Competing mindsets in entrepreneurship: The cost of doubt

Not all entrepreneurial mindsets may be beneficial to entrepreneurial success. Building on psychological laboratory research, this study conceptualizes entrepreneurial mindsets along two different dimensions, elaborating and implemental mindsets. A study of 242 business school students shows a significant correlation between implemental entrepreneurial mindsets and the founding of new companies. However, elaborating entrepreneurial mindsets are unrelated to entrepreneurial activities. Further analysis shows that activation of elaborating entrepreneurial mindsets may actually disrupt the positive relationship between implemental entrepreneurial mindset and entrepreneurial activities. A possible explanation for this finding may be the different impacts of these types of mindsets on doubt and decisiveness of the subjects. While implementing mindsets are conducive to action, elaborating mindsets may induce more cognitive activity and doubt, increasing the threshold between intention and action. Implications for research and teaching are discussed.