Exploration and exploitation as learning strategies among entrepreneurs: Examining associations with entrepreneurial knowledge
Additional info: This is a revised version of a paper presented at 5th EURAM Annual conference, Oslo, 2006.
In this paper we examine how exploration and exploitation, as two alternative learning strategies of entrepreneurs, influence the acquisition and development of entrepreneurial knowledge from prior career experience. In line with expectations based on experiential learning theory we find significant and direct associations between entrepreneurs’ career experience and their entrepreneurial knowledge. In addition we also find supporting evidence that a higher emphasis on exploration as the preferred learning strategy moderates this relationship. Interestingly, the findings do not follow theoretical expectations and suggest that current conceptualizations should be refined.
- Business and Economics
- experiential learning
- learning strategies
- entrepreneurial knowledge