Abstract
This study probes into the effects of entrepreneurial resources on speed of entrepreneurial success and attempts to find if the entrepreneurship moderates the relationship. Accordingly, this study validates the hypothesis using the Cox regression model. Based on the empirical analytical result of 374 small and medium Chinese enterprises, for entrepreneurs with stronger entrepreneurship, the effect of their owned funds on speed of entrepreneurial success is more significant than those without entrepreneurship. In addition, for entrepreneurs with stronger entrepreneurship, the effect of network ties on speed of entrepreneurial success is superior to those without entrepreneurship.
This is a preview of subscription content, access via your institution.

Reference
Ahuja, G. (2000). The duality of collaboration: inducements and opportunities in the formation of interfirm linkages. Strategic Management Journal, 21(3), 317–343.
Alvarez, S. A., & Busenitz, L. W. (2001). The entrepreneurship of resource-based theory. Journal of Management, 27(6), 755–775.
Anderson, J. C., & Gerbing, D. W. (1988). Structural equation modeling in practice: a review and recommended two-step approach. Psychological Bulletin, 103(3), 411–423.
Ardichvili, A., & Cardozo, R. N. (2000). A model of entrepreneurial opportunity recognition process. Journal of Enterprising Culture, 8(2), 103–119.
Ardichvili, A., Cardozo, R., & Ray, S. (2003). A theory of entrepreneurial opportunity identification and development. Journal of Business Venturing, 18(1), 105–123.
Armstrong, J. S., & Overton, T. S. (1977). Estimating nonresponse bias in mail surveys. Journal of Marketing Research, 14(3), 396–402.
Atoncic, R. D., & Hisrich, B. (2003). Privatization, corporate entrepreneurship and performance: testing a normative model. Journal of Developmental Entrepreneurship, 8(3), 197–218.
Baird, I. S., & Thomas, H. (1985). Toward a contingency model of strategic risk taking. Academy of Management Review, 10(2), 230–243.
Baker, T., & Nelson, R. E. (2005). Creating something from nothing: resource construction through entrepreneurial bricolage. Administrative Science Quarterly, 50(3), 329–366.
Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120.
BarNir, A., & Smith, K. A. (2002). Inter-firm alliances in the small firm: the role of social networks. Journal of Small Business Management, 40(3), 219–232.
Baum, J. A. C., & Silverman, B. S. (2004). Picking winners or building them? Alliance, intellectual and human capital as selection criteria in venture financing and performance of biotechnology startups. Journal of Business Venturing, 19(3), 411–436.
Baum, J. A. C., Calabrese, T., & Silverman, B. S. (2000). Don’t go it alone: alliance network composition and startups’ performance in Canadian biotechnology. Strategic Management Journal, 21(3), 267–294.
Beckman, C., Burton, M. D., & O’Reilly, C. A. (2007). Early teams: the impact of team demography on VC financing and going public. Journal of Business Venturing, 22(2), 147–174.
Bentler, P. M., & Wu, E. J. C. (1993). EAS: Windows User’s Guide. Los Angeles: BMDP Statistical Software.
Bonet, F. P., Armengot, C. R., & Martin, M. A. G. (2011). Entrepreneurial success and human resource. International Journal of Manpower, 32(1), 68–80.
Boso, N., Cadogan, J. W., & Story, V. M. (2012). Complementary effect of entrepreneurial and market orientations on export new product success under differing levels of competitive intensity and financial capital. International Business Review, 21(4), 667–681.
Bowen, D. D., & Hisrich, R. D. (1986). The female entrepreneur: a career development perspective. Academy of Management Review, 11(2), 397–399.
Brush, C. G., Greene, P. G., & Hart, M. M. (2001). From initial idea to unique advantage: the entrepreneurial challenge of constructing a resource base. Academy of Management Executive, 15(1), 64–78.
Burt, R. S. (1992). Structural Holes: The Social Structure of Competition. Cambridge: Harvard University Press.
Bygrave, W. D., & Hofer, C. W. (1991). Theorizing about entrepreneurship. Entrepreneurship Theory & Practice, 16(2), 13–22.
