The Effect of Entrepreneurs' Regulatory Focus and Entrepreneurial Self-efficacy on the Selection of Entrepreneurial Strategies

This paper analyses the effect of entrepreneur's regulatory focus and entrepreneurial self-efficacy on entrepreneurs' strategy selection decision-making behaviors based on evolutionary game theory. The result shows that: (1) The possibility that an entrepreneur will adopt a wait-and-see strategy increases when the difference of the intensity of R&D investment increases as a result of his or her selection of a different strategy. (2) Increased entrepreneurial self-efficacy will reduce the possibility that an entrepreneur will adopt the wait-and-see strategy and will also reduce the possibility that the other side will adopt a similar strategy. (3) The system will stabilize if all entrepreneurs select the proactive strategy.