This study focuses on the identification of business opportunities when entrepreneurs’ perceived level of environmental uncertainty changes. We suggest that within persons, exploration mediates this relationship and entrepreneurial self-efficacy moderates whether entrepreneurs explore more or less with increasing uncertainty. To test our moderated mediation model we conducted a monthly field study with 121 early-stage entrepreneurs. Multilevel regression analyses reveal that an increase in the level of perceived uncertainty within entrepreneurs predicted the identification of opportunities through exploration for entrepreneurs high in self-efficacy, but not for those low in self-efficacy. Entrepreneurial self-efficacy acts as a personal resource that helps entrepreneurs to transform increasing perceptions of uncertainty into exploration and opportunity identification.

Do business accelerators affect new venture performance? We investigate this question in the context of Start-Up Chile, an ecosystem accelerator. We focus on two treatment conditions typically found in business accelerators: basic services of funding and coworking space, and additional entrepreneurship schooling. Using a regression discontinuity design, we show that schooling bundled with basic services can significantly increase new venture performance. In contrast, we find no evidence that basic services affect performance on their own. Our results are most relevant for ecosystem accelerators that attract young and early-stage businesses and suggest that entrepreneurial capital matters in new ventures. (JEL G24, L26, M13) We thank Start-Up Chile and YouNoodle for generous access to the data and numerous interviewed participants for their time. Special thanks go to

Research Summary: We examine a learning-by-doing methodology for iteration of early-stage business ideas known as the "lean startup." The purpose of this article is to lay out and test the key assumptions of the method, examining one particularly relevant boundary condition: the composition of

This study investigates the antecedents of an entrepreneur's day-level innovative behavior. Drawing on 2,420 data points from a 10-day experience sampling study with 121 entrepreneurs, we find that sleep quality is a precursor to an entrepreneur's subsequent innovative behavior, in accordance with the effort-recovery model. Moreover, sleep quality is positively related to high-activation positive moods (e.g., enthusiastic, inspired) and negatively related to high-activation negative moods (e.g., tension, anxiety). Our multilevel structural equation model indicates that high-activation positive moods mediate the relationship between sleep quality and innovative behavior on a given day. These results are relevant for managing entrepreneurial performance.

How can entrepreneurs protect their wellbeing during a crisis? Does engaging agility (namely, opportunity agility and planning agility) in response to adversity help entrepreneurs safeguard their wellbeing? Activated by adversity, agility may function as a specific resilience mechanism enabling positive adaption to crisis. We studied 3162 entrepreneurs from 20 countries during the COVID-19 pandemic and found that more severe national lockdowns enhanced firm-level adversity for entrepreneurs and diminished their wellbeing. Moreover, entrepreneurs who combined opportunity agility with planning agility experienced higher wellbeing but planning agility alone lowered wellbeing. Entrepreneur agility offers a new agentic perspective to research on entrepreneur wellbeing.