Casson, M. (1982). The Entrepreneur: An Economic Theory. Rowman & Littlefield Pub Inc.
Chandler, G. N., & Hanks, S. H. (1994). Market attractiveness, resource-based capabilities, venture strategies, and venture performance. Journal of Business Venturing, 9(4), 331–349.
Choi, Y. R., & Shepherd, D. A. (2004). Entrepreneurs’ decisions to exploit opportunities. Journal of Management, 30(3), 377–395.
Ciavarella, M. A., Buchholtz, A. K., Riordan, C. M., Gatewood, R. D., & Stokes, G. S. (2004). The big five and venture survival: is there a linkage? Journal of Business Venturing, 19(4), 465–483.
Coleman, J. S. (1988). Social capital in the creation of human capital. American Journal of Sociology, 94(Supplement), S95–S120.
Cooper, A. C., & Artz, K. W. (1995). Determinants of satisfaction for entrepreneurs. Journal of Business Venturing, 10(6), 439–457.
Cooper, A. C., Gimeno-Gascon, F. J., & Woo, C. Y. (1994). Initial human and financial capital as predictors of new venture performance. Journal of Business Venturing, 9(5), 371–395.
Covin, J. G., & Slevin, D. P. (1988). The influence of organization structure on the utility of an entrepreneurial top management style. Journal of Management Studies, 25(3), 217–234.
Delaney, J. T., & Huselid, M. A. (1996). The impact of human resource management practices on perceptions of organizational performance. Academy of Management Journal, 39(4), 949–969.
Dess, G., Lumpkin, G. T., & Covin, J. G. (1997). Entrepreneurial strategy making and firm performance: test of contingency and configurational models. Strategic Management Journal, 18(9), 677–695.
Dierickx, I., & Cool, K. (1989). Asset stock accumulation and sustainability of competitive advantage. Management Science, 35(12), 1504–1511.
Dilman, D. A. (1978). Mail and telephone surveys: The total design method. New York: Wiley.
Dollingers, M. J. (2003). Entrepreneurship: Strategies and Resources (3 ed.). Prentice Hall.
Drucker, P. F. (1993). Post capitalist society. New York: Harper Business Publishers.
Eddleston, K. A., & Powell, G. N. (2008). The role of gender identity in explaining sex differences in business owners’ career satisfier preferences. Journal of Business Venturing, 23(2), 244–256.
Eisenhardt, K. M., & Schoonhoven, C. B. (1990). Organizational growth: linking founding team, strategy, environment and growth among United-States semiconductor ventures, 1979–1988. Administrative Science Quarterly, 35(3), 504–529.
Elfring, T., & Hulsink, W. (2003). Networks in entrepreneurship: the case of high-technology firms. Small Business Economics, 21(4), 409–422.
Felin, T., & Hesterly, W. (2007). The knowledge-based view: nested heterogeneity and new value creation. Academy of Management Review, 32(1), 195–218.
Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable and measurement errors. Journal of Marketing Research, 18(1), 39–50.
Gartner, W. B. (1985). A conceptual framework for describing the phenomenon of new venture creation. Academy of Management Review, 10(4), 696–707.
Gemünden, H. G., Ritter, T., & Heydebreck, P. (1996). Network configuration and innovation success: an empirical analysis in German high-tech industries. International Journal of Research in Marketing, 13(5), 449–462.
Grant, R. M. (1991). The resource-based theory of competitive advantage: implications for strategy formulation. California Management Review, 33(3), 114–134.
Grant, R. M. (1996). Prospering in dynamically-competitive environments: organisational capability as knowledge integration. Organization Science, 7(4), 375–387.
Gruber, M., MacMillan, I. C., & Thompson, J. D. (2012). From minds to markets: how human capital endowments shape market opportunity identification of technology start-ups. Journal of Management, 38(5), 1421–1449.
Gulati, R. (1995). Social structure and alliance formation patterns: a longitudinal analysis. Administrative Science Quarterly, 40(4), 619–652.
