Research On The Influence Mechanism Of New Venture Growth Based On The Perspective Of Entrepreneurial Characteristics

New venture growth plays an important role in socio-economic development and employment.Enterprise growth refers to the development process of enterprises from small to big,from weak to strong.The research on enterprise growth began in the field of economics.Adam Smith and Marshall combined enterprise growth with the personal characteristics of entrepreneurs from the perspectives of division of labor and cooperation,division of labor and specialization and economies of scale respectively.Enterprises are regarded as the products of economies of scale.Penrose pointed out that enterprise growth is the result of the effective exercise of management functions and regulation of resources owned by enterprises.As an important part of microeconomy,enterprise growth has always been an important topic in the field of academic and management practice,and is usually regarded as an important driving force of competition,employment,economic development and social integration.The essence of entrepreneurship is to realize the growth of enterprises,and the new venture growth is a key issue in the theory of entrepreneurial process.PeterF.Drucker once said: "In today's world,the characteristics and abilities of entrepreneurs determine the success or failure and survival of enterprises." The growth and development of startups are closely related to entrepreneurs.To start a business in an environment full of uncertainty,the characteristics possessed by entrepreneurs are the most critical resources and capability elements for the growth of start-ups.Based on the view that the driving force of enterprise growth comes from within the enterprise,the characteristics of entrepreneurs can be regarded as the internal driving force of enterprise growth.However,when discussing the influence mechanism of the new venture growth,the previous literature only takes the characteristics of entrepreneurs as some kind of variables to explain the new venture growth from an endogenous perspective,and takes "new entry defects" as the hypothetical background,according to the theoretical framework of entrepreneurial process,construct the model,ability or process for startups to overcome new entry defects.Throughout the previous literature,it is found that the existing researchers only pay attention to the "exogenous" function of entrepreneurial characteristics,and lack of analysis of the relationship between the internal elements of entrepreneurial characteristics.It ignores the complexity of the meaning of entrepreneurial characteristics and the diversified functions of its constituent elements in the process of new venture growth.With the deepening of "mass entrepreneurship,mass innovation",the research on entrepreneurship is becoming more and more mature,and the characteristics and characteristics of entrepreneurs based on Chinese situation have also been widely concerned by scholars.Some scholars assert that the new venture growth is related to many characteristics of entrepreneurs,including their lasting personality traits.Why do some people choose to start a business even when the business environment is not optimal,and lead the business to grow with individuals? why not others? Why can some people successfully deal with the challenges of enterprise survival time and living space,carry out continuous strategic innovation,and make enterprises maintain sustainable growth? What is the difference between well-growing entrepreneurs and entrepreneurial losers and non-entrepreneurs? What are their main differences? If we want to summarize the reasons for their success,it is not easy to study the growth cases of many start-ups in our country.Because compared with the development and growth of enterprises in the subsequent maturity period,there is a great difference between enterprises in the start-up period and the growth period.Whether from the starting point of entrepreneurship,resources,business areas or business models,it is difficult to sum up their common characteristics.But we can find some of the human-friendly,special,common qualities and abilities they have from these entrepreneurs themselves.These traits and characteristics of entrepreneurs are even considered by some researchers: this is the core competitiveness of start-ups,and it is an important element of enterprise success or growth that can not be imitated and replaced by competitors.This may be why the success and growth of companies like Huawei cannot be replicated.Based on the above background,this paper mainly studies the following questions:(1)what are the entrepreneurial characteristics based on Chinese native culture?(2)how do these entrepreneurial characteristics affect the new venture growth?(3)what role do different characteristic elements of entrepreneurs play in the new venture growth?(4)what is the mechanism of the impact on the new venture growth?