Pathways of Passion Murnieks, Charles Y.; Mosakowski, Elaine; Cardon, Melissa S.
Journal of management,
09/2014, Letnik:
40, Številka:
6
Journal Article
Recenzirano
This study examines the role of passion among entrepreneurs. In particular, the authors integrate identity theory with the literature surrounding passion to investigate the possible pathways through ...which entrepreneurial identities might influence passion, as well as the relationship between entrepreneurs’ passion and behavior. Structural equation modeling of responses from 221 entrepreneurs suggests that passion rises and falls in connection with entrepreneurial identity centrality and, furthermore, that passion is associated with individual entrepreneurial behavior and entrepreneurial self-efficacy. This research provides a starting point for investigating the factors that may impact the development of entrepreneurs’ passion as well as the specific mechanisms through which passion energizes entrepreneurial action.
What makes some entrepreneurs persist in their venture efforts while others quit? Self–efficacy has robustly been found to drive persistence, yet recent work suggests that affect, in particular ...entrepreneurial passion, may also enhance persistence. We empirically examine the possibility that the long–standing relationship between self–efficacy and persistence might be mediated by entrepreneurial passion. Using data from 129 entrepreneurs, we find that the self–efficacy to persistence relationship is mediated by passion for inventing and for founding but not by passion for developing firms. The passion of entrepreneurs appears to help explain the relationship between entrepreneurial self–efficacy and sustained entrepreneurial action.
Along with other affective and emotional dimensions, passion is at the heart of entrepreneurship. Yet past research on entrepreneurial passion (EP) has been hindered by the lack of a sound ...measurement instrument. Through a series of empirical studies conducted with samples from relevant populations, we develop and validate an instrument to capture EP and its inherent dimensions. We show that the task-specific dimensions of EP (intense positive feelings toward the domains of inventing, founding and developing, and the centrality of these domains to entrepreneurs' self-identity) are conceptually and empirically distinct from one another, and from other emotions and cognitions known to play a role in entrepreneurship. Our theory and results indicate that proper measurement of entrepreneurial passion incorporates the interaction between entrepreneurs' feelings and identity centrality for each domain. We discuss the implications of our model, instrument and findings for future research on the affective components of innovation and entrepreneurship. We also develop specific guidelines for using our validated instrument in future research.
►We develop and validate a multi-dimensional measure of entrepreneurial passion. ► We show that EP is conceptually and empirically distinct from other constructs. ► EP is a function of intense feelings for a role and its identity centrality. ► EP may occur in different domains (inventing, founding, or developing). ► Our measure captures unique effects of EP on key individual outcomes. ► This measure of EP has convergent, discriminant, and criterion validity.
Despite interest in understanding the role passion plays in investor decision making, little is known about the conditions under which perceived passion is likely to play a significant role in the ...funding decision process. We first establish a relationship between perceived passion and evaluations of funding potential, then use affective reactivity as a theoretical framework to explore how several individual characteristics of angel investors impact the relationship between perceived passion and evaluations of funding potential. The results indicate that the relationship is stronger for angel investors who are older, more intuitive, have a high openness personality, or those who are motivated to mentor. Surprisingly, the relationship weakens for angels who are extraverted and those who have a promotion-dominated regulatory focus.
► We examine what factors impact whether passion leads to higher evaluations of funding potential. ► We establish a relationship between perceived passion and evaluations of funding potential. ► Age, cognitive style, openness personality, and motivation to mentor act as positive moderators. ► Extraverted and promotion dominated regulatory focus angels are less influenced by passion.
Entrepreneurial passion plays an important role in entrepreneurship, but theoretical understanding of what it is and what it does is lacking. We build on fragmented and disparate extant work to ...conceptualize the nature of entrepreneurial passion associated with salient entrepreneurial role identities. We also theorize the mechanisms of the experience of entrepreneurial passion that provide coherence to goal-directed cognitions and behaviors during the pursuit of entrepreneurial effectiveness.
