Why do some entrepreneurs outperform others? How can companies succeed against tough competition? Certainly, some benefit from unique resources, such as patents, and others can winnow competition, as through mergers. But some have entered highly competitive markets, lacking obvious resources, yet managed to achieve impressive success: think Under Armour, Wal‐Mart or Home Depot. Here we test how advantage can stem from managerial cognition. We measure two kinds of cognitive skill…
