Abstract
Experiential processing of events has been argued to result in affective reactions –emotions and feelings – which in turn influence judgment and decision states. Research also suggests that specific experiential processing may carry action-oriented appraisal dimensions that act as implicit perceptual lenses for interpreting subsequent experiences. However, founders with different founding goals may self-select into different founding trajectories that provide them with different experiences and therefore different affective reactions. Therefore, we develop a conceptual model to study experience or event-generated affect within the domain of two common venture goals: small business vs high growth venture goals. Our model unearths insights into affect research in entrepreneurship. Implications for research and practice are also provided.
Acknowledgement
We thank Dr. James Hayton for his feedback on an earlier version of this paper. We also thank the anonymous reviewers.
References
Ajzen, I 1985. “From Intentions to Actions: A Theory of Planned Behavior.” In Action Control: From Cognition to Behavior., edited by J. Kuhi, and J. Beckmann, 11–38. Heidelberg: Springer.10.1007/978-3-642-69746-3_2Search in Google Scholar
Ajzen, I 1991. “The Theory of Planned Behavior.” Organizational Behavior and Human Decision Processes 50: 179–211.10.1016/0749-5978(91)90020-TSearch in Google Scholar
Baron, R. A 2008. “The Role of Affect in the Entrepreneurial Process.” Academy of Management Review 33: 328–340.10.5465/amr.2008.31193166Search in Google Scholar
Baron, R. A., and J. Tang. 2009. “Entrepreneurs’ Social Competence and New Venture Performance: Evidence on Potential Mediators and Cross-Industry Generality.” Journal of Management 35: 282–306.10.1177/0149206307312513Search in Google Scholar
Bigne, J. E., A. S. Mattila, and L. Andreu. 2008. “The Impact of Experiential Consumption Cognitions and Emotions on Behavioral Intentions.” Journal of Services Marketing 22 (4/5): 303–315.10.1108/08876040810881704Search in Google Scholar
Bird, B 1988. “Implementing Entrepreneurial Ideas: The Case of Intention.” Academy of Management Review 13: 442–453.10.5465/amr.1988.4306970Search in Google Scholar
Bound, P., and K. Miller. 2011. The Startup Factories: The Rise of Accelerator Programmes to Support New Technology Ventures. London: NESTA June.Search in Google Scholar
Cardon, M. S., J. Wincent, J. Singh, and M. Drnovsek. 2009. “The Nature and Experience of Entrepreneurial Passion.” Academy of Management Review 34 (3): 511–532.10.5465/amr.2009.40633190Search in Google Scholar
Damasio, A. R 1996. “The Somatic Marker Hypothesis and the Possible Functions of the Prefrontal Cortex.” Transactions of the Royal Society (London) 351: 1413–1420.10.1093/acprof:oso/9780198524410.003.0004Search in Google Scholar
Damasio, A. R 2003. “Fundamental Feelings.” Nature 413: 781.10.1038/35101669Search in Google Scholar
Deci, E. L., and R. M. Ryan. 2000. “The ‘What’ and ‘Why’ of Goal Pursuits: Human Needs and the Self-Determination of Behavior.” Psychological Inquiry 11 (4): 227–268.10.1207/S15327965PLI1104_01Search in Google Scholar
Dimov, D 2011. “Grappling with the Unbearable Elusiveness of Entrepreneurial Opportunities.” Entrepreneurship Theory and Practice 35 (1): 57–81.10.1111/j.1540-6520.2010.00423.xSearch in Google Scholar
Ellsworth, P. C., & Scherer, K. R. (2003). "Appraisal processes in emotion." In R. Davidson, K. R. Scherer, & H. H. Goldsmith, edited by Handbook of affective sciences. New York: Oxford University Press.Search in Google Scholar
Elster, J 1998. “Emotions and Economic Theory.” Journal of Economic Literature 36: 47–74.Search in Google Scholar
Fishbein, M., and I. Ajzen. 1975. Belief, Attitude, Intention and Behavior: An Introduction to Theory and Research. Reading, MA: Addison-Wesley.Search in Google Scholar
