Merely Folklore? The Role of a Growth Mindset in the Taking and Timing of Entrepreneurial Actions

Abstract

Why do some potential entrepreneurs promptly engage in entrepreneurial behavior while others do not pursue their entrepreneurial intentions or delay acting? This study investigated whether potential entrepreneurs’ mindset shapes engaging in entrepreneurial behavior and the time until they do so. Over a 16-month period, holding more of a growth (vs. fixed) mindset positively predicted taking various entrepreneurial actions and doing so sooner. Interestingly, these effects vanished when individuals faced a less challenging context for entrepreneurship. Post-hoc exploratory analyses revealed that the COVID-19 pandemic magnified the impact of mindsets on entrepreneurial behavior. These findings pave the way for preliminary research on the viability of growth mindset interventions for fostering entrepreneurial behavior.