Cognitive flexibility as a decision-making factor in entrepreneurship

Abstract

The paper aims to identify the factors that affect entrepreneurs’ decision-making on the use of social media and ensure the effectiveness of this activity. We discuss the role of entrepreneurial personality in their ability to use social media in promoting business. The concept of the entrepreneur personality profile and the model of decision-making factors on the use of social media constitute the methodological framework of the study. The research methods include the short five factors personality questionnaire (TIPI-RU) and tested inventory on the SMM application, as well as comparative, correlation, factor and regression analysis methods (Python). The information base embraces the survey data of 171 entrepreneurs in Primorsky krai. Positive assessment of the ability to apply social media, recognition of their benefits and value is characteristic of entrepreneurs with pronounced openness, extraversion and cognitive flexibility that affect their perception of situation and ability to see new opportunities. Entrepreneurs with insufficient cognitive flexibility may doubt the compatibility of the use of social media with the business especially amid low competition and lack of necessary infrastructure. The dependence and specificity of the use of social media by entrepreneurs identified in this empirical study can help to formulate recommendations for comprehensive programmes and training products for development and support of entrepreneurship, taking into account personal traits of entrepreneurs in order to improve the activities of small and medium-sized enterprises in Primorsky krai.

Keywords

• decision-making
• personality profile
• the big-five personality factors
• extraversion
• cognitive flexibility
• entrepreneurship
• smm