Fontaine, J. R. J., K. R. Scherer, E. B. Roesch, and P. C. Ellsworth. 2007. “The World of Emotions Is Not Two-Dimensional.” Psychological Science 18: 1050–1057.10.1111/j.1467-9280.2007.02024.xSearch in Google Scholar
Foo, M. D 2011. “Emotions and Entrepreneurial Opportunity Evaluation.” Entrepreneurship Theory & Practice 35 (2): 375–393.10.1111/j.1540-6520.2009.00357.xSearch in Google Scholar
Foo, M. D., M. Uy, and R. A. Baron. 2009. “How Do Feelings Influence Effort? an Empirical Study of Entrepreneurs’ Affect and Venture Effort.” Journal of Applied Psychology 94 (4): 1086–1094.10.1037/a0015599Search in Google Scholar
Forgas, J. P 1992. “Affect in Social Judgments and Decisions: A Multiprocess Model.” In Advances in Experimental Social Psychology., edited by M. Zanna, Vol. 25, 227–275. San Diego, CA: Academic Press.10.1016/S0065-2601(08)60285-3Search in Google Scholar
Forgas, J. P 1995. “Mood and Judgment: The Affect Infusion Model (AIM).” Psychological Bulletin 117: 39–66.10.1037/0033-2909.117.1.39Search in Google Scholar
Forgas, J. P 2003. “Affective Influences on Attitudes and Judgments.” In Handbook of Affective Sciences., edited by R. J. Davidson, K. R. Scherer, and H. Goldsmith, 596–618. Oxford University Press.Search in Google Scholar
Forgas, J. P., and J. M. George. 2001. “Affective Influences on Judgments and Behavior in Organizations: An Information Processing Perspective.” Organizational Behavior and Human Decision Processes 86: 3–34.10.1006/obhd.2001.2971Search in Google Scholar
Fournier, S 1998. “Consumers and Their Brands: Developing Relationship Theory in Consumer Research.” Journal of Consumer Research 24 (4): 343–373.10.1086/209515Search in Google Scholar
Hayton, J. C., and M. Cholakova. 2012. “Role of Affect in the Creation and Intentional Pursuit of Entrepreneurial Ideas.” Entrepreneurship Theory and Practice 36: 41–68.10.1111/j.1540-6520.2011.00458.xSearch in Google Scholar
Headd, B. (2010).An Analysis of Small Business and Jobs, Small Business Administration, Small Business Research Summary Office of Advocacy, March, No. 359.Search in Google Scholar
Hirisch, R. D., M. P. Peters, and D. A. Shepherd. 2008. Entrepreneurship. Boston: McGraw-Hill/Irwin.Search in Google Scholar
Isen, A. M., and A. A. Labroo. 2003. “Some Ways in Which Positive Affect Facilitates Decision Making and Judgment.” In Emerging Perspectives on Judgment and Decision Research., edited by S. Schneider, and J. Shanteau, 365–393. New York: Cambridge University Press.10.1017/CBO9780511609978.013Search in Google Scholar
Knight, F 1921. Risk, Uncertainty and Profit. New York: Hart, Schaffner, and Marx.Search in Google Scholar
Kolvereid, L., and E. Isaksen. 2006. “New Business Start-Up and Subsequent Entry into Selfemployment.” Journal of Business Venturing 21: 866–885.10.1016/j.jbusvent.2005.06.008Search in Google Scholar
Krueger, N.F. 1993. "The Impact of Prior Entrepreneurial Exposure on Perceptions and New Venture Feasibility and Desirability." Entrepreneurship Theory and Practice 18: 5–21.10.1177/104225879301800101Search in Google Scholar
Krueger, N. F., M. D. Reilly, and A. L. Carsud. 2000. “Competing Models of Entrepreneurial Intentions.” Journal of Business Venturing 15 (5/6): 411–432.10.1016/S0883-9026(98)00033-0Search in Google Scholar
Kuratko, D. F., J. S. Hornsby, and D. W. Naffziger. 1997. “An Examination of Owner’s Goals in Sustaining Entrepreneurship.” Journal of Small Business Management 35 (1): 24–34.Search in Google Scholar
Lazarus, R. S 1991. Emotion and Adaptation., 38–44. New York, NY: Oxford Press.Search in Google Scholar
Lerner, J. S., R. M. Gonzalez, D. A. Small, and B. Fischhoff. 2003. “Effects of Fear and Anger on Perceived Risks of Terrorism: A National Field Experiment.” Psychological Science 14 (2): 144–150.10.1037/e617892011-049Search in Google Scholar
Lerner, J. S., S. Han, and D. Keltner. 2007. “Feelings and Consumer Decision Making: Extending the Appraisal-Tendency Framework.” Journal of Consumer Psychology 17: 184–187.10.1016/S1057-7408(07)70027-XSearch in Google Scholar
