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Beyond hubris: How highly confident entrepreneurs rebound to venture again
Saras Sarasvathy Mathew L.A. Hayward Bill Forster Barbara L. Fredrickson
This article outlines why highly conﬁdent entrepreneurs of focal ventures are better positioned to start and succeed with another venture; and therefore why overconﬁdence in one’s capabilities functionally persists and pervades amongst entrepreneurs. By combining cognitive perspectives on conﬁdence in decision making with Fredrickson’s [Fredrickson, B.L. 1998. What good are positive emotions?. Review of General Psychology, 2, 300–319.; Fredrickson, B.L. 2001. The role of positive emotions in positive psychology: the broaden-and-build theory of positive emotions. American Psychologist, 56, 218–226.; Fredrickson, B.L. 2003. The value of positive emotions. American Scientist, 91: 330–335] ‘broaden-and-build’ theory of positive emotions, this paper elaborates the manner in which such entrepreneurs can develop emotional, cognitive, social and ﬁnancial resilience that can be marshaled and mobilized for a subsequent venture.