Research On The Mechanism That Entrepreneurial Cognition Affects Entrepreneurial Failure From The Process Perspective

The low quality of entrepreneurial activities and the high rate of entrepreneurial failure are still prominent problems in China.In recent years,scholars have begun to study the deep logic behind entrepreneurial failure from the perspective of entrepreneurial cognition in order to be closer to the unique nature of entrepreneurial activities.However,related researches have not clearly explained how entrepreneurial cognition affects entrepreneurial failure.In order to open the black box that entrepreneurial cognition affects entrepreneurial failure,this paper is based on social cognitive theory from the perspective of entrepreneurial process.The research question of this paper is put forward:How does entrepreneurial cognition affect entrepreneurial failure in the entrepreneurial process?It is further divided into the following three specific research questions:(1)What kind of entrepreneurial cognition do entrepreneurs exhibit at different stages of the entrepreneurial process?(2)How does entrepreneurial cognition play a role in key activities of the entrepreneurial process?(3)How does entrepreneurial cognition affect entrepreneurial failure by playing a role in key activities of the entrepreneurial process?To answer these research questions above,this paper adopts the longitudinal single case study method and takes X corporation as the research object.By observing its P2 P project from preparation to final failure for 4 years,we drew the following three conclusions:First,entrepreneurial process begins with the period of preservation,and then the period of preservation alternates with the period of radical change.In the entrepreneurial process,key activities that are affected by entrepreneurial cognition include opportunity identification,opportunity assessment,strategic planning,team building,team adjustment,business positioning,and technology acquisition.Second,entrepreneurs have two cognitive styles:intuition and analysis.(1)frequency of occurrence:more intuition.(2)path of action: the two act alone or together on key activities in the entrepreneurial process to form key decisions.(3)effect results:the results are different when the same cognitive style affects different key activities.Third,the two mechanisms that entrepreneurial cognition affects entrepreneurial failure are lack of key activities and cumulative effect.Lack of key activities refers to that entrepreneurial failure is caused by the lack of key activities and uncomplete key activities.Cumulative effect refers to that entrepreneurial failure is caused by the accumulation of stage negative results,including the accumulation of negative results of entrepreneurs' self-realization,economic indicators,and internal legitimacy.This paper opens the black box that entrepreneurial cognition affects entrepreneurial failure,providing theoretical guidance to improve corporate performance and reduce entrepreneurial failure rate.