Lerner, J. S., and D. Keltner. 2000. “Beyond Valence: Toward a Model of Emotion-Specific Influences on Judgment and Choice.” Cognition and Emotion 14: 473–493.10.1080/026999300402763Search in Google Scholar
Lerner, J. S., and D. Keltner. 2001. “Fear, Anger, and Risk.” Journal of Personality and Social Psychology 81: 146–159.10.1037/0022-3514.81.1.146Search in Google Scholar
Lerner, J. S., and L. Z. Tiedens. 2006. “Portrait of the Angry Decision Maker: How Appraisal Tendencies Shape Anger’s Influence on Cognition.” Journal of Behavioural Decision Making 19: 115–137.10.1002/bdm.515Search in Google Scholar
Lyubomirsky, S., L. King, and E. Diener. 2005. “The Benefits of Frequent Positive Affect: Does Happiness Lead to Success?” Psychological Bulletin 131: 803–855.10.1037/0033-2909.131.6.803Search in Google Scholar
Malmström, M., J. Johansson, and J. Wincent. 2015. “Cognitive Constructions of Low-Profit and High-Profit Business Models: A Repertory Grid Study of Serial Entrepreneurs.” Entrepreneurship: Theory and Practice 39 (5): 1083–1109. DOI:10.1111/etap.12096.Search in Google Scholar
Mano, H 1999. “The Influence of Pre-Existing Negative Affect on Store Purchase Intentions.” Journal of Retailing 75 (2): 149–172.10.1016/S0022-4359(99)00002-0Search in Google Scholar
McKelvie, A., M. J. Haynie, and V. Gustavsson. 2011. “Unpacking the Uncertainty Construct: Implications for Entrepreneurial Action.” Journal of Business Venturing 26 (3): 273–292.10.1016/j.jbusvent.2009.10.004Search in Google Scholar
Morris, M., D. Kuratko, M. Schindehutte, and A. Spivack. 2012. “Framing the Entrepreneurial Experience.” Entrepreneurship Theory and Practice 36: 11–40.10.1111/j.1540-6520.2011.00471.xSearch in Google Scholar
Norberg, C., and J. Johansson. 2013. “Accounting Terminology and Translation – A Linguistic Challenge. Linguistic Confusion in International Accounting.” Language for Special Purposes, Professional Communication, Knowledge Management and Cognition 4 (1): 30–48.Search in Google Scholar
OECD. 2011. Financing High-Growth Firms: The Role of Angel Investors OECD Publishing, http://dx.doi.org/10.1787/9789264118782-en.10.1787/9789264118782-enSearch in Google Scholar
Peters, B 2010. Early Exits – Exit Strategies for Entrepreneurs and Angel Investors (But Maybe Not Venture Capitalists). Canada: Meteor Bytes Data Management Corp.Search in Google Scholar
Podoynitsyna, K. H., H. Van der Bij, and M. Song. 2012. “The Role of Mixed Emotions in the Risk Perception of Novice and Serial Entrepreneurs.” Entrepreneurship Theory and Practice 36: 115–140.10.1111/j.1540-6520.2011.00476.xSearch in Google Scholar
Reisenzein, R 2001. “Appraisal Processes Conceptualized from a Schematheoretic Perspective: Contributions to a Process Analysis of Emotions.” In Appraisal Processes in Emotion: Theory, Methods, Research. Series in Affective Science., edited by K. R. Scherer, A. Schorr, and T. Johnstone, 187–201. New York: Oxford University Press.Search in Google Scholar
Roseman, I. J 1984. “Cognitive Determinants of Emotion: A Structural Theory.” In Review of Personality & Social Psychology, 5, Emotions, Relationships, and Health., edited by P. Shaver, 11–36. Beverly Hills, CA: Sage.Search in Google Scholar
Rotefoss, B., and L. Kolvereid. 2005. “Aspiring, Nascent and Fledgling Entrepreneurs: An Investigation of the Business Start-Up Process.” Entrepreneurship & Regional Development 17: 109–127.10.1080/08985620500074049Search in Google Scholar
Scherer, K. R 1982. “Emotion as a Process: Function, Origin, and Regulation.” Social Science Information 21: 555–570.10.1177/053901882021004004Search in Google Scholar
Scherer, K. R 2001. “Appraisal Considered as a Process of Multilevel Sequential Checking.” In Appraisal Processes in Emotion: Theory, Methods, Research. Series in Affective Science., edited by K. R. Scherer, A. Schorr, and T. Johnstone, 92–120. New York: Oxford University Press.Search in Google Scholar
