Entrepreneurship Under Radical Uncertainty - A Cognitive Perspective on Experimenting in the Unknown

Book excerpt: Entrepreneurs move their venture creation process from an uncertain, unknown future toward somewhat more certain and knowable. To support present actions about future outcomes on this journey, entrepreneurs essentially need to understand what they know and don’t know yet. Individuals, however, are not destined to have a complete awareness of their ignorance. It is precisely unawareness why a certain opportunity has not yet been exploited, but decisions require fast strategies to simplify information and not lose the opportunity. Thus, knowledge only might not naturally advance opportunities. This book provides insights about how entrepreneurs cope with this apparent contradiction. Based on qualitative and experimental insights, the book explores the relevance of knowing what you don’t know with the help of the science of self-awareness. A key point is that metacognition plays an essential role to overcome cognitive barriers to come to logical judgments and decisions.