(5)what is the enlightenment to the cultivation of entrepreneurial talents by drawing lessons from the characteristics of these successful entrepreneurs?On the basis of combing and analyzing the relevant literature,this paper uses the rooted theory and qualitative analysis method by mining the interview data of 18 start-up entrepreneurs to build a better entrepreneur characteristic model of new venture growth(extracting the top 20% of the industry).According to the theory of enterprise growth,this paper analyzes the relationship among the entrepreneurial traits,such as entrepreneurial characteristics,entrepreneurial self-efficacy,entrepreneurial passion,entrepreneurial resilience and innovation,and discusses the influence mechanism of these elements and relationships on the new venture growth.On this basis,according to the theory of human and entrepreneurship and emotional information theory,this paper constructs a conceptual model of the influence mechanism of new venture growth based on the perspective of entrepreneurial characteristics,and puts forward nine theoretical hypotheses to explore the intermediary and regulatory effects of entrepreneur characteristic elements in the relationship between entrepreneurial traits and the new venture growth.In this paper,data are collected through online and offline channels in the form of a questionnaire.In order to effectively explore the common characteristics of entrepreneurs with excellent new venture growth,this paper chooses that the enterprises that send out the questionnaire are all in the top 20% of the industry and have been established within 8 years(including 8 years).The questionnaire survey lasted nearly 4 months,and finally obtained a total of 583 valid case data.To ensure the reliability and authenticity of the data,this paper uses confirmatory factor analysis to test the reliability and validity of the survey data,and uses stepwise regression,path analysis,bootstrap method and hierarchical regression to verify the theoretical hypotheses proposed in this paper.Validation was performed and all 9 hypotheses were supported by data.The main conclusions of this paper are summarized as follows:(1)Based on the grounded theory,the characteristics of entrepreneurs related to the new venture growthare discovered.The research results show that entrepreneurs show individual factors that are different from non-entrepreneurs in terms of entrepreneurial characteristics,entrepreneurial self-efficacy,entrepreneurial resilience,entrepreneurial passion,and innovation.There is an obvious correlation between these individual differences and the new venture growth.(2)The characteristics of entrepreneurs have a significant positive impact on the new venture growth,and entrepreneurial resilience plays a part of the mediating role between the characteristics of entrepreneurs and the new venture growth.(3)The relationship between entrepreneurial traits and entrepreneurial resilience,and the relationship between entrepreneurial traits and new venture growth are affected by entrepreneurial self-efficacy,that is,the stronger the entrepreneurial self-efficacy,the greater the impact of entrepreneurial traits on entrepreneurial resilience,and the greater the impact on the new venture growth at the same time.(4)The relationship between entrepreneurial resilience and the new venture growth,and the relationship between the entrepreneurial traits and the new venture growth are affected by innovation.The higher the level of entrepreneurial innovation,the greater the impact of entrepreneurial resilience on the new venture growth,and the greater the impact of entrepreneurial traits on the new venture growth.(5)When the entrepreneurial passion of entrepreneurs is high,the impact of entrepreneurial resilience of entrepreneurs with a relatively high level of innovation on the new venture growth will increase,and at the same time,the impact of entrepreneurial traits with a higher level of innovation on the new venture growth will also increase.In other words,the relationship between entrepreneurial resilience and the new venture growth is affected by the joint adjustment of entrepreneurial passion and innovation,and the relationship between entrepreneurial traits and the new venture growth is also affected by the joint adjustment of entrepreneurial passion and innovation.The main purpose of this study is to explore whether a widely accepted concept of X entrepreneur characteristics can be used to predict or explain the new venture growth,so as to provide operational methods and suggestions for the field of entrepreneurial growth research.This paper not only provides a new perspective and paradigm for the study of the growth theory of new venture,but also contributes to the theory and practice in the field of entrepreneurship.The innovation of this study is mainly reflected in three aspects: the innovation of research perspective,the innovation of research methods and the innovation of research content.(1)Innovation of research perspectiveAs can be seen from the previous literature,the study of enterprise growth is based on the theory of resource dependence and organizational ecology,and the enterprise growth model is constructed from an endogenous perspective.The characteristics of entrepreneurs are regarded as an independent overall variable(generally as independent variables),ignoring the interaction and influence among the elements of entrepreneur characteristics.Although social cognitive theory has been used to study the role of personality characteristics or traits(such as resilience,self-efficacy,etc.)in other types of stress situations(Mubarak,1997;Majoretal.,1998;Bonannoetal.,2005),it is still lacking in theory to incorporate these structures into general entrepreneurial activities,especially to study the new venture growth from the perspective of entrepreneurial characteristics.