Venture Efficacy Studies, And Its Impact On Entrepreneurial Performance

The main purpose of the present paper is to discuss the construct of EntrepreneurialEfficacy (EE), to analyze the relationship between EE and Entrepreneurial Performance andmore specifically, and to explore the way the EE played on the Entrepreneurial Performance.Based on the previous literatures on entrepreneurship and in-depth interviews, this researchdiscussed the dimensionality of EE under Chinese cultural background and the relationshipamong EE, Opportunity Recognition (OR), Goal Commitment (GC) and EntrepreneurialPerformance. Meanwhile, the research implications for entrepreneurial education and EEdevelopment were elaborated.There existed two stages in this research: the first was an in-depth interview, the purposeof which is to test the theoretical hypotheses and lay foundations for the next stage ofempirical study; the second stage included a questionnaire survey and consequent statisticanalysis. 250 questionnaires were sent to the entrepreneurs and 190 were collected, 152 ofwhich were valid; moreover, 426 questionnaires were sent to the employees, and 362 provedvalid. Most of the original hypotheses were tested with the details as follows:1. Entrepreneurial Efficacy includes the following five dimensions, namely, managerialefficacy, risk efficacy, innovation efficacy, financial efficacy and marketing efficacy. All thesefactors have a direct effect on Entrepreneurial Performance.2. Opportunity Recognition mainly includes three factors: opportunity detection, strategic change and opportunity exploration. The above three factors also correlate directlywith Entrepreneurial Performance.3. The Goal Commitment is a single-dimension variable and has a direct effect onEntrepreneurial Performance.4. EE can have effects on the Entrepreneurial Performance through OR, which meansOR is a partial mediators between EE and Entrepreneurial Performance. Thereof, OR is alsothe partial mediators between innovation efficacy and Entrepreneurial Survival Performance, the totally mediators among risk efficacy, managerial efficacy and Entrepreneurial SurvivalPerformance, do not play the mediators among financial efficacy, marketing efficacy andEntrepreneurial Survival Performance, the partial mediators among innovation efficacy, riskefficacy, managerial efficacy and Entrepreneurial Growth Efficacy, also do not play themediators among financial efficacy, marketing efficacy and Entrepreneurial Growth Efficacy, respectively.5. EE can have effects on the Entrepreneurial Performance through GC, which meansGC is a partial mediators between EE and Entrepreneurial Performance. Thereof, GC is alsothe partial mediators among marketing efficacy and Entrepreneurial Survival Performance, the totally mediators among risk efficacy, managerial efficacy and Entrepreneurial SurvivalPerformance, do not play the mediators between financial efficacy, innovation efficacy andEntrepreneurial Survival Performance, do not play the mediators between EE andEntrepreneurial Growth Performance, respectively..6. There is a significant difference among the enterprisers' Entrepreneurial Performance, which have different degrees, entrepreneurial-experiences and the size of the factories. Andthe enterprisers' age, the time they work, the stock they have and the industry has nosignificant difference to the Entrepreneurial Performance.7. The growing and mature stage of the enterprise has been proved to play a negativelymoderate role between marketing efficacy and Goal Commitment, and shows no significantdifference among other factors.