Schwarz, N., and G. L. Clore. 2007. “Feelings and Phenomenal Experiences.” In Social Psychology: Handbook of Basic Principles., edited by E. T. Higgins, and A. Kruglanski, 2nd ed 385–407. New York: Guilford Press.Search in Google Scholar
Shane, S., and S. Venkataraman. 2000. “The Promise of Entrepreneurship as a Field of Research.” Academy of Management Review 25 (1): 217–226.10.5465/amr.2000.2791611Search in Google Scholar
Shapero, A 1982. “Some Social Dimensions of Entrepreneurship.” In The Encyclopedia of Entrepreneurship., edited by C. Kent, D. Sexton, and K. Vesper. Englewood Cliffs, NJ: Prentice-Hall.Search in Google Scholar
Sheppard, B. H., J. Hartwick, and P. R. Warshaw. 1988. “The Theory of Reasoned Action: A Metaanalysis of past Research with Recommendations for Modifications and Future Research.” Journal of Consumer Research 15: 325–343.10.1086/209170Search in Google Scholar
Sihler, W., R. Crawford, and H. Davis. 2004. Smart Financial Management: The Essential Reference for the Successful Small Business. AMACOM Div American Management Association.Search in Google Scholar
Smith, C. A., and P. C. Ellsworth. 1985. “Patterns of Cognitive Appraisal in Emotion.” Journal of Personality and Social Psychology 48: 813–838.10.1037/0022-3514.48.4.813Search in Google Scholar
Souitaris, V., S. Zerbinati, and A. Al-Laham. 2007. “Do Entrepreneurship Programmes Raise Entrepreneurial Intention of Science and Engineering Students? the Effect of Learning, Inspiration and Resources.” Journal of Business Venturing 22 (4): 566–591.10.1016/j.jbusvent.2006.05.002Search in Google Scholar
Stone, M. M., and C. G. Brush. 1996. “Planning in Ambiguous Contexts: The Dilemma of Meeting Needs for Commitment and Demands for Legitimacy.” Strategic Management Journal 17: 633–652.10.1002/(SICI)1097-0266(199610)17:8<633::AID-SMJ837>3.0.CO;2-6Search in Google Scholar
Stryker, S., and P. J. Burke. 2000. “The Past, Present, and Future of an Identity Theory.” Social Psychology Quarterly 63: 284–297.10.2307/2695840Search in Google Scholar
Thorgren, S., and J. Wincent. 2013. “Passion and Challenging Goals: Drawbacks of Rushing into Goal-Setting Processes.” Journal of Applied Social Psychology 43 (11): 2318–2329. DOI:10.1111/jasp.12181.Search in Google Scholar
Thorgren, S., and J. Wincent. 2015. “Passion and Habitual Entrepreneurship.” International Small Business Journal 33 (2): 216–227. DOI:10.1177/0266242613487085.Search in Google Scholar
Tiedens, L. Z., and S. Linton. 2001. “Judgment under Emotional Certainty and Uncertainty: The Effects of Specific Emotions and Their Associated Certainty Appraisals on Cognitive Processing.” Journal of Personality and Social Psychology 81: 973–988.10.1037/0022-3514.81.6.973Search in Google Scholar
Uy, M. A., M. D. Foo, and H. Aguinis. 2010. “Using Experience Sampling Methodology to Advance Entrepreneurship Theory and Research.” Organizational Research Methods 13: 31–54.10.1177/1094428109334977Search in Google Scholar
Weiss, H. M., and D. Beal. 2005. “Reflections on Affective Events Theory.” In Research on Emotion in Organization: The Effect of Affect in Organizational Settings., edited by N. M. Askanasy, W. Zerbe, and C. E. J. Hartel, Vol. 1, 1–21. Oxford: Elsevier.10.1016/S1746-9791(05)01101-6Search in Google Scholar
© 2017 Walter de Gruyter GmbH, Berlin/Boston
Articles in the same Issue
- Understanding Creative Entrepreneurs’ Intention to Quit: The Role of Entrepreneurial Motivation, Creativity, and Opportunity
- Opportunity Evaluation Using Uncertainties in Software Entrepreneurship
- Event-Generated Affect and its Carryover Effects: Implications for Small Business vs High Growth Venture Goals
Articles in the same Issue
- Understanding Creative Entrepreneurs’ Intention to Quit: The Role of Entrepreneurial Motivation, Creativity, and Opportunity
- Opportunity Evaluation Using Uncertainties in Software Entrepreneurship
- Event-Generated Affect and its Carryover Effects: Implications for Small Business vs High Growth Venture Goals