had a high preference for risk exhibited higher levels of opportunity identification efficacy. Finally, contrary to our final hypothesis, analytic individuals with a low preference for risk had higher levels of relationship and tolerance self-efficacy than intuitive individuals with a high risk preference. Implications of these findings and directions for future research are discussed.

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