A research on the mechanism of entrepreneurial passion from the perspective of "emotion-behavior-output"
(School of Business, Qingdao University, Qingdao 266061, Shandong, China）
Abstract:"Passionate Entrepreneurship, Rational Action" has become a consensus in the field of entrepreneurial practice and an important means to enhance the level of entrepreneurial growth. Based on the "Emotion-Behavior-Output" framework, this paper constructs a mechanism model of entrepreneurial passion on the performance of new ventures, and analyzes the moderating role of learning from event failure. Through the analysis of 225 entrepreneurs questionnaire data, the results showed that: (1) Entrepreneurial passion helps to improve the entrepreneurial resource bricolage; (2) Entrepreneurial resource bricolage helps to improve the new venture performance, and it plays a mediating role between entrepreneurial passion and new venture performance; (3) Failure from event learning moderates the relationship between entrepreneurial passion and entrepreneurial resource bricolage, entrepreneurial resource bricolage and new venture performance.
Entrepreneurial activities are considered as an important driving force to promote economic and social development. In recent years, with the introduction of a series of policies and measures, the enthusiasm of national innovation and entrepreneurship is constantly ignited, "entrepreneurship craze" has become one of the key words of current social economy. However, not all entrepreneurial passion can be transformed into growth motivation, and achieve "passion entrepreneurship, rational action". Therefore, exploring the mechanism of entrepreneurial passion and how to enhance the effectiveness of entrepreneurial passion has always been a hot and important topic in the field of entrepreneurship research.
In fact, the growth process of new ventures is a complex decision-making analysis process from emotional beliefs to behavior and constrained by internal and external situational factors. In recent years, on the one hand, the weakness of new ventures hinders the value evaluation of resource owners, which makes it difficult for new ventures to obtain external resources through financing or borrowing. On the other hand, in the process of the development of new ventures in China′s transition period, due to the lack of perfect institutional market elements, it is difficult to obtain and utilize external entrepreneurial resources, and the cost of using them is very high. Existing studies have found that resource pooling behavior can improve new venture performance, have a positive impact on enterprise innovation behavior, and to some extent affect the novelty of enterprise technology and market.
This paper will use the classical research logic "Emotion-Behavior-Output" in the field of entrepreneurship to explore and analyze the mechanism of entrepreneurial passion on the performance of new ventures. Specifically, this paper will first analyze how the positive emotions of entrepreneurial passion affect the behavior variable of entrepreneurial resource bricolage, and how the bricolage behavior of entrepreneurial resources affects the performance of new ventures as a result variable, and further test the intermediary role of entrepreneurial resource bricolage between entrepreneurial passion and new venture performance. In addition, this paper will test and analyze the moderating effect of failure event learning in these two processes, with a view to deepening and expanding the field of entrepreneurial emotion and behavior research.
The data of this study were collected from March to June 2018, mainly from Shandong, Zhejiang and Beijing. According to the research results of Zahra (1996), Li and Atuahene (2001), the research object of this study is the senior management who participates in the creation and management of new ventures under eight years of establishment, and the number of respondents per new venture is not more than three. The data collected in this paper are mainly in the following three forms: firstly, directly to the business incubator, with the assistance of staff, directly to the entrepreneurs to issue anonymous questionnaires; secondly, relying on the research team and its friends for rolling sampling; thirdly, entrusting well-known domestic data companies to issue questionnaires. About 350 questionnaires were distributed through the above three channels. After screening and eliminating the questionnaires, 225 valid questionnaires were collected, with an effective recovery rate of 64.29%. In terms of sample structure, there are 155 male entrepreneurs (68.9%) and 70 female entrepreneurs (31.1%), which is roughly consistent with the overall distribution of gender ratio of entrepreneurs in China. In terms of age distribution, 101 entrepreneurs under 30 years old (44.9%), 112 entrepreneurs between 30 and 40 years old (49.8%) and 12 entrepreneurs over 40 years old (5.3%). The majority of entrepreneurs (181, 80.4%) and 44 entrepreneurs (19.6%) with bachelor degree or above are entrepreneurs. By the time of the survey, 117 entrepreneurs (52%) were engaged in the industry for 5 years or less and 108 entrepreneurs (48%) for more than 5 years.
Based on the framework of Emotion-Behavior-Output, this paper investigates the influence mechanism of entrepreneurial passion on new venture performance, and analyses the mediation and moderating effects of resource bricolage and failure event learning. Firstly, the positive emotions of entrepreneurs represented by entrepreneurial passion can help to improve the performance of new ventures. Based on the self-regulation theory, the conclusion of this study confirms that entrepreneurial passion is an effective positive emotion in the context of entrepreneurship, which can improve the performance of new ventures by overcoming resource constraints, promoting opportunity development and enhancing resource capacity.
Secondly, the entrepreneurial resource bricolage behavior plays a part of intermediary role between entrepreneurial passion and the performance of new ventures. This is consistent with the findings of existing research that bricolage can improve new venture performance, and further verifies that resource bricolage can support the growth of new ventures from three aspects: resources, opportunities and capabilities. This research deeply excavates the important role of entrepreneurs in the survival and growth of new ventures, and clearly points out that the positive emotions of entrepreneurs play a role in promoting the positive behavior of entrepreneurship. Furthermore, it helps new ventures alleviate resource constraints, promote the integrated development of entrepreneurial opportunities and resources, enhance the ability to acquire entrepreneurial resources and form unique competitive advantages, thus ensuring the smooth survival and growth of new ventures.
Thirdly, failure event learning plays a moderating role in the framework of Emotion-Behavior-Output analysis. Taking failure as learning opportunity for effective learning can induce unique cognitive and behavioral logic. The conclusion of this study shows that failure event learning can not only change the emotional experience of entrepreneurs, but also affect the emotional perception of entrepreneurs in the positive emotional state. It can also affect the behavioral performance of entrepreneurs through accumulated knowledge structure and negative feedback, thus playing a dual regulatory role in the "Emotion-Behavior-Output" analysis framework.
The theoretical contributions of this paper are as follows: Firstly, this study reveals the impact of entrepreneurial passion on the bricolage of entrepreneurial resources. Based on self-regulation theory and social network theory, this paper analyses the influence of entrepreneurial passion on the bricolage of entrepreneurial resources. It holds that enhancing the positive emotions of entrepreneurs is an effective means to influence the bricolage of entrepreneurial resources, which can help entrepreneurs solve entrepreneurial problems creatively and expand the research on the positive emotions of entrepreneurship represented by entrepreneurial passion. Secondly, this paper explores the impact of entrepreneurial passion on entrepreneurial resource bricolage, which not only enriches the antecedents of entrepreneurial resource bricolage, fills the gaps in related research on resource patchwork, but also expands the impact mechanism of entrepreneurial passion, highlights the role of positive emotion on entrepreneurial behavior, and enriches the research framework of Emotion-Behavior-Output. Thirdly, considering the situation of entrepreneurial failure, this paper chooses the special type of learning, failure event learning, to explore its moderating effect in the process of entrepreneurial passion and entrepreneurial resource bricolage, and finds that failure event learning can not only affect the effectiveness of entrepreneurial passion, but also promote entrepreneurial resource bricolage.
Key words:entrepreneurial passion; entrepreneurial resource bricolage; learning from event failure; new venture performance