Abstract
Recently, scholars have begun to shift their focus toward the idea of the marketization of startups and the relationship with entrepreneurial psychology or other factors; however, the establishment of a unified and clear standard of entrepreneurship educational methods remains unfulfilled. Our study investigates 46 representative startups in four industries, including financial technology, biotechnology, education, and cultural tourism areas in Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and Southeast Asia (SEA) to observe factors from different backgrounds but matter in common for building entrepreneurship education systems and methods in different countries. We used the fuzzy qualitative comparison method (fsQCA) to survey startup entrepreneurs and executives through questionnaires, selecting startup key factors including entrepreneurial psychology (optimism, passion, self-efficacy), product advantage, market and cultural environment, entrepreneurial policy, and geographical advantage. The survey was conducted on six key variables, namely, geographical advantage, to observe the conditional grouping and paths of factors influencing the establishment of Startups from an overall perspective. This study explores the path combination that plays a key role in the establishment of new enterprises, and further uses specific industry cases to verify the rationality and credibility of the path combination. The main conclusions are as follows: (1) There are five combination paths affecting the establishment of new enterprises, which are “psychology and market,” “psychology, product, and region,” “psychology, culture and policy,” “psychology, market, and culture,” and “market, policy, and region” combination paths; (2) Entrepreneur psychology, market environment, and entrepreneurship policy are the core conditions to improve the effectiveness of the establishment of new enterprises, while the other three variables are non-core variables in different paths; (3) There are different paths of entrepreneurial paths and factor combinations in different regions or industries.
Highlights
An increasing number of scholars have begun to focus on the fact that the combination of entrepreneurial psychology and entrepreneurship research can enrich and improve the current theoretical framework of entrepreneurship (Frese and Gielnik, 2014), and some researchers have addressed the relationship between entrepreneurial psychology and entrepreneurial motivation in the transportation industry (Shi and Wang, 2021), while other researchers have added the psychology of entrepreneurship in college students to the study of entrepreneurial cognitive interaction (Liu and Yu, 2021)
As few researchers have studied the impact of multiple conditions on the process of startup establishment, it was decided to use fsQCA to investigate the impact of a combination of six main influencing conditions: entrepreneurial psychology (EP), product advantage (PA), market environment (ME), cultural environment (CE), entrepreneurial policy (EPY), and geographical advantage (GA), on startup establishment
To measure self-efficacy, the belief that one can cope with various pressures or challenging requirements, the questionnaire adapted the SelfEfficacy Scale (Luszczynska et al, 2005) for four items for scoring, such as “Am I sufficiently thoughtful and able to deal with unforeseen changes?” For product advantages (Sheng and Zhang, 2009), there are five items from the Improved Product Questionnaire, which has good reliability and validity; in terms of market environment, it refers to the analysis of the urban business environment (Li M. et al, 2021), including six items, and there is a motivational relationship between entrepreneurial cultural factors and entrepreneurial motivation of entrepreneurs
Summary
How to help startups survive and grow while dealing with different environments is the greatest challenge for entrepreneurs who need to make sound decisions in the face of various unknown situations, maintain a stable mindset, and actively adapt to the external environment of the business to ensure its survival (Sarasvathy, 2001; McMullen and Shepherd, 2006). This paper explores the influence of different industrial entrepreneurship factors in these countries and regions from a cross-regional perspective, which holds important theoretical significance for the joint development and interaction between the GBA and southeast Asian enterprises. This study uses fsQCA to combine three psychological factors (optimism, passion, and self-efficacy) as one of the founding factors of startups, addressing the issue of the entrepreneurial environment by selecting product advantage as an internal environment variable and market environment, cultural environment, entrepreneurial policy, and geographical advantage as external environment variables, and applies the analysis to select startups in four industries in GBA and Southeast Asia for comparison. The fsQCA method is used to find the different factor path combinations of new startups in each region, and to explore the commonalities and differences in the factor path combinations of new startups in different regions and industries
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