Entrepreneurial opportunities: How do cognitive styles and logics of action fit in?

Among the questions yet to be answered concerning entrepreneurial opportunities is that related to the nature of the opportunity (Alvarez et al., 2013), the cognitive style of the entrepreneur (Cardon et al., 2009), and the decision-making process (Sarasvathy, 2001). The process of opportunity identification is often associated with an analytical cognitive style, whereas an individual may also be guided by intuition in effectual decision-making to construct an opportunity. Here we analyze ten case studies to unveil the relationships between the process of opportunity formation (creation or identification), the cognitive style of the entrepreneur (intuitive or analytical) and the decision-making process (causal or effectual). We find that the relation is not systematic, and that firm industry and position in the sector are determinant.