The Influence Mechanism Of Digital Orientation On The Performance Of New Ventures

In the post-epidemic era of booming digital economy,digital development is not only of great significance to incumbent enterprises,but also provides new development opportunities for start-ups with "new entry defects".The boundarylessness and strong interactivity brought about by digital technology,digital infrastructure and digital artifacts push the boundaries of classic entrepreneurship research.As a new strategic orientation under the background of digital age,digital orientation is conducive to promoting organizations to cultivate and implement specific digitalization strategies and select appropriate digitalization measures.In addition,it plays an important role in the positive response of new ventures to the dynamic environment,the ability building and business model design to obtain performance returns and achieve sustainable development.The current digital research got extensive attention of the industry and academia.However,for the digital oriented research is still in its early stage,and other strategic direction concept of differences and relations has not been clarified Existing studies have found that different digital scene strategy oriented by enterprise business model role in business performance,such as entrepreneurial orientation,market orientation,learning orientation,and multiple guide,work together to improve enterprise performance.However,the existing concept of strategy orientation cannot completely represent the unique strategic orientation of enterprises in the digital context.As a new strategic orientation in digital context,the key issue of how digital orientation affects the performance of new ventures lack in-depth analysis discussion,and there is a huge space of research At the same time,the existing studies focus more on the digital transformation of incumbents,and there are few and far between studies on how startups gain practical benefits from digitalization and achieve entrepreurial success.Therefore,research on digital orientation is a frontier scientific issue with theoretical and practical significance,which can not only enrich the study of strategic orientation,but also expand the development of digital orientaiton in the context of entrepreneurship.Therefore,this study tries to solve the following questions.First,what is digital orientation?Second,how does digital orientation promote the performance of new ventures?Third,what are the key mediating mechanisms between digital orientation and new venture performance?In order to further analyze the above problems,this study constructs the mechanism model of digitalization orientation on the performance of new ventures through literature analysis and case study method,and deeply analyzes the internal mechanism of each element.This study takes new ventures as the research object,analyzes the influence mechanism of digital orientation on the performance of new ventures,and discusses the internal mechanism of digital orientation on the performance of new ventures based on digital entrepreneurship theory and resource arrangement theory.This paper argues that,driven by digital orientation,new ventures can achieve high level of corporate performance through two ways.One is to effectively manage and utilize internal and external resources of the organization through digital management ability,and to form a clear and unified cognition of the sustainable development of the enterprise in the digital context.Digital management ability is the key for enterprises to make effective use of digital technology in digital context.In reality,many start-ups fail due to the lack of digital commitment and digital skills of their employees.The support of managers,the understanding of digital technology knowledge,and the skills and support of employees are all the keys for enterprises to gain competitive advantages from digitalization.Secondly,Secondly,through effective allocation and arrangement of resources to design business models,enterprises can achieve value creation and improve performance.Business model design is a very important aspect among the results that digital orientation may affect the performance of new ventures.Business model,as a key factor for enterprises to gain competitive advantages and achieve sustainable development in the digital context,has been proved in the practice of most entrepreneurial enterprises.For example,Bytedance and Kuaishou have rapidly grown into short video leading enterprises through business model innovation and design since their establishment.In order to verify the mechanism of the above two paths,this paper expands the path mechanism for enterprises to improve their performance in the digital context by using the sample of new enterprises to test through questionnaire survey,and draws the following conclusions.First,digital orientation is an opportunity for organizations to pursue digital technology enablement and a guiding principle to achieve competitive advantages.In the decision-making and practice of organizations,it is manifested as the mentality and strategic posture of digital openness and digital innovation.Second,digital openness and digital innovation have a significant positive impact on the growth performance and financial performance of new ventures.Third,novelty-centered business model design plays a mediating role between digital orientation and new venture performance,while efficiency-centered business model design plays a mediating role between digital orientation and financial perforrmance.Fourth,digital management ability plays a mediating role between digital orientation and new venture performance.Fifth,digital management ability and business model design play a chain mediating role between digital orientation and new venture performance.This research has important theoretical significance and practical value.In terms of theory,firstly,this paper clarifies the concept and connotation of digitalization orientation,indicating that digital technology is a necessary and insufficient condition for enterprises to obtain competitive advantages.That is,it is not the use of digital technology that causes enterprises to obtain practical benefits from digitalization.It comes from the fact that under the dual drive of digital openness and digital innovation,enterprises can actively interact and communicate with external stakeholders,and realize the acquisition,absorption and transformation of information and knowledge,indicating that digital orientation as a strategic posture is of great significance for new enterprises to obtain competitive advantages.Secondly,this paper creatively reveals the impact of digital orientation on the performance of new ventures from the dual perspectives of digital management capability and business model design.At present,not only the important role of organizational digital management ability in the context of digital economy is ignored,but also the empirical research on how business model design can improve the performance of entrepreneurial enterprises in the context of digitalization is lacking.From the perspective of digital management capability and business model design,this paper discusses the acquisition and improvement of the performance of new ventures,which makes up for the deficiency of existing research.Finally,this study demonstrates and tests the internal relationship between digital management capability and business model design on the relationship between digital orientation and new venture performance,and proposes and tests the chain mediating effect between digital management capability and business model design.In practice,first of all,digital orientation is the driving force to improve the performance of new enterprises.New enterprises should improve digital orientation from two aspects:digital openness and digital innovation.Secondly,new enterprises should realize that the construction of digital management ability is of great significance to the development of enterprises,consciously cultivate the cognitive and operational abilities of managers and employees on digital technology,and reach a consensus on the development vision of enterprises in the digital context by promoting knowledge exchange and communication within enterprises.Finally,new ventures should attach importance to the business model design,especially the new type of business model design,and realize the innovation of business model is not achieved overnight,need to be organized on the basis of continuous dialogue interaction with the outside world under the existing business model speculative,learn by experiment and improve the business model of module or the overall architecture,to realize the value.