Hallen, B. L. (2008). The causes and consequences of the initial network positions of new organizations: from whom do entrepreneurs receive investments? Administrative Science Quarterly, 53(4), 685–718.
Hitt, M. A., Ireland, R. D., Camp, S. M., & Sexton, D. L. (2001). Strategic entrepreneurship: entrepreneurial strategies for wealth creation. Strategic Management Journal, 22(6–7), 479–491.
Hitt, M. A., Ireland, R. D., Sirmon, D. G., & Trahms, C. A. (2011). Strategic entrepreneurship: creating value for individuals, organizations, and society. Academy of Management Perspectives, 25(2), 57–75.
Honig, B. (1998). What determines success? Examining the human, financial, and social capital of Jamaican microentrepreneurs. Journal of Business Venturing, 13(5), 371–394.
Hsu, D. (2007). Experienced entrepreneurial founders, organizational capital and venture capital funding. Research Policy, 36(5), 722–741.
Huang, H. C., Lai, M. C., & Lo, K. W. (2012). Do founders’ own resources matter? The influences of business networks on start-up innovation and performance. Technovation, 32(5), 316–327.
Hunter, J. E. (1986). Cognitive ability, cognitive aptitudes, job knowledge, and job performance. Journal of Vocational Behavior, 29(3), 340–362.
Hwang, K. K. (1987). Face and favor: the Chinese power game. The American Journal of Sociology, 92(4), 944–974.
Ibarra, H. (1993). Personal networks of women and minorities in management: a conceptual framework. Academy of Management Review, 18(1), 56–87.
Ipe, M. (2003). Knowledge sharing on organizations: a conceptual framework. Human Resource Development Review, 2(4), 337–359.
Ireland, R. D., Hitt, M. A., & Sirmon, D. G. (2003). Strategic entrepreneurship: the construct and its dimensions. Journal of Management, 29(6), 963–989.
Jap, S. D., & Ganesan, S. (2000). Control mechanisms and the relationship life cycle: implications for safeguarding specific investments and developing commitment. Journal of Marketing Research, 37(2), 227–246.
Karra, N., Phillips, N., & Tracey, P. (2008). Building the born global firm - developing entrepreneurial capabilities for international new venture success. Long Range Planning, 41(4), 440–458.
Katila, R., Rosenberger, J. D., & Eisenhardt, K. M. (2008). Swimming with sharks: technology ventures, defense mechanisms and corporate relationships. Administrative Science Quarterly, 53(2), 295–332.
Khilstrom, R., & Laffont, J. (1979). A general equilibrium entrepreneurial theory of firm formation based on risk aversion. Journal of Political Economy, 87(4), 718–49.
Knight, F. H. (1921). Risk, Uncertainty and Profit. Boston and New York.
Kourilsky, M. L., & Walstad, W. B. (1998). Entrepreneurship and female youth: knowledge, attitudes, gender differences and educational practices. Journal of Business Venturing, 13(1), 77–88.
Kuratko, D. F. (2005). The emergence of entrepreneurship education: development, trends, and challenges. Entrepreneurship, Theory & Practice, 29(5), 577–598.
Lechner, C., & Dowling, M. (2003). Firm networks: external relationships as sources for the growth and competitiveness of entrepreneurial firms. Entrepreneurship & Regional Development, 15(1), 1–26.
Lee, D. Y., & Tsang, W. K. (2001). The effects of entrepreneurial personality, background and network activities on venture growth. Journal of Management Studies, 38(4), 583–602.
Lee, C., Lee, K., & Pennings, J. M. (2001). Internal capabilities, external Networks, and performance: a study on technology-based ventures. Strategic Management Journal, 22(6–7), 615–640.
Lepak, D. P., & Snell, S. A. (1999). The human resource architecture: toward a theory of human capital allocation and development. Academy of Management Review, 24(1), 31–48.
Li, J., Young, M. N., & Tang, G. (2012). The development of entrepreneurship in Chinese communities: an organizational symbiosis perspective. Asia Pacific Journal of Management, 29(2), 367–385.
Lichtenstein, B. M., & Brush, C. G. (2001). How do resource bundles develop and change in new ventures? A dynamic model and longitudinal exploration. Entrepreneurship: Theory and Practice, 26(3), 37–58.
