The Influence Of Newness Of Opportunity On New Venture Performance Based On Resource Perspective

Recent years,entrepreneurial activities are acquiring an increasingly attention of researchers and practitioners.However,there are still lots of practical problems that are worth considering,such as their excessive reliance on policy support and lack of highly innovative new ventures,leading to slow growth and high failure rate;although entrepreneurial activities are pluralism,it remains difficult for the innovative entrepreneurial activities to bring high returns;at the same time,resource acquisition and integration are becoming diversified,many new ventures still can't choose appropriate resource acquisition and integration way to exploit opportunity successfully,based on their own characteristic,which leads to a frequent loss of development opportunities.From a theoretical perspective,there are some research question that existing studies didn't pay enough attention,such as the relationship between resource acquisition and resource integration in resource development filed,the way of new ventures to integrate their resources,and the impact of newness of opportunity on resource acquisition and integration,additionally,there is debate about the relationship between newness of opportunity and performance.Based on the insufficient theoretical studies,this research takes new ventures in China as study object,and constructs the influence mechanism model of newness of opportunity on new ventures' performance in perspective of resource,according to relative theory and case study.This paper puts forward that the resource acquisition and resource integration are the key paths for the new ventures to transform newness of opportunity into performance.The resource acquisition is divided into two social network approach and the market approach,as well as the resource integration is divided into resource bricolage and resource optimization,in order to explore the impact of newness of opportunity on two resource acquisition approach(social network approach and market approach)and on two resource integration approaches(resource bricolage and resource optimization).The mediating role of market approach resource acquisition and resource optimization in the relationship of newness of opportunity and new venture's performance is also revealed.Most of the assumptions proposed in this study are supported by 476 valid samples collected through survey of the new ventures in the Northeast region(mainly Changchun),the Beijing-Tianjin-Hebei region(mainly Beijing and Tianjin),the Yangtze River Delta region(mainly Shanghai,Wenzhou and Suzhou)and other regions.The results of regression analysis show that newness of opportunity,different approaches of resource acquisition and resource integration have a positive impact on new venture performance;both network approach and market approach resource acquisition have a positive impact on different resource integration(resource bricolage and resource optimization);newness of opportunity has a positive impact on market approach resource acquisition,resource optimization.However,the inverted U-shape relationship between newness of opportunity and network approach resource acquisition,and the negative impact of newness of opportunity on resource bricolage are not supported by the data.At the same time,this study also validates the impact of newness of opportunity on the new venture performance and the mediating role of resource acquisition through market and resource optimization.The results show that the mediating role of resource optimization between newness of opportunity and new venture performance is supported,but the mediating role of resource acquisition through market has not been verified by data.Subsequently,this study analyzes the unsupported hypothesis according to different sub-samples(the underdeveloped market economic region in northeastern region and developed market economic region in Beijing-Tianjin-Hebei and the Yangtze River Delta region),and find that in the Beijing-Tianjin-Hebei and Yangtze River Delta region,where market economy is more developed,the inverted "U" type relationship between newness of opportunity and resource acquisition through network is supported,and the mediating role of resource acquisition through market between opportunity innovativeness and new venture performance is also verified.Based on the entrepreneurial practice in China,this paper focuses on the impact of newness of opportunity on new venture performance from the perspective of resource,and explores how the newness of opportunity can influence different resource acquisition and resource integration approach,and then affect new venture performance,reflecting the high innovation,which makes up for the lack of research on the relationship between entrepreneurial opportunity development and resource development.(1)Based on the lack of research on the relationship between entrepreneurial opportunity and resource,this paper explores the role of newness of opportunity in different ways of resource acquisition and resource integration and their differences.In the entrepreneurship practice,the development of entrepreneurial opportunities needs to invest in resources continuous,so the resource acquisition and resource integration play a very critical role.At the same time,the different types of resources that new firms have are required to translate into value by means of the corresponding opportunities.However,scholars have often seen entrepreneurial opportunity development and resource development as independent research direction,ignoring the internal relationship between the two.In particular,the key issue of how different entrepreneurial opportunities affect the resource acquisition and resource integration in new venture has not yet been studied in depth.Based on this,this study focuses on the core characteristics of opportunity—newness of opportunity,to explore the impact mechanism of newness of opportunity on network approach and market approach resource acquisition,and resource bricolage and resource optimization,which makes up for the lack of research on the relationship between the entrepreneurial opportunity development and resource development.(2)This study explores to construct the influence mechanism model of the newness of opportunity on new venture performance from the perspective of resource,puts forward the key role of resource acquisition and resource integration in the process of opportunity development,and discusses the mediating effect of resource acquisition from market and resource optimization between newness of opportunity and new venture performance.Previous researches on the internal relations of newness of opportunity and new venture performance have not yet formed a unified conclusion.Newness of opportunity represents the potential for value creation of products or services,but if new ventures want to create real performance,they need to continually acquire the matched resources for opportunities as well as integrate them,yet this critical issue is ignored by existing researches.Based on this,this paper constructs the mechanism model of the influence of newness of opportunity on new venture performance from a perspective of resource,and puts forward the importance of using different ways to acquire resource and to integrate resource,deeply reveals the mediating effect of the resource acquisition from market and resource optimization in the process of newness of opportunity impact on new venture performance.Besides,this paper verifies the model and hypothesis through case study and large-scale questionnaire surveys.(3)Based on the shortage of research on the relationship between resource acquisition and resource integration,the resource acquisition is divided into two dimensions: network approach and market approach,and resource integration is divided into resource bricolage and resource optimization.Then we reveal the characteristics of the different ways of resource acquisition and resource integration,the internal relationship among resource acquisition,resource integration and new venture performance.Although the research on resource acquisition in new venture has been paid more attention,most studies have focused on the direct impact on new venture performance or competitive advantage from the perspective of the number of resource acquisition,ignoring the ways to access to resource and the mechanism that the acquired resources how to affect new venture performance through the integration process.At the same time,as the key link of resource development,the existing research on the resources integration is mainly based on large enterprises or mature enterprises,ignoring the in-depth exploratory study about internal characteristics of different ways of resource integration in new venture and the different impact on the new venture performance.Therefore,based on the existing research,we propose that resource acquisition is divided into network approach and market approach,and resource integration is divided into resource bricolage and resource optimization,then we explore the influence mechanism of different ways of resource acquisition and resource integration on new venture performance,make up for the lack of research on the internal relations of the different stages of the resource development process.Entrepreneurial activities have become a key driving force of promoting economic growth,not only help entrepreneurs obtain economic benefits,but also have a profound impact on the employment,economic growth,industrial restructuring of the whole society,create a large number of social value.Therefore,in recent years,Entrepreneurial activities have obtained highly attentions of the researchers,government departments and practitioners,leading to the relevant research literature year after year surge,entrepreneurial support policies intensive introduced,meanwhile,greatly stimulate more entrepreneurs engaged in the torrent of entrepreneurial practice.However,the uncertainty in the environment and the disadvantages of new ventures make the resource shortage become a huge obstacle,the resource bottleneck is especially apparent in the process of developing opportunities which need a high degree of innovation.Thus,how to choose a reasonable access to resources based on the difference of its own innovative degree of opportunity,becomes the key issue in the development of new venture.At the same time,efficient resource integration can maximize the use of limited resources,which requires new ventures to flexibly use different ways of resource integration.Consequently,this study has contribution to guiding Chinese entrepreneurs and new ventures to combine their own internal and external environmental characteristics,based on the innovative degree of opportunities to flexibly use a variety of ways to acquire resources and integrate resource,thus creating higher performance returns.