Prior research suggests that firms in entrepreneurial settings benefit from a scientific approach to decision making that combines cognitive and evidence-based components. But to what extent and under what conditions is the scientific approach to decision-making associated with superior performance? To address this question, a field experiment with 261 UK entrepreneurs is conducted at different stages of business development, training half of them on a scientific approach to decision making. The results show that firms make the most of scientific decision-making when they are at a more advanced stage of development, as they generate higher revenues and productivity.
When do Entrepreneurs Benefit from Acting Like Scientists? A Field Experiment in the UK
In the short run, more established firms seem to benefit more from the training on how to use a scientific approach to decision making.
Novelli, E., & Spina, C. , 2021. When do Entrepreneurs Benefit from Acting Like Scientists? A Field Experiment in the UK.