INTEGRATING DISCOVERY AND CREATION PERSPECTIVES OF ENTREPRENEURIAL ACTION: THE RELATIVE ROLES OF FOUNDING CEO HUMAN CAPITAL, SOCIAL CAPITAL, AND PSYCHOLOGICAL CAPITAL IN CONTEXTS OF RISK VERSUS UNCERTAINTY

摘要

Research summary: This study examines the relationships of founding CEOs' intangible resources (human, social, and psychological capital) with the performance of their firms in environmental contexts of discovery (stable industry conditions that are characterized by risk) versus creation (dynamic industry conditions that are characterized by uncertainty). Results from a national (USA) random sample of founding CEOs (n = 223) found entrepreneurial experience (an aspect of human capital) to be positively related to performance in discovery contexts, whereas educational attainment, strong ties, and psychological capital (a composite index of optimism, self-efficacy, resilience, and hope) were positively related to performance in creation contexts. These findings extend theorizing concerning discovery and creation perspectives from the pre-entry phase (opportunity recognition) to the post-entry phase (opportunity exploitation) of the entrepreneurial process.