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Entrepreneurial Alertness, Metacognition, and Opportunity Identification by Kevin Cox a Dissertation Submitted to the Faculty Of Entrepreneurial Alertness, Metacognition, and Opportunity Identification by Kevin Cox A Dissertation Submitted to the Faculty of The College of Business In Partial Fulfillment of the Requirement for the Degree of Doctor of Philosophy Florida Atlantic University Boca Raton, FL May 2016 Copyright 2016 by Kevin Cox ii Acknowledgements The author wishes to express sincere gratitude to his committee members for all of their guidance and support, specifically, Dr. Gary Castrogiovanni for all of his patience, encouragement, and direction during the writing of this manuscript. The author also wishes to thank all the organizations and individuals who aided in providing access to the sample of entrepreneurs required for the study. iv Abstract Author: Kevin Cox Title: Entrepreneurial Alertness, Metacognitive Knowledge, and Opportunity Identification Institution: Florida Atlantic University Dissertation Advisor: Dr. Gary Castrogiovanni Degree: Doctor of Philosophy Year: 2016 The research study investigates factors that influence entrepreneur’s ability to identify new venture opportunities. Entrepreneurial alertness has been widely argued as fundamental to the opportunity identification process, yet this relationship remains largely unverified by empirical evidence. This study provides an explicit investigation into the implications of entrepreneurial alertness for opportunity identification as well as how metacognitive factors moderate the proposed relationship. First, Chapter 1 provides an overview the purpose, research questions, the significance of the study, and the conceptual framework. Next, a comprehensive review of the existing literature on opportunity identification is provided which is followed by the development of theoretical arguments, associated hypotheses, and the conceptual model. Subsequently, and overview of the research methodology and sampling procedure is presented. Finally, the analyses and results presented followed by a discussion, future research, and conclusions. v Entrepreneurial Alertness, Metacognition, and Opportunity Identification List of Tables ................................................................................................................... viii List of Figures ................................................................................................................... iix Chapter 1: Introduction to Study......................................................................................... 1 Statement of the Problem ........................................................................................ 3 Purpose .................................................................................................................... 5 Research Questions ................................................................................................. 6 Significance of the Study ........................................................................................ 6 Conceptual Framework ........................................................................................... 8 Summary of Methodology .................................................................................... 10 Limitations ............................................................................................................ 12 Definition of Terms............................................................................................... 12 Conclusions ........................................................................................................... 14 Chapter 2: Literature Review ............................................................................................ 16 Introduction ........................................................................................................... 16 The Opportunity Construct ................................................................................... 16 Antecedents to Opportunity Identification ............................................................ 20 Behavior-Based Influences ................................................................................... 21 Cognitive/Psychological-Based Influences .......................................................... 23 Constructs with both Behavioral and Psychological Aspects ............................... 29 Human Capital-Based Influences ......................................................................... 30 Contextual Influences ........................................................................................... 33 Multiple Sources of Influence ............................................................................... 36 Outcomes .............................................................................................................. 41 Opportunity Measurement .................................................................................... 44 Conclusion ............................................................................................................ 55 Chapter 3: Theoretical Development and Hypotheses ...................................................... 56 Introduction ........................................................................................................... 56 Theoretical Development ...................................................................................... 58 Entrepreneurial Alertness...................................................................................... 59 Metacognition ....................................................................................................... 61 Opportunity Identification .................................................................................... 62 Hypotheses ............................................................................................................ 63 Alert Searching ..................................................................................................... 64 Alert Association .................................................................................................. 66 Judgment ............................................................................................................... 68 Metacognitive Knowledge .................................................................................... 69 Conclusion ............................................................................................................ 76 Chapter 4: Research Methodology.................................................................................... 78 Description of Sample........................................................................................... 78 vi Measures ............................................................................................................... 78 Independent Variables .......................................................................................... 78 Dependent Variables ............................................................................................. 81 Research Sample ................................................................................................... 86 Surveying Procedure ............................................................................................. 90 Conclusion ............................................................................................................ 93 Chapter 5: Analyses and Results....................................................................................... 94 Data Collection and Description of Sample .......................................................... 94 Analyses ................................................................................................................ 98 Results ................................................................................................................ 101 Conclusions ......................................................................................................... 131 Chapter 6: Discussion, Future Research, and Conclusion .............................................. 134 Introduction ......................................................................................................... 134 Discussion ........................................................................................................... 134 Future Research .................................................................................................. 140 Conclusion .......................................................................................................... 145 Appendix ......................................................................................................................... 147 References ....................................................................................................................... 153 vii Tables Table 1-1. Definitions of relevant terminology ................................................................ 12 Table 2-1. Conceptualizations of Opportunities ............................................................... 19 Table 2-2. Behaviors as Antecedents to Opportunity Identification ................................. 22 Table 2-3. Cognitive/Psychological Factors ..................................................................... 26 Table 2-4. Human Capital as Antecedent to Opportunity Identification .......................... 32 Table 2-5. Context as Antecedent to Opportunity Identification ...................................... 35 Table 2-6. Multiple Factors from Different Sources .......................................................
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