This research addresses the question of what specific entrepreneurs’ behavior increases the propensity for resource acquisition. Within the context of business “pitches,” we explore subtleties in the process via a theoretically derived model linking entrepreneurs’ preparedness behavior, perceived cognitive legitimacy, and amount of funding received. We test this model using data coded from two sources: 14 episodes of the television show “Shark Tank” that aired in 2009, as well as 84 episodes of “Dragons Den” that aired from 2005 to 2010. Within these episodes, we specifically examine the 113 individual business pitches that received funding. Overall, results suggest the relationship between entrepreneurs’ preparedness behavior and the amount of funding received is mediated by cognitive legitimacy. Specifically, entrepreneurs’ increased preparedness behavior was positively related to increased cognitive legitimacy. Cognitive legitimacy, in turn, was positively related to amount of funding received. We offer thoughts regarding implications from both theoretical and practical perspectives.

We examine how entrepreneurs’ behaviors related to credentials and impression management (IM) impact perceptions of new venture (NV) legitimacy. Results from this experiment, as hypothesized, show that entrepreneurs’ credentials and IM behaviors are positively related to legitimacy perceptions. Contrary to expectations, however, findings do not support either interaction hypothesis when credentials are high or low. We discuss how these findings illustrate the importance of entrepreneurs’ behaviors during the NV creation process and outline multiple directions for future research.

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As the field of impression management studies matures, the tools used to study and assess its components continue to be refined. The present study supplies additional testing and confirmation for one of the tools currently being used in the field: the Bolino and Turnley (1999) impression management scale. Using three samples of 144, 236, and 204 full-time employees, we confirm the factor structure and the utility of the majority of the scale's twenty-two items, as well as demonstrate the convergent and discriminant validity of the scale. The results of the study also suggest avenues for future research.

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Social enterprises viewed as viable from societal perspectives are often regarded differently from traditional business perspectives. To examine this difference, we undertook two empirical studies of risk tolerance and legitimacy perceptions among observers of social enterprise and for-profit ventures. In Study 1, participants (n = 115) drawn randomly from Amazon’s Mechanical Turk, an online crowdsourcing marketplace for human intelligence tasks, examined two hypothetical cases and completed the risk tolerance scale of the Jackson Personality Inventory. Results show that social enterprises were seen as having lower industry legitimacy, especially by individuals with lower risk tolerance. Here, industry legitimacy mediated the effect of venture purpose on cognitive legitimacy. In Study 2, practicing entrepreneurs (n = 23) narratively interpreted Study 1 results from social enterprise and traditional business perspectives. Both studies demonstrate that social enterprise legitimacy evaluations vary based on risk tolerance and the type of legitimacy in question. Overall findings show that explicit observations of risk tolerance effects, and multidimensional conceptualizations of legitimacy, are important to accurate evaluations of social enterprises.

Purpose -The purpose of this study is to test the effects of cognitive legitimacy and the assets of newness in the new venture context. The authors wish to provide evidence related to how best to market and manage some of the assets and liabilities of newness. Design/methodology/approach -236 customers of three recently opened retailing businesses were surveyed to investigate the relationships among organizational energy, organizational flexibility, cognitive legitimacy, and customer satisfaction. A mediation model including all four variables is developed and tested in the paper. Findings -Evidence is presented suggesting cognitive legitimacy plays a significant mediating role in both the positive relationship between organizational energy and customer satisfaction, and the positive relationship between organizational flexibility and customer satisfaction.Research limitations/implications -The paper offers thoughts regarding the theoretical implications of the study, as well as future research opportunities related to future marketing and entrepreneurship studies. Practical implications -Entrepreneurs are informed how to further market and manage the characteristics that mark their new ventures. Originality/value -The study is the first to link the assets of newness, cognitive legitimacy, and customer satisfaction. Given the importance of customer perceptions in the new venture context, the manuscript offers insight into how to possibly increase customer satisfaction by managing the perceptions of customers related to newness.