دانلود رایگان مقاله نقش سفارش دستیابی به منابع در سرمایه گذاری جدید

abstract

Entrepreneurs need to accumulate different types of resources to take the initial steps to grow their ventures. While much is known about the configurations of resources that improve venture success, less is known on how ventures should initially accumulate resources to begin to exploit valuable opportunities. Using agent based simulations, we classify resources by the functions (search and execution) that they provide. We find that acquiring search resources before execution resources leads to more valuable opportunities, but only under conditions of higher uncertainty. We contribute to the entrepreneurial resource acquisition literature by showing how resource order may affect an entrepreneur's ability in opportunity discovery, evaluation, and exploitation. We draw inferences on contingencies that can increase the salience of resource order on venture success.

6. Discussion

Our results support the following conclusion: Ventures that acquire search resources before execution resources will outperform those ventures acquiring execution resources before search resources. Furthermore, this effect is stronger when an environment is complex. This is an insight that is of great theoretical as well as practical value. First, this challenges the prevailing wisdom in the literature—that the resource configuration, not order, matters most. And, this insight helps drive intuition that can inform theory development on how resource orders may be as important as resource configurations in their effect on venture growth and survival. Furthermore, this finding provides clear, actionable, advice for practitioners and entrepreneurs to bear in mind during startup (i.e., search resources before execution resources). Although the experimental control of this simulation study involves a simplification of reality, we maintain that it still has applicability to real-world complexity. Our findings agree with research that suggests that an entrepreneur's understanding of the value of a resource is limited, as it is impossible to put a value on the entire gamut of possible resource configurations (Denrell et al., 2003). Over time, an entrepreneur's understanding of the venture's opportunities and capabilities almost invariably change (Helfat and Peteraf, 2003), forcing adjustments to accommodate new resource combinations as new information is gained. In practice, it is generally recognized that initial perceptions may require significant tweaking and even experienced entrepreneurs urge stakeholders to understand that they must often "pivot" (Ries, 2011), or move quickly to ‘plan B′ (Mullins and Komisar, 2009), rather than fail based on the original opportunity that they perceived. Where we add value—and how we propose this study maintains its real-world applicability—is that we explicitly link specific resources (search vs. execution), and the order of acquisition, with the ability to discover, evaluate, and exploit opportunities.