Lin, W. T., & Liu, Y. (2012). Successor characteristics, organisational slack, and change in the degree of firm internationalization. International Business Review, 21(1), 89–101.
Ling, Y., & Kellermanns, F. W. (2010). The effects of family firm specific sources of TMT diversity: The moderating role of information exchange frequency. Journal of Management Studies, 47(2), 322–344.
Lisboa, A., Skarmeas, D., & Lages, C. (2011). Entrepreneurial orientation, exploitative and explorative capabilities, and performance outcomes in export markets: a resource-based approach. Industrial Marketing Management, 40(8), 1274–1284.
Lounsbury, M., & Glynn, M. A. (2001). Cultural entrepreneurship: stories, legitimacy, and the acquisition of resources. Strategic Management Journal, 22(6–7), 545–564.
Low, M. B., & MacMillan, I. C. (1988). Entrepreneurship: past research and future challenges. Journal of Management, 14(2), 139–161.
Luke, B., & Verreynne, M. L. (2006). Exploring strategic entrepreneurship in the public sector. Qualitative Research in Accounting & Management, 3(1), 4–26.
Lumpkin, G. T., & Dess, G. G. (1996). Clarifying the entrepreneurial orientation construct and linking it to performance. Academy of Management Review, 21(1), 135–172.
Manev, I. M., Gyoshev, B. S., & Manolova, T. S. (2005). The role of human and social capital and entrepreneurial orientation for small business performance in a transitional economy. International Journal of Entrepreneurship and Innovation Management, 5(3/4), 298–318.
Miller, D. (1983). The correlates of entrepreneurship in three types of firms. Management Science, 29(7), 770–791.
Miller, D., & Friesen, P. H. (1982). Innovation in conservative and entrepreneurial firms: two models of strategic momentum. Strategic Management Journal, 3(1), 1–25.
Mosakowski, E. (1993). A resource-based perspective on the dynamic strategy-performance relationship: an empirical examination of the focus and differentiation strategies in entrepreneurial firms. Journal of Management, 19(4), 819–839.
Mossholder, K. W., Bennett, N., Kemery, E. R., & Wesolowski, M. A. (1998). Relationships between bases of power and work reactions: the mediational role of procedural justice. Journal of Management, 24(4), 533–552.
Ndofor, H. A., & Priem, R. L. (2011). Immigrant entrepreneurs, the ethnic enclave strategy, and venture performance. Journal of Management, 37(3), 790–818.
Newbert, S. L. (2007). Empirical research on the resource-based view of the firm: an assessment and suggestions for future research. Strategic Management Journal, 28(2), 121–146.
Palmer, D., & Barber, B. N. (2001). Challengers, elites and owning families: a social class theory of corporate acquisitions in the 1960s. Administrative Science Quarterly, 46(1), 87–120.
Penrose, E. (1959). The theory of the growth of the firm. Oxford University Press.
Peteraf, M. A. (1993). The cornerstones of competitive advantage: a resource-based view. Strategic Management Journal, 14(3), 179–191.
Podsakoff, P. M., & Organ, D. W. (1986). Self-reports in organizational research: problems and prospects. Journal of Management, 12(4), 531–544.
Podsakoff, P. M., MacKenzie, S. B., Lee, J. Y., & Podsakoff, N. P. (2003). Common method biases in behavioral research: a critical review of the literature and recommended remedies. Journal of Applied Psychology, 88(5), 879–903.
Powell, G. N., & Eddleston, K. A. (2008). The paradox of the contented female business owner. Journal of Vocational Behavior, 73(1), 24–36.
Powell, G. N., & Eddleston, K. A. (2013). Linking family-to-business enrichment and support to entrepreneurial success: do female and male entrepreneurs experience different outcomes? Journal of Business Venturing, 28(2), 261–280.
Powell, W. W., Koput, K. W., & Smith-Doerr, L. (1996). Interorganizational collaboration and the locus of innovation: networks of learning in biotechnology. Administrative Science Quarterly, 41(1), 116–145.
