The Processes Behind Pivots: Behavioral Perspectives on Entrepreneurial Change and Adaptation

Abstract

Strategic change and adaptation play critical roles in young ventures’ success as they can result in better competitive strategies, or even a strategic pivot for the focal firm - i.e., a change in its products, markets, technologies, or business models that leads to a strategic reorientation. A limited but growing body of research in entrepreneurship focuses on new venture adaptation and has explored the antecedents of strategic adaptation as explained by industry structures, characteristics of firm founders and updating of their beliefs and mental models. However, surprisingly few studies explore whether firm founding characteristics or vision and passion, impact subsequent strategic choices, or how information screening and processing lead to entrepreneurial change and pivoting. Using a behavioral lens to examine entrepreneurial adaptation, the studies presented in our symposium explore the processes behind strategic pivots and how founder as well as firm founding characteristics interplay with decision-maker's mental models and information screening lead to entrepreneurial change and adaptation. Pioneering Digital MultiSided Platforms:Founding Characteristics, Key Strategic Choices and Survival Presenter: Audra Wormald; Robert H. Smith School of Business, U. of Maryland Presenter: Rajshree Agarwal; U. of Maryland Presenter: Serguey Braguinsky; U. of Maryland Presenter: Sonali Shah; U. of Illinois at Urbana-Champaign How do Women-led Entrepreneurial Firms Manage Change? Pivoting Among Female Entrepreneurs Presenter: Chiara Spina; INSEAD Presenter: Arianna Mastrippolito; Boston Consulting Group Not All Those Who Wander Are Lost: The Interplay of Mental models and Strategic Action Over Time Presenter: Douglas Hannah; Boston U. Questrom School of Business Presenter: Andrea Caldwell Marquez; U. of Texas At San Antonio Presenter: Timothy Ott; U. of North Carolina, Chapel Hill Living Your Passion and Embracing Change? The Impact of Mental Models on Entrepreneurial Adaptation Presenter: Anshuman Sinha; U. of California, Irvine How Do Entrepreneurs Learn Effective Resource Mobilization Actions Presenter: Benjamin L. Hallen; U. of Washington, Seattle Presenter: Suresh B Kotha; U. of Washington, Seattle Presenter: Alex Michael Murray; U. of Oregon