essential element (phase or act) of the process, but as a psychological factor susceptible to diverting the entrepreneur from the right decision paths, considering that the right decision paths should be dominated by the – often economic – rationality of the actor. The reduction of cognitive dissonances and the escalation of commitment are considered as possible cognitive biases. This appears more particularly in the work of McCarthy et al. (1993), which attempts to analyse to what extent the decisions of financial reinvestment are influenced by rational processes or variables of commitment escalation. The results show that entrepreneurs who started their own business are more prone to commitment escalation than entrepreneurs who took over an existing business. Moreover, entrepreneurs who have too much self-confidence are those who exhibit the most significant escalation of commitment.