Angel investors often make investment decisions based on motivational cues communicated during pitches—including enthusiasm, preparedness, and commitment—to evaluate potentially important qualities ...of entrepreneurs. We tested the independent and interaction effects of these cues by having 72 angels complete 1,995 evaluations of 133 live pitches. We found a positive effect of preparedness on angel evaluations, an effect enhanced by one form of commitment. The relationship between enthusiasm and evaluations of funding potential varies depending on the type of commitment considered. Our findings suggest that enthusiasm, preparedness, and commitment should be treated as conceptually and empirically distinct.
We introduce the concept of team entrepreneurial passion, a team-level construct representing the level of shared intense positive feelings for a collective and central team identity for new venture ...teams. Additionally, we develop a dynamic theoretical model of (1) the processes by which team entrepreneurial passion can emerge from different combinations of new venture team members' individual entrepreneurial passions, (2) the influence of team entrepreneurial passion on team and individual member outcomes, and (3) the relative importance of team entrepreneurial passion emergence and influence processes at different venture stages. Our model has theoretical and practical implications for scholarship concerning affective diversity, shared affect, collective identity, new venture teams, and entrepreneurial passion.
We develop a conceptual model of entrepreneurial exit which includes exit through liquidation and firm sale for both firms in financial distress and firms performing well. This represents four ...distinct exit routes. In developing the model, we complement the prevailing theoretical framework of exit as a utility-maximizing problem among entrepreneurs with prospect theory and its recent applications in liquidation of investment decisions. We empirically test the model using two Swedish databases which follow 1,735 new ventures and their founders over eight years. We find that entrepreneurs exit from both firms in financial distress and firms performing well. In addition, commonly examined human capital factors (entrepreneurial experience, age, education) and failure-avoidance strategies (outside job, reinvestment) differ substantially across the four exit routes, explaining some of the discrepancies in earlier studies.
Research on identity in entrepreneurship represents a central, dynamic, and quickly growing field of research. Yet, rapid growth has led to a diversity of theoretical conversations and methodological ...advancements that has yielded a largely disjointed body of existing work. To advance research in this area, we systematically review 180 articles on identity(ies) in entrepreneurship from the last 20 years. We conducted a bibliometric analysis using terms in the keywords, titles, and abstracts of identified articles to examine the co-occurrence of these terms. We then develop an organizing framework that reflects four unique conversations within the body of research—distinctions, variations, constructions, and intersections—and highlight the key research questions and themes studied with each conversation. We chart a path for future research that reflects the broad spectrum of views in the literature and propose new opportunities for research that takes a network-based approach, explores post-emergent venture states of identity, and moves the study of identity to the digital world of online communities.
•We systematically review the literature on identity(ies) in entrepreneurship.•We conduct bibliometric analysis using terms in the keywords, titles, and abstracts of identified articles to examine the co-occurrence of these terms.•We develop a framework that reflects four unique conversations within the body of research—distinctions, variations, constructions, and intersections.•We highlight new areas for methodological development for identity(ies) in entrepreneurship.•We chart a new path for future research that takes on a network-based approach, explores post-emergent venture states of identity, and moves the study of identity to the digital world of online communities.
We examine how failure ascriptions (how the core causal characteristics of a failure are identified) impact perceptions of learning, defined here as the ability to transfer knowledge from a failed ...venture to a subsequently started new venture. Our findings are consistent with prior work in that internal unstable failure ascriptions are associated with greater perceived learning, while external stable ascriptions are associated with less perceived learning. Inconsistent with prior work, however, we find that starting a new venture more quickly after failure enhances perceived learning for entrepreneurs who made internal unstable ascriptions. Further, entrepreneurs with external stable ascriptions have even less perceived learning when they abandon their previous domain in their new venture. Implications for research on failure, ascriptions, and perceived learning for future ventures are discussed.
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