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Adapting the Looking Glass: Factors Affecting Change in Entrepreneurs' Opportunity Images

Given the importance of the CEO in adapting to a changing environment, and the role that identification of opportunities for change plays in organizational adaptation, with this study we investigate the individual-level cognitive factors that affect change in a CEO's existing opportunity images. With a sample of 64 presidents/owners/CEOs of technology firms and using an opportunity-based decision-making task, we find that decision makers' metacognitive resources and perceptions of the environment are related to changes in their opportunity images: metacognitive knowledge and perceived hostility positively related to change, and metacognitive experience and perceived dynamism negatively related to change. These results not only shed light on processes central to entrepreneurship but also on processes relating to the creation of dynamic capabilities - which at their core involve the type of adaptation and change this research investigates.