Passion inspires us to work harder without even noticing it (Chang, 2001) and is displayed in long working hours as well as in the way of experiencing success and failure as a personal incident (Shepherd, 2003; Baron, 2006). However, passion can also have dysfunctional consequences; for example escalating commitment, blindness to risks etc. (Cardon, Zietsma et al., 2005). In this paper, we investigate how passion impacts the decision of entrepreneurs to exploit new opportunities. Drawing on the findings in the literature on entrepreneurial passion and emotions, we derive hypotheses which suggest that passionate entrepreneurs tend to make hasty and risky decisions on exploiting opportunities. Specifically, following Choi and Shepherd (2004), we propose that the impact of the entrepreneurs’ knowledge of customer demand, development stage of enabling technologies, managerial capabilities, and stakeholder support on their exploitation decisions is diminished with increasing entrepreneurial passion.
Klaukien, Anja and Patzelt, Holger
"ENTREPRENEURIAL PASSION AND ITS EFFECT ON DECISION MAKING (SUMMARY),"
Frontiers of Entrepreneurship Research: Vol. 28
, Article 9.
Available at: http://digitalknowledge.babson.edu/fer/vol28/iss6/9