Cognitive Vs Metacognitive Process

Another form of cognition, apart from the cognitive structures is cognitive process. Cognitive process relates to the manner in which knowledge is received and used and is based on the idea that whatever an individual thinks, says or does is influenced by the cognitive processes through which the individuals acquire, use and process information (Baron & Markman, 1999; Krueguer & Evans, 2004; Neissers, 1967). This perspective suggests that entrepreneurs think and process information differently from non-entrepreneurs, and such differences may help to distinguish people who create or aim to establish businesses from others who do not. Therefore, some authors refer to this perspective as cognitive style, to characterize certain ways of processing

Metacognitive knowledge refers to one’s conscious and cognitive understanding of people, tasks and strategy (Wu & Wu, 2008). Metacognitive knowledge of people reflects perceptions about oneself, and about others, in terms of competencies, weaknesses and also about how people think. It refers to one’s conscious understanding of cognitive matters as they relate to people, tasks and strategy (Glasspool & Fox, 2005) and it can be internally and externally directed. Metacognitive can be focused on self (internal) and environment (external). Its internal focus relates to an understanding of one’s own preferences and values, knowledge of one’s strengths and weaknesses at certain tasks, and knowledge of personal strength to cope with a changing environment. Its focus externally relates to knowledge of how other people such as competitors, potential customers and investors, etc, think about their firms and their environment, knowledge of how and when to perform certain tasks and knowledge of different strategic approaches to adapting to a changing

Previous entrepreneurial experience is one of the most reliable forecasters of future entrepreneurial performance (Singer, 1995). Most literature confirmed a positive relationship between the entrepreneur’s prior experience, a firm’s growth and survival of their businesses. Pihie and Sani (2009) adopted three techniques in conducting a study on entrepreneurship as running a real business, visit to business location, and interview with an entrepreneur. The outcome of the study demonstrated that running a real business technique enable the operators to obtain real business experience; it allows them to recognize and experience the sense of responsibility in understanding the risks and rewards of setting up a business as well as gain real experience in raising money; and planning all the business management functions (such as production, marketing, finance and the real business