The two fundamental dimensions on which entrepreneurial projects differ are the level of uncertainty – how much is known and how dangerous are the unknowns – and the cost of experimentation. In a recent study, Jackson Nickerson and Robert Wuebker and Nathan Furr used these dimensions of cost and uncertainty to create a 2×2 matrix to identify four zones of development, into which entrepreneurial projects could be placed, and in doing so identified likely biases and the most efficient search processes.
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