Practical Advice to Entrepreneurs Series by ACE Adjunct Professor Dean Shepherd: Practical advice for thinking about entrepreneurial decisions

The author, Dean Shepherd, is of entrepreneurship—how entrepreneurs think, decide to act, and feel. He recently realized that while his publications in academic journals have implications for entrepreneurs, those implications have remained relatively hidden in the text of the articles and hidden in articles published in journals largely inaccessible to those involved in the entrepreneurial process. This series is designed to bring the practical implications of his research to the forefront.

Practical Advice for Entrepreneurs

I am interested in the psychology of entrepreneurship—how entrepreneurs think, decide to act, and feel. I recently realized that while my publications in academic journals have implications for entrepreneurs, those implications have remained relatively hidden in the text of the articles and hidden in articles published in journals largely inaccessible to those involved in the entrepreneurial process. This book is designed to bring the practical implications of my research to the forefront. I decided to take a different approach with this book and not write it for a publisher. I did this because I wanted the ideas to be freely available: (1) I wanted those interested in practical advice for entrepreneurs to be able to freely download, distribute, and use this information (I only ask that the content be properly cited), (2) I wanted to release the chapters independently and make chapters available as they are finished, and; (3) I wanted this work to be a dialogue rather than a one-way conversation—I hope readers email me feedback (positive and negative) so that I can use this information to revise the book. In producing the journal articles underpinning this book, I have had the pleasure of working with many talented and wonderful colleagues—they are cited at the end of each chapter. I hope you find some of the advice in this book useful.

Emotion as a boost to metacognition : how worry enhances the quality of confidence

Emotion and cognition are known to interact during human decision processes. In this study we focus on a specific kind of cognition, namely metacognition. Our experiment induces a negative emotion, worry, during a perceptual task. In a numerosity task subjects have to make a two alternative forced choice and then reveal their confidence in this decision. We measure metacognition in terms of discrimination and calibration abilities. Our results show that metacognition, but not choice, is affected by the level of worry anticipatedbefore the decision. Under worry individuals tend to have better metacognition in terms of the two measures. Furthermore understanding the formation of confidence is better explained with taking into account the level of worry in the model. This study shows the importance of an emotional component in the formation and the quality of the subjective probabilities.

Group metacognition during mathematical problem solving

Although various studies have shown that groups are more productive than individuals in complex mathematical problem solving, not all groups work together cooperatively. This review highlights that addressing organisational and cognitive factors to help scaffold group mathematical problem solving is necessary but not sufficient. Successful group problem solving also needs to incorporate metacognitive factors in order for groups to reflect on the organisational and cognitive factors influencing their group mathematical problem solving.

The role of sensation seeking and need for cognition on web-site evaluations : a resource-matching perspective

The Internet theoretically enables marketers to personalize a Website to an individual consumer. This article examines optimal Website design from the perspective of personality trait theory and resource-matching theory. The influence of two traits relevant to Internet Web-site processing—sensation seeking and need for cognition— were studied in the context of resource matching and different levels of Web-site complexity. Data were collected at two points of time: personality-trait data and a laboratory experiment using constructed Web sites. Results reveal that (a) subjects prefer Web sites of a medium level of complexity, rather than high or low complexity; (b)high sensation seekers prefer complex visual designs, and low sensation seekers simple visual designs, both in Web sites of medium complexity; and (c) high need-for-cognition subjects evaluated Web sites with high verbal and low visual complexity more favourably.

Conclusion explicitness in advertising: The moderating role of need for cognition (NFC) and argument quality (AQ) on persuasion

Previous research into the use of explicit and implicit conclusions in advertising has yet to demonstrate consistent effects for both brand attitudes and purchase intentions. While research has examined the role of involvement, this study contributes by examining the trait called need for cognition (NFC), which addresses a person’s propensity to engage in effortful thinking. In addition, this study introduces argument quality (AQ) as another potential moderator of conclusion explicitness effects. In a 2 × 2 experiment of 261 subjects, conclusion explicitness (explicit conclusion, implicit conclusion) and AQ (strong, weak) are manipulated, with NFC (high NFC, low NFC) as a third measured variable. Results indicate more favorable evaluations for implicit conclusions over explicit conclusions for high-NFC individuals. Further, implicit conclusions result in more favorable brand attitudes and purchase intentions when linked with strong AQ for high-NFC individuals. The findings confirm that conclusion explicitness does not differentially affect the evaluations of low-NFC subjects. Results suggest that NFC may represent an important moderating variable for future conclusion explicitness research.

Ecological approaches to cognition and action in sport and exercise : ask not only what you do, but where you do it

In recent decades, concepts and ideas from James J. Gibson’s theory of direct perception in ecological psychology have been applied to the study of how perception and action regulate sport performance. This article examines the influence of different streams of thought in ecological psychology for studying cognition and action in the diverse behavioural contexts of sport and exercise. In discussing the origins of ecological psychology it can be concluded that psychologists such as Lewin, and to some extent Heider, provided the initial impetus for the development of key ideas. We argue that the papers in this special issue clarify that the different schools of thinking in ecological psychology have much to contribute to theoretical and practical developments in sport and exercise psychology. For example, Gibson emphasized and formalized how the individual is coupled with the environment; Brunswik raised the issue of the ontology of probability in human behaviour and the problem of representative design for experimental task constraints; Barker looked carefully into extra-individual behavioural contexts and Bronfenbrenner presented insights pertinent to the relations between behaviour contexts, and macro influences on behaviour. In this overview, we highlight essential issues from the main schools of thought of relevance to the contexts of sport and exercise, and we consider some potential theoretical linkages with dynamical systems theory.

Spatial cognition for robots

The paper discusses robot navigation from biological inspiration. The authors sought to build a model of the rodent brain that is suitable for practical robot navigation. The core model, dubbed RatSLAM, has been demonstrated to have exactly the same advantages described earlier: it can build, maintain, and use maps simultaneously over extended periods of time and can construct maps of large and complex areas from very weak geometric information. The work contrasts with other efforts to embody models of rat brains in robots. The article describes the key elements of the known biology of the rat brain in relation to navigation and how the RatSLAM model captures the ideas from biology in a fashion suitable for implementation on a robotic platform. The paper then outline RatSLAM's performance in two difficult robot navigation challenges, demonstrating how a cognitive robotics approach to navigation can produce results that rival other state of the art approaches in robotics.

Three primary school students’ cognition about 3D rotation in a virtual reality learning environment

This paper reports on three primary school students’ explorations of 3D rotation in a virtual reality learning environment (VRLE) named VRMath. When asked to investigate if you would face the same direction when you turn right 45 degrees first then roll up 45 degrees, or when you roll up 45 degrees first then turn right 45 degrees, the students found that the different order of the two turns ended up with different directions in the VRLE. This was contrary to the students’ prior predictions based on using pen, paper and body movements. The findings of this study showed the difficulty young children have in perceiving and understanding the non-commutative nature of 3D rotation and the power of the computational VRLE in giving students experiences that they rarely have in real life with 3D manipulations and 3D mental movements.