Executive Function and Entrepreneurial Opportunity Exploitation Under Risk and Uncertainty

This study examines how executive functions shape entrepreneurial opportunity exploitation under different knowledge environments. Drawing on Knight's distinction between risk and uncertainty, we conducted a vignette experiment with 200 working adults. Our findings reveal that executive function dimensions are systematically associated with entrepreneurial action; yet, contrary to expectations, these effects do not significantly vary between risk and uncertainty contexts. Instead, executive function operates as a stable cognitive disposition: individuals with stronger executive function capacities are less likely to exploit opportunities, reflecting tendencies toward caution, over‐analysis, and risk aversion. Uncertainty itself independently reduces opportunity exploitation, reinforcing the enduring relevance of the Knightian distinction. Beyond theoretical contributions, our study offers practical insights for entrepreneurship education and practice. Developing metacognitive awareness and flexible decision strategies may help individuals balance deliberation with action, particularly in uncertain environments. These findings enrich the entrepreneurial cognition literature and suggest new directions for research and practice.