(2)Innovation of research methodsReviewing the previous literature,we can find that in the research on the characteristics and traits of entrepreneurs,we often extract the characteristic elements of entrepreneurs according to the western literature,ignoring the noise of cultural background factors.Therefore,in order to analyze and summarize the influence mechanism of excellent new venture growth under the Chinese situation,this study uses the method of qualitative analysis to select the top 20% of new venture in the industry as the research object.through the mining of the interview data of 18 new venture entrepreneurs,this paper constructs the entrepreneur characteristic model with better growth of new venture.On this basis,according to the theory of people and entrepreneurship and emotional information theory,this paper constructs a conceptual model of the influence mechanism of new venture growth based on the perspective of entrepreneur characteristics.Furthermore,the empirical analysis method is used to reveal the "role" and function of the various elements of entrepreneur characteristics in the growth process of new venture.Because this paper adopts the mixed research method of the combination of qualitative research and empirical research,the research results and conclusions are more in line with the problem of enterprise growth in the Chinese situation.Therefore,the research method of this paper has a certain degree of innovation.(3)Innovation of research content.The innovation of the research content of this paper is mainly reflected in the following two aspects:First,the innovation of the content in the field of entrepreneur characteristic ontology.Based on the rooted theory and Chinese local situation,this paper excavates the core elements that constitute the characteristics of entrepreneurs.In order to solve the "human factor" which has not been fully studied in entrepreneur characteristics,this paper expands the resource-based view and enriches the entrepreneur characteristic theory based on Chinese situation.Based on 18 qualitative interviews,this paper summarizes the characteristics of entrepreneurs from 50 basic conceptual elements and 14 category elements,which are refined into five core elements: entrepreneurial core characteristics,entrepreneurial self-efficacy,entrepreneurial passion,entrepreneurial resilience and innovation.This discovery not only helps to further deepen the new research in the process of new venture growth,but also helps to further study the important role of entrepreneurs' core characteristics,entrepreneurial resilience,entrepreneurial passion,entrepreneurial self-efficacy and innovation in the growth of new venture.Through the qualitative analysis of the entrepreneur characteristics of Chinese local new venture,this study constructs an entrepreneur characteristic model based on the growth of new venture.the elements of the model include the core characteristics of entrepreneurs,entrepreneurial self-efficacy,entrepreneurial passion,entrepreneurial resilience and innovation.This study makes clear the difference between entrepreneur characteristics and entrepreneur traits,and uses the method of qualitative analysis to excavate the entrepreneur characteristic factor model and entrepreneur kernel trait dimension in accordance with the Chinese situation.it expands the ontological field of entrepreneur characteristics and entrepreneur traits.Second,the innovation of the model of the influence mechanism of the growth of new venture.This study studies the mechanism of the growth of new venture from the perspective of entrepreneur characteristics,analyzes the relationship between the elements of entrepreneurial characteristics and their impact on the growth of new venture,and explores the value of the elements of entrepreneurial characteristics in the growth of new venture.The purpose of this study is to synthesize the research results on the relationship between the characteristics of entrepreneurs and the growth of new venture in the literature,based on the matching theory between people and entrepreneurship and emotional information theory.This paper puts forward a simple framework for the growth of new venture from the perspective of entrepreneurs' characteristics.The results of this paper also provide empirical evidence of the direct impact of entrepreneurs' core characteristics on the growth of new venture,and contribute to the characteristic knowledge system of entrepreneurs.The results of this study show that the core characteristics of entrepreneurs have a significant impact on the growth of new venture,and the study verifies the intermediary effect of entrepreneurial resilience between the core characteristics of entrepreneurs and the growth of new venture,as well as the moderating effect of entrepreneurial passion and innovation.These research results will deepen the understanding of the role of entrepreneurial resilience,entrepreneurial passion and innovation in the growth of new venture,and expand the perspective of entrepreneurial characteristics to the entrepreneurial field.Therefore,the results of this study should help entrepreneurs to better understand the importance of the core traits and characteristics of entrepreneurs.To sum up,in the process of enterprise growth,the role and influence of entrepreneur characteristics and its constituent elements on enterprise growth are different.This paper takes the new venture as the research object to reveal the influence mechanism of the characteristics of the entrepreneur on the growth of the new venture,and the research results are valuable to the enterprise management practice.The research results of this paper help to improve the growth theory of new venture,and also have guiding significance for the growth practice of new venture.