A Dynamic Model of Entrepreneurial Uncertainty and Business Opportunity Identification: Exploration as a Mediator and Entrepreneurial Self-Efficacy as a Moderator

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...