Abstract

Imagination is important in the venture creation process according to the literature, but little is known about how entrepreneurs use their imagination. We analyzed weekly diaries that were kept by entrepreneurs. We found that to imagine the future state of the company, and scenarios and plans, entrepreneurs need to use prospective thinking and counterfactual thinking. To imagine the (inter)actions of stakeholders of the company, entrepreneurs need to use prospective thinking and perspective taking. Our findings suggest that entrepreneurs indeed use their imagination and that business outcomes of imagination differ significantly by the imagination process.

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