Research On The Mechanism Of Entrepreneurial Orientation Tonew Venture Performance

As an important subject of innovation and entrepreneurship,new ventures play an important role in many types of innovation and entrepreneurship activities,and have become an important engine to drive innovation and promote economic and social development.At present,China is still in the period of economic transformation,which brings opportunities for entrepreneurs.Therefore,moreand more new ventures establishand develop continuously.However,because of the lack of complete legitimacy and reliable reputation,it is difficult for new ventures to obtain the support of external investors from capital market.And there exist obvious new weaknesses in new ventures.This "innovation flaw" is likely to lead to higher risk of failure for new ventures.The failure rate of new venture is generally high.Therefore,how to improve performance has become a practical problem faced by many new ventures.Many new ventures have the problem of low performance or even low survival rates,it is largely because of insufficient innovation,lack of foresight to cope with opportunitiesand changes,poor risk-taking ability.Innovativeness,proactiveness and risk-taking reflect the entrepreneurial orientation of an enterprise and are of great importantance to promote the performance of new ventures.At present,the relationship between entrepreneurial orientationand the performance of new ventures has attracted wide attention from academic field.However,among the discussion of the relationship between entrepreneurial orientationand new ventures' performance,previous studies often neglect the problems of resourcesand opportunities under the neonatal weakness conditions,and lack of pertinence to explain the mechanism.Based on this,from the perspective of entrepreneurial orientation,this study focuses on the problems of resource and opportunity and explores the internal mechanism of their performance formation.This study attempts to solve the following problems: first,how does entrepreneurship orientation promote the performance of new ventures? Second,what are the key mediation mechanisms between entrepreneurial orientation and new ventures performance? Thirdly,in the process of entrepreneurial orientation affecting new venture performance,are there any other moderating factors? In order to analyze the above problems in depth,this study constructs a mechanism model of entrepreneurial orientation and new venture performance,and analyzes the internal mechanism between the related variables.Based on the above analysis,this paper takes the new venture as the research object to analyze the mechanism of entrepreneurial orientation on new venture performance.Based on entrepreneurial process theory,resource dependence theory and entrepreneurial opportunity theory,this paper explores the internal mechanism of entrepreneurial orientation affecting new venture performance.Under the situation of neonatal weakness,driven by entrepreneurial orientation,new ventures should achieve high-level performance through two ways: first,to solve the difficulties immediately through make-do,organizing and utilizing resources at hand through entrepreneurial bricolage,and second,to identify and develop valuable business opportunities accurately through the identification of entrepreneurial opportunities.The two paths complement each other and are indispensable.They are important ways for enterprises to achieve growth and development under the neonatal weakness reality.In order to verify the mechanism of the above two paths,this paper will use the sample of new ventures and collect data by questionnaire survey,to make up for the deficiencies of the previous literature in this respect.In addition,the path of entrepreneurial orientation affecting new venture performance is also affected by external environmental variables.This paper argues that in the process of discussing the relationship between entrepreneurial orientation and new venture performance,the impact of environmental characteristics is indispensable.Therefore,this paper will examine the moderating role of environmental dynamics in the process of entrepreneurship orientation influencing the performance of new ventures through entrepreneurial bricolage and entrepreneurial opportunity identification.This study draws the following conclusions: Firstly,entrepreneurial orientation has a positive impact on new venture performance,and the innovativeness has a significant positive effect on growth performance,proactiveness and risk-taking of entrepreneurial orientation have a significant positive effect on both financial performance and growth performance of new ventures,respectively.At the same time,we find that entrepreneurial orientation's effect on growth performance is greater than on financial performance.Secondly,entrepreneurial bricolage and opportunity identification play mediating role in the impact of entrepreneurial orientation on the performance of new ventures,and entrepreneurial bricolage and entrepreneurial opportunity identification play a significant chain mediating role in the process of entrepreneurial orientation affecting new venture performance.Thirdly,the moderating effect of environmental dynamics in the relation of bricolage and new venture performance is not significant.However,environmental dynamism positively moderates the relationship between entrepreneurial opportunity identification and new venture performance,that is,the stronger the environmental dynamism,the greater the impact of entrepreneurial opportunity identification on new venture performance.At the same time,the dynamic environment positively moderates the mediation role of entrepreneurial opportunity identification between entrepreneurial orientation and new venture performance.This study has important theoretical significance and practical value.For theory development,firstly,this paper innovatively tests the impact of entrepreneurship orientation on the performance of new ventures from the dual perspectives of entrepreneurial bricolage and entrepreneurial opportunity identification.Prior research on the relationship between entrepreneurial orientation and new venture performance is mainly carried out from the perspective of ability and network,which can not explain the uniqueness of new ventures in solving neonatal weakness and problems.This paper takes the perspective of bricolage and opportunity identification as the research perspective to make up for the deficiencies of previous research.Secondly,this study demonstrates and validates the internal role of the two explanatory mechanisms of entrepreneurial bricolage and entrepreneurial opportunity identification in the relationship between entrepreneurial orientation and new venture performance,and proposes and validates the chain mediating effect of entrepreneurial bricolage and entrepreneurial opportunity identification.Finally,by introducing environmental dynamic,this paper tests the boundary conditions of the impact of entrepreneurial bricolage and entrepreneurial opportunity identification on the performance of new ventures more clearly.For practice implication,firstly,entrepreneurial orientation is an important source of improving the performance of new ventures.Enterprise should improve innovativeness,proactiveness and risk taking abilities.Secondly,in the case of resource constraints,new ventures should integrate and mobilize existing resources as much as possible to solve various problems.At the same time,enterprises also need to identify and grasp new opportunities.For new ventures,they should attach importance to both entrepreneurial bricolage and opportunity identification,and consciously transform and promote each other.Finally,enterprises can adjust their strategies flexibly and consciously according to the dynamics of the external environment.