Prahalad, C. K., & Hamel, G. (1990). The core competence of the corporation. Harvard Business Review, 68(3), 79–91.
Rauch, A., Wiklund, J., Lumpkin, G. T., & Frese, M. (2009). Entrepreneurial orientation and business performance: an assessment of past research and suggestions for the future. Entrepreneurship: Theory and Practice, 33(3), 761–787.
Ring, P. S., & Van de Ven, A. H. (1992). Structuring co-operative relationships between organizations. Strategic Management Journal, 13(7), 483–98.
Roper, S., & Scott, J. M. (2009). Perceived financial barriers and the start-up decision: an econometric analysis of gender differences Using GEM data. International Small Business Journal, 27(2), 149–171.
Sanchez, J. C. (2011). University training for entrepreneurial competencies: its impact on intention of venture creation. International Entrepreneurship and Management Journal, 7(2), 239–254.
Sapienza, H., & Gupta, A. (1994). Impact of agency risks and task uncertainty on venture capitalist-CEO interaction. Academy of Management Journal, 37(6), 1618–1632.
Sarkar, M., Echambadi, R., & Harrison, J. (2001). Alliance entrepreneurship and firm market performance. Strategic Management Journal, 22(6–7), 701–711.
Schumpeter, J. A. (1934). The theory of economic development. Cambridge: Harvard University Press.
Shane, S., & Cable, D. (2002). Network ties, reputation, and the financing of new ventures. Management Science, 48(3), 364–381.
Shane, S., & Stuart, T. E. (2002). Organizational endowments and the performance of university start-ups. Management Science, 48(1), 154–170.
Shane, S., & Venkatraman, S. (2000). The promise of entrepreneurship as a field of research. Academy of Management Review, 25(1), 217–226.
Shepherd, D., & Wiklund, J. (2009). Are we comparing apples with apples or apples with oranges? Appropriateness of knowledge accumulation across growth studies. Entrepreneurship: Theory and Practice, 33(1), 105–123.
Shrader, R. C., & Simon, M. (1997). Corporate versus independent new ventures: resource, strategy, and performance differences. Journal of Business Venturing, 12(1), 47–66.
Simon, M., Houghton, S., & Aquino, K. (2000). Cognitive biases, risk perception, and venture formation: how individuals decide to start companies. Journal of Business Venturing, 15(2), 113–134.
Sorenson, O., & Stuart, T. E. (2001). Syndication networks and the spatial distribution of venture capital investments. American Journal of Sociology, 106(6), 1546–1588.
Stevenson, H. H. (1983). A perspective on Entrepreneurship. Working Paper, Harvard Business School.
Stevenson, H. H., & Jarillo, J. C. (1990). A perspective of entrepreneurship: entrepreneurial management. Strategic Management Journal, 11, 17–27.
Swedberg, R. (2000). Entrepreneurship: The social science view. New York: Oxford University Press.
Timmons, J. A. (1999). New venture creation (5th ed.). Boston: Irwin McGraw-Hill.
Timmons, J. A., & Spinelli, S. (2007). New venture creation (7th ed.). Singapore: McGraw-Hill.
Tyebjee, T., & Bruno, A. (1984). A model of venture capital investment activity. Management Science, 30(9), 1051–1066.
Ucbasaran, D., Westhead, P., & Wright, M. (2001). The focus of entrepreneurial research: contextual and process issues. Entrepreneurship: Theory and Practice, 26(2), 57–80.
Unger, J. M., Rauch, A., Frese, M., & Rosenbusch, N. (2011). Human capital and entrepreneurial success: a meta-analytical review. Journal of Business Venturing, 26(3), 341–358.
Uzzi, B. (1996). The sources and consequences of embededness for the economic performance of organizations: the network effect. American Sociological Review, 61(8), 674–698.
Uzzi, B., & Dunlap, S. (2005). How to build your network. Harvard Business Review, 83(12), 53–60.
Voss, G. B., Sirdeshmukh, D., & Voss, Z. G. (2008). The effects of slack resources and environmental threat on product exploration and exploitation. Academy of Management Journal, 51(1), 147–164.
