Résumé
Because uncertainty is embedded in innovation and external information is generally not available, entrepreneurs tend to overweigh private information and base their decisions mainly on their beliefs. Overconfident entrepreneurs believe that they already have sufficient information, so they may proceed immediately with pursuing the opportunity. Overconfident entrepreneurs will, therefore, be more likely to ignore corrective feedback and will incorporate less information from prior feedback into their future decisions (Grossman & Owens, 2012). Thus, confident entrepreneurs accept greater uncertainty and risk, leading them to perform more exploratory and creative work (Gervais & Odean, 2001; Loewenstein, Weber, Hsee, & Welch, 2001; March & Shapira, 1987; M. Simon & Houghton, 2003). Based on the literature we propose that different overconfidence has a different effect on entrepreneurs' decision to innovate depending on the type of feedback they receive.