The Influence of Entrepreneurial Experience on Cognitive Biases (Illusion of Control and Belief in the Law of Small Numbers) in Decision Making Process
Entrepreneurs often face the need to make quick decisions under uncertainty. To cope with this pressure, they may develop cognitive biases such as the illusion of control, where they overestimate their influence over outcomes, and the belief in the law of small numbers, where they rely on limited information to draw conclusions. While these biases are highly relevant in entrepreneurship, there is
