Cognitive approach in studying of entrepreneur phenomenon

The research indicates that there is no prospect of searching specific entrepreneurial traits that are necessary for conducting successful entrepreneurial activity. It is pointed on the impossibility to fully explain the negative state of domestic business exclusively by the influence of environmental factors. The paper points on the necessity of concentrating the scientific search on the cognitive features of personality, as factors that contribute to success of entrepreneurial activities. It is revealed that the decision-making process directed on problem-solving in entrepreneurial activity, from an entrepreneurial idea to obtaining an appropriate result, cannot be algorithmized. The author points out on the insufficiency of attempts to model cognitive processes of entrepreneurs, in which their cognitive activity is regarded as an information processing system that resembles a computer. The results obtained in the framework of the cognitive approach in studying the phenomenon of the entrepreneur are analyzed. Particular emphasis is placed on the features of heuristics and cognitive biases. It is stated that the high levels of uncertainty, novelty, time deficit, information overload and emotional tension facilitate influence of cognitive biases on the cognitive processes of the entrepreneur. The role of «availability heuristic», «anchoring and adjustment heuristic», «confirmation bias», «hindsight bias» and self-efficacy in making decisions about starting an entrepreneurial activity are considered. The article points to the role of «belief in the law of small numbers» and the illusion of control in establishing optimistic bias (overly positive self-esteem, excessive optimism about future plans and events) that lead to reducing the subjective perception of entrepreneurial risk.