| Through the observation of enterprises under the influence of digital revolution,COVID-19 and international turbulence,it is found that new ventures have the potential to adapt to the trend of digital economy and overcome the survival crisis brought by the turbulent business environment,and are the "living water" of China’s economic development.It has played an important role in ensuring the economy,promoting employment and seeking development,and promoted the sustainable growth of China’s economy.Compared with mature enterprises,new ventures have many problems,such as "new weakness" and "small and weak," but in the complex and changeable competitive environment,new ventures can realize the growth of overtaking the curve against the trend by putting forward novel value propositions and constantly updating the way of value creation and acquisition,reflecting the tenacious vitality.Business model innovation has become an important source of success for new ventures in shaping their competitive advantages,but the research on business model innovation of start-ups is still in its infancy in the theoretical field.At the same time,for new ventures,entrepreneurs play a decisive role,which is considered to be an important predictor of corporate success.Under the Elon Reeve Mus,Steve Jobs and Zhang Yiming,these companies have achieved great success quickly.This makes people begin to pay attention to whether successful entrepreneurs have certain distinctive characteristics that affect the development of enterprises.In fact,the characteristics of entrepreneurs play a decisive role in the formulation of strategic decisions,the acquisition of key resources,the utilization of innovation opportunities and the establishment of core teams.Previous studies have explored the role of entrepreneurs in enterprises from psychological characteristics such as entrepreneurs’ big five personalities,self-efficacy and need for achievement,but there is still a lack of consistent conclusions.Therefore,it is necessary to deeply explore the personality traits of entrepreneurs,and on this basis,explore the relationship between business model innovation and the growth of new ventures.Based on this,this paper follows the research logic of "trait-behavior-result" according to the upper echelons theory,firm growth theory and Schumpeter’s innovation theory.After systematically sorting out relevant theories,this paper constructs a theoretical model of "entrepreneur personality traits-business model innovation-new venture growth".Specifically,this paper examines the direct effect of entrepreneurs’ creativity,need for achievement and risk-taking on the growth of new ventures,the mediating effect of business model innovation between different entrepreneur personality traits and the growth of new ventures,and the moderating effect of shared vision on the relationship between entrepreneur personality traits and business model innovation.This paper specifically carries out three aspects of work.Firstly,based on the research framework of higher order theory,this paper explores the effect of entrepreneurs’ personality traits on the growth of new ventures.Based on the systematic review of relevant research on entrepreneur personality traits and new venture growth,multi-case studies are used to further explore the relationship between entrepreneur personality traits and new venture growth,and then empirical research is conducted on large sample data to test the relationship between entrepreneur personality traits and new venture growth.Second,based on the firm growth theory and Schumpeter’s innovation theory,this paper explores the effect mechanism of business model innovation on the relationship between entrepreneurs’ personality traits and the growth of new ventures.This paper refers to the functional logic of entrepreneur personality traits from the perspective of action theory,follows the research idea of "feature-action-result," and verifies the functional relationship among business model innovation,entrepreneur personality traits and the growth of new ventures with large sample data.Thirdly,this paper explores the boundary between entrepreneurs’ personality traits and business model innovation.The complexity of business model innovation requires the joint participation and support of members of the organization.Therefore,the shared vision is included in the research model to reveal the moderating effect of shared vision in the process of entrepreneurs’ personality traits influencing business model innovation.Based on the above research process,the following conclusions are drawn: first,different entrepreneurs’ personality traits have different effects on the growth of new ventures.Among them,entrepreneurs’ creativity and demand for achievement have a significant role in promoting the growth of new ventures,and there is an inverted U-shaped relationship between entrepreneurs’ risk-taking and the growth of new ventures.Second,business model innovation and its sub-dimensions play a significant role in promoting the growth of new ventures.The impact of business model innovation as a whole on the growth of new ventures is stronger than the impact of individual sub-dimensions of business model innovation.Thirdly,entrepreneurs’ creativity and demand for achievement have a positive impact on business model innovation and its sub-dimensions,but the impact of entrepreneurs’ risk-taking on the value acquisition innovation dimension of business model innovation is not significant.Fourthly,business model innovation plays a mediating role in the relationship between entrepreneurs’ creativity,achievement needs and the growth of new ventures.Fifth,shared vision has a positive moderating effect on the relationship between entrepreneurs’ creativity,need for achievement and business model innovation,but has no significant effect on the relationship between risk-taking and business model innovation.Compared with previous studies,the innovation of this study is as follows:First,this study identifies three key entrepreneurial characteristics that affect entrepreneurial activities,and empirically tests the differentiated effects of different characteristics on the growth of new ventures.This study systematically combs the existing literature on entrepreneur personality traits,and identifies three typical entrepreneur traits that match with the characteristics of new ventures,namely,creativity,need for achievement and risk-taking.Through a large-scale questionnaire survey,we empirically test the impact of these three representative entrepreneur characteristics on the growth of new ventures.The conclusion of this study confirms the internal relationship between different personality traits of entrepreneurs and the output of new ventures,further refines the differentiated effects of different traits of entrepreneurs on new ventures,makes up for the deficiency of the existing research on the characteristics of new ventures,and reduces the ambiguity of the results of the effect of personality traits on the output of enterprises.Second,this study explores the introduction of business model innovation into the research framework of entrepreneur characteristics,analyzes the impact of entrepreneur characteristics on business model innovation,and explains the action path of entrepreneur personality traits on the growth of new ventures from the perspective of business model innovation.With the help of Schumpeter’s innovation theory,this study explores the action path of personality traits on the growth of new ventures from the perspective of business model innovation,which enriches the antecedents and results of the business model innovation theory.The relevant research conclusions help to further explain the internal relationship between entrepreneurs’ personality traits and the output of new ventures,and to a certain extent,solve the existing relevant debates.Third,this study analyzes the contextualized effect of shared organizational vision and empirically tests the moderating effect of shared vision on the relationship between entrepreneurs’ personality traits and business model innovation.This study explores the role of shared vision as a situational factor,and finds that shared vision,as the common and spontaneous aspiration of all members of the organization for the future development of the enterprise,can reduce the divergence of communication among members of the organization,increase organizational cohesion,and encourage members of the organization to give full play to their advantages of human capital.It helps entrepreneurs with creativity and achievement needs to better realize business model innovation.The findings of this study make up for the deficiency of the existing research on entrepreneur traits in the analysis of contextualized factors,and reveal the influence of the interaction between entrepreneurs with different personality traits and shared visions of organizations on enterprise business model innovation,which enriches the contextualized characteristics of the effect of personality traits on enterprises. |
