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Applying the theory of socially situated cognition, we study how entrepreneurs cognitively process the business model construct during the early stages of launching technology-based new ventures. Through an abductive reasoning procedure, we aggregate four underlying socially situated cognitive functions of the business model and describe how these functions facilitate opportunity development. We examine if the entrepreneur’s educational background (STEM vs non-STEM) influences their cognitive processing of the construct. We discuss the contribution of our study to the literature on managerial cognition, business models, and to practice in detail.

This dissertation focuses on the topic of entrepreneurial cognitive development during business opportunity development. Business opportunity development takes place in a social context and is affected by the entrepreneur’s (inter)action with relevant stakeholders (Clarke & Cornelissen, 2011). Entrepreneurial researchers acknowledge the socially situated nature of entrepreneurial cognition (Mitchell et al., 2011). The research question central to this thesis is the following: How do socially situated cognitive mechanisms affect entrepreneurial cognitive development during business opportunity development? To answer this question, we undertook four empirical studies among entrepreneurs who participated in an institutional incubation/acceleration program. Theoretically, our findings contribute to conceptualizing the co-constructed nature of entrepreneurial sensemaking. In particular, the results of our research show language enables (meta-)cognitive development of entrepreneurs by means of socially situated cognitive mechanisms and demonstrate how entrepreneurs develop (meta-)cognitive skills through communicative interaction. Furthermore, this dissertation contributes methodically: By employing the diary method, we answer to Shepherd’s (2015) call for methodological experimentation and modernisation in scientific entrepreneurship research. On a practical level, entrepreneurs can leverage the insights from the empirical studies to reflect on and become (more) aware of being a particular ‘type’ of entrepreneur, particularly related to their previous entrepreneurial experience and the type of opportunity they are developing. Entrepreneurs can be more intentional about the set-up of a ‘community of inquiry’ (Shepherd & Patzelt, 2017) in which they can engage in thought exchange and leverage feedback from relevant stakeholders that help to shape the business opportunity. Students and academic researchers can benefit from our findings as well. The socially situated cognitive mechanisms can easily be integrated into experiential learning approaches which put emphasis on the development of soft skills, presentational skills and interpersonal communication, and which are considered important for higher education in general (Kolb & Kolb, 2005) and in entrepreneurial thinking in particular (Krueger, 2007). This dissertation also provides useful insights for the design of business incubation/acceleration programs.. For example, policy-makers can leverage the conceptualization of the process and outcomes of stakeholder interaction offered in the empirical studies in order to develop indicators for monitoring and evaluation of the efficient use of both coaching and panel interactions.

Why is that presentations on “neuro-entrepreneurship” are so well-attended (and applauded) yet little traction has really occurred? Similarly, in entrepreneurship we hear a regular drumbeat calling for nurturing the entrepreneurial mindset yet we see little progress in rigorously defining that. Nor do we see much progress is applying what we do know. Entrepreneurship should be a field sympathetic to the neuroentrepreneurship agenda, and by and large it is. People think it should be important, and while its relative level of importance might differ there is general interest and a leaning in to what could be learned here. This session brings together some of the leading thinkers on these questions, each bringing an unique perspective on the question of where next for neuro-entrepreneurship.