The Relationship Research On Entrepreneurial Team Cognition Ability And Entrepreneurial Decision Making

With the flourishing momentum of global scientific and technological revolution,and the rapid emergence and popularity of emerging technologies,a new round of entrepreneurial wave has been greatly driven forward.Yet,due to the fierce market competition,scattered information distribution and updating technologies,risks and uncertainties in entrepreneurial process keep continually intensified.Also,entrepreneurial activities characterized by innovative resource integration begin to change from initially individual entrepreneurship to the team creation gradually.In the meantime,the innate group,open and dynamic features the entrepreneur team possesses have further complicated the entrepreneurial decision making.As is the often the case,a wrong decision-making results in a failure of entrepreneurial team.In truth,most of the existing researches are started from the entrepreneurial team structure and process characteristics,but few of them makes integrated analysis on entrepreneurial team cognition ability and entrepreneurial decision making from the perspective of cognition.Hence,the transforming relation and complex function of them are ignored.In this case,the paper,from the angle of cognition,is intended to conduct theoretical analysis and empirical research on the impact of entrepreneurial team cognition ability on the enrtrepreneurial decision making.The social cognitive theory,entrepreneurial interpretation theory and team cognition are applied into this research,and several research means are adopted such as literature study,interview research,DEMATEL,Baynesian Network and regression analysis.It is of tremendous theoretical value and practical significance for enriching entrepreneurial cognition and entrepreneurial decision making,optimizing the management practice of entrepreneurial team and stimulating unique decision making models and behaviors.The main research contents are shown as follows:(1)Concept and principle of entrepreneurial team cognition ability.Through literature review and theoretical inference,the conception pattern of entrepreneurial team cognition ability is built from the perspectives of cognitive consensus,cognitive interaction and cognitive adaptation.Then,semi-structured interview research and content analysis are employed to preliminarily identify,explore and revise this concept.On this basis,it develops entrepreneurial team cognition ability scale,and verifies the structural dimension of this cognition ability by statistical means including exploratory and confirmatory factor analysis.Ultimately,entrepreneurial team cognition ability is proved to be a second-order seven-factor model.At the same time,entrepreneurial consensus ability,expertise configuration ability and monitoring and control ability represent three main structural dimensions of entrepreneurial team cognition ability.(2)Analysis on the relation between entrepreneurial team cognition ability and entrepreneurial decision making.By literature research,three effects embodied in such cognition ability are summarized,namely information processing effect,cognitive pattern effect,as well as the self-reflective adjustment effect.Moreover,DEMATEL and Bayesian Network are combined to obtain the dominant paths driving entrepreneurial decision making,which cover cognitive complexity/cognitive heuristic—entrepreneurial alertness—opportunity recognition—entrepreneurial decision making;and cognitive heuristic—cognitive bias—risk perception—entrepreneurial efficacy—entrepreneurial decision making.Meanwhile,the key factors that drive entrepreneurial decision making are recognized,including opportunity recognition and entrepreneurial efficacy.Based upon these,functions of three effects are elaborated:the activation function for the basic factors in making decision,the recognition function for entrepreneurial opportunity and intensify function for entrepreneurial efficacy.In this way,it’s able to clarify cohesive relationship between three effects and key driving paths,thereby truly revealing the impact of entrepreneurial team cognition ability on decision making.(3)Research hypothesis and empirical analysis.The entrepreneurial decision making is detailed from its speed and effect.And,beginning with the cognition ability and taking opportunity recognition and entrepreneurial efficacy as double intermediary variables,the paper aims to construct integrated relational framework among cognition ability dimensions,opportunity recognition,entrepreneurial efficacy,decision making speed and decision making effect,expounding the process mechanism turning cognition ability into entrepreneurial decision making.As shown in the empirical research,different dimensions of cognition ability have distinctive functional paths to entrepreneurial decision making.Specifically,entrepreneurial consensus ability directly influences decision-making speed instead of effect,but through entrepreneurial efficacy,it can affect both in an indirect manner.Secondly,expertise configuration ability can influence speed and effect directly or indirectly via opportunity recognition and entrepreneurial efficacy.Thirdly,it is decision making effect,rather than speed,that is directly affected by monitoring and control ability,which can also exert an indirect impact on both effect and speed through opportunity recognition.Additionally,it is found that opportunity recognition has a positive influence on entrepreneurial efficacy.Furthermore,centrepreneurial efficacy plays a positive role in regulating the relations between opportunity recognition and decision-making speed,and effect,and it is more obvious in adjusting opportunity recognition with speed.