EDUCATIONAL ANTECEDENTS OF ENTREPRENEURS' COGNITIVE STYLES IN NEW VENTURE FINANCING DECISIONS

Purpose: The aim of the research was to verify the relationship between the educational patterns understood as antecedents of cognitive styles of entrepreneurs, and their decisions regarding type of venture creation and development's sources of financing. Design/methodology/approach: 87 micro and small firms from the Wielkopolska region in Poland were selected from the database of enterprises which received institutional support. The sample was divided into two groups of enterprises according to the received type of financing: non-repayable subventions or repayable aid (e.g. credits, loans), which are supposed to represent different ways of entrepreneurial thinking (cognitive styles). Nonparametric test (Chi square) was used to verify the relationship between educational antecedents (different patterns of the entrepreneurial knowledge and skills' acquisition) and venture financing decisions. Findings: The results do not suggest the statistically important relationship between venture financing decisions and educational factors, such as: level of education and patterns of the entrepreneurial knowledge and skills acquisition (e.g. general formal education, self-education or family-transferred knowledge). The statistically important significance was found in cases of trainings or courses and additional forms of formal education (e.g. postgraduate studies and professional courses). Research/practical implications: The research suggests that educational factors which help in gathering specific (no general) entrepreneurial knowledge and skills can differentiate the styles of venture financing decisions. The difference may be related to the previous cognitive characteristics of individuals (e.g. ability scripts, self-confidence or risk-taking attitude). Originality/value: The paper contributes to the relatively limited research in the field of entrepreneurial cognitions in CEE economies, especially to the study of antecedents of entrepreneurial styles of thinking and financial decision-making.