Cognitive Challenges and Entrepreneurship

Abstract

This paper tries to explore various cognitive approaches and factors in relationship to the entrepreneurial challenges .The cognitive factors which are correlated with strategic management acts as an instrument for decision making and problem solving. Furthermore, the inherent or existing knowledge of an entrepreneur coupled with his creativity can generate ideas for rejuvenating ventures .The entrepreneurs are most susceptible to a number of cognitive errors since they are the decision makers in an organization and are overloaded with time pressure and uncertainty .With the help of innovative technology and information processing he tries to remove ambiguity and thus cope up with the challenges that can avoid uncertainty. The process of entrepreneurial value creation involves an understanding of the entrepreneurial decisions that enhances productivity and profitability. Further it examines the cognitive factors affecting the socio-cultural dimensions of an entrepreneur either in the form of a manager who can handle tasks or an agent facilitating economic changes. It is concluded that the creative thoughts together with knowledge, personal motivation, human relationship skills acts as a thrust for entrepreneurial success.