Walker, E., & Brown, A. (2004). What success factors are important to small business owners? International Small Business Journal, 22(6), 577–594.
Wernerfelt, B. (1984). A resource-based view of the firm. Strategic Management Journal, 5(2), 171–180.
Westhead, P., Ucbasaran, D., & Wright, M. (2005). Decisions, actions, and performance: do novice, serial, and portfolio entrepreneurs differ? Journal of Small Business Management, 43(4), 393–417.
Westphal, J. D., & Stern, I. (2006). The other pathway to the boardroom: interpersonal influence behavior as a substitute for elite credentials and majority status in obtaining board appointments. Administrative Science Quarterly, 51(2), 169–204.
Wetzel, W. (1987). The informal venture capital market: aspects of scale and market efficiency. Journal of Business Venturing, 2(4), 299–313.
Wiklund, J., Patzelt, H., & Shepherd, D. A. (2009). Building an integrative model of small business growth. Small Business Economics, 32(4), 351–374.
Wright, M., Clarysse, B., & Mosey, S. (2012). Strategic entrepreneurship, resource orchestration and growing spin-offs from universities. Technology Analysis & Strategic Management, 24(9), 911–927.
Yli-Renko, H., Autio, E., & Sapienza, H. J. (2001). Social capital, knowledge acquisition, and knowledge exploitation in young technology-based firms. Strategic Management Journal, 22(6–7), 587–613.
Zahra, S. A., & Shaker, A. (1991). Predictors and financial outcomes of corporate entrepreneurship: an exploratory study. Journal of Business Venturing, 6(4), 259–286.
Zhang, J. (2010). The problems of using social networks in entrepreneurial resource acquisition. International Small Business Journal, 28(4), 338–361.
Zhang, J., Soh, P. H., & Wong, P. K. (2011). Direct ties, prior knowledge, and entrepreneurial resource acquisitions in China and Singapore. International Small Business Journal, 29(2), 170–189.
Author information
Authors and Affiliations
Corresponding author
Appendix: Survey items
Appendix: Survey items
Each variable is examined with the Likert scale, and the degree of agreement toward each variable item can be categorized into five levels. Points awarded to each level range from five to one where five means “extremely agree” and one means “extremely disagree.”
Construct | Survey Items | References |
Entrepreneur’s owned funds | ∙ When developing business ventures, I will try to prepare sufficient entrepreneurial capital. | Boso et al. (2012) |
∙ When developing a business venture, I will prepare the funds needed for investment. | ||
∙ When developing a business venture, I can easily acquire the required capital. | ||
∙ When developing a business venture, I can freely use the entrepreneurial capital. | ||
Entrepreneur’s human capital | ∙ I have the specialty and educational background matching the field of the business venture. | Beckman et al. (2007); Eisenhardt and Schoonhoven (1990); Hsu (2007); Shane and Stuart (2002) |
∙ I have the experience of running a successful business venture. | ||
∙ I have work experience matching the field of the business venture. | ||
∙ I did not have prominent corporate governance experience in the past. (R) | ||
Entrepreneur’s network ties | ∙ I have many potential partners benefiting the business venture. | |
∙ I share common values with my business partners. | ||
∙ I have mutual trust and respect with my business partners. | ||
∙ I frequently exchange entrepreneurial experience and learning with my business partners. | ||
Entrepreneurship | ∙ I have the intention to undertake the risk to develop new business. | Dess et al. (1997) |
∙ I always actively deal with all challenges in business. | ||
∙ I can set up entrepreneurial decision-making by my self-determination and I am not easily influenced. | ||
∙ I always precisely recognize entrepreneurial opportunities. |
Rights and permissions
About this article
Cite this article
Huang, HC. Entrepreneurial resources and speed of entrepreneurial success in an emerging market: the moderating effect of entrepreneurship. Int Entrep Manag J 12, 1–26 (2016). https://doi.org/10.1007/s11365-014-0321-8
Published:
Issue Date:
DOI: https://doi.org/10.1007/s11365-014-0321-8