Research on New Ventures' Pivot under Time Pressure: A Case Study Based on the Interactive Perspective

Abstract

Abstract: The existing researches on new ventures' pivot neglect the time pressure they face and lack a dynamic probe into the whole-process evolution mechanism of the pivot. This paper uses case study to explore the issue of the pivot under time pressure from the perspective of the interaction between entrepreneur and stakeholder. We propose that the time pressure perceived by entrepreneurs affects the pivot, and the pivot is a dynamic and circular evolution process of "measure-test-start-feedback". We further suggest that the interaction between entrepreneur and stakeholder is a key factor that influences the pivot, and emotional communication, resource sharing and value co-creation can promote the pivot's evolution. Such findings enrich the existing understanding of the pivot of new ventures, and provide useful reference for entrepreneurs to manage their new ventures.

Key words: pivot, time pressure, the interaction between entrepreneur and stakeholder, new venture

Zhu Xiaohong, Chen Hansong, Wang Lin. Research on New Ventures' Pivot under Time Pressure: A Case Study Based on the Interactive Perspective[J]. Management Review, 2023, 35(5): 339-352.

References

[1] Dong J. Q., Wu W. F., Zhang Y. X. The Faster the Better? Innovation Speed and User Interest in Open Source Software[J]. Information & Management, 2019,56(5):669-680
[2] 卫武,王怡宇,赵鹤,等. 多元时间观情境下团队时间领导对团队创造力的影响[J]. 管理评论, 2021,33(4):92-101
[3] Mathias B. D., Mckenny A. F., Crook T. R. Managing the Tensions between Exploration and Exploitation:The Role of Time[J]. Strategic Entrepreneurship Journal, 2018,12(3):316-334
[4] Hawk A., Pacheco-De-Almeida G. Time Compression (Dis) Economies:An Empirical Analysis[J]. Strategic Management Journal, 2018,39(9):2489-2516
[5] Bluedorn A. C., Martin G. The Time Frames of Entrepreneurs[J]. Journal of Business Venturing, 2008,23(1):1-20
[6] 胡海波,毛纯兵,卢海涛,等. 企业机会窗口打开过程:基于组织警觉的案例研究[J]. 管理评论, 2022,34(1):228-241
[7] Ries E. The Lean Startup:How Constant Innovation Creates Radically Successful Businesses[M]. London:Penguin Group, 2011
[8] Grimes M. G. The Pivot:How Founders Respond to Feedback through Idea and Identity Work[J]. Academy of Management Journal, 2018,61(5):1692-1717
[9] Hampel C. E., Tracey P., Weber K. The Art of the Pivot:How New Ventures Manage Identification Relationships with Stakeholders as they Change Direction[J]. Academy of Management Journal, 2020,63(2):440-471
[10] McDonald R., Gao C. Pivoting Isn't Enough? Managing Strategic Reorientation in New Ventures[J]. Organization Science, 2019,30(6):1289-1318
[11] Brenk S., Lüttgens D., Diener K., et al. Learning from Failures in Business Model Innovation:Solving Decision-making Logic Conflicts through Intrapreneurial Effectuation[J]. Journal of Business Economics, 2019,89(8-9):1097-1147
[12] Williams C., Chen P. L., Agarwal R. Rookies and Seasoned Recruits:How Experience in Different Levels, Firms, and Industries Shapes Strategic Renewal in Top Management[J]. Strategic Management Journal, 2017,38(7):1391-1415
[13] Kirtley J., O'Mahony S. What Is a Pivot? Explaining When and How Entrepreneurial Firms Decide to Make Strategic Change and Pivot[J]. Strategic Management Journal, 2023,44(1):197-230
[14] Huy Q. N., Corley K. G., Kraatz M. S. From Support to Mutiny:Shifting Legitimacy Judgments and Emotional Reactions Impacting the Implementation of Radical Change[J]. Academy of Management Journal, 2014,57(6):1650-1680
[15] Joseph J., Gaba V. The Fog of Feedback:Ambiguity and Firm Responses to Multiple Aspiration Levels[J]. Strategic Management Journal, 2015,36(13):1960-1978
[16] Packard M. D., Clark B. B., Klein P. G. Uncertainty Types and Transitions in the Entrepreneurial Process[J]. Organization Science, 2017,28(5):840-856
[17] Maurya A. Running Lean:Iterate from Plan A to a Plan that Works[M]. Sebastopol, CA:O' Reilly Media, Inc, 2012
[18] 朱晓红,陈寒松,张腾. 知识经济背景下平台型企业构建过程中的迭代创新模式——基于动态能力视角的双案例研究[J]. 管理世界, 2019,35(3):142-156
[19] Baker T., Nelson R. E. Creating Something from Nothing:Resource Construction through Entrepreneurial Bricolage[J]. Administrative Science Quarterly, 2005,50(3):329-366
[20] Best S., Gooderham P. Improvisation:A Legitimate Strategy in the Face of Adversity[J]. Small Enterprise Research, 2015,22(1):49-68
[21] Bingham C. B., Eisenhardt K. M. Response to Vuori and Vuori's Commentary on 'Heuristics in the Strategy Context'[J]. Strategic Management Journal, 2014,35(11):1698-1702
[22] Kunisch S., Bartunek J., Mueller J., et al. Time in Strategic Change Research[J]. Academy of Management Annals, 2017,11(2):1005-1064
[23] 叶竹馨,买忆媛. 探索式即兴与开发式即兴:双元性视角的创业企业即兴行为研究[J]. 南开管理评论, 2018,21(4):15-25
[24] Turner S. T., Rindova V. P. Watching the Clock:Action Timing, Patterning, and Routine Performance[J]. Academy of Management Journal, 2018,61(4):1253-1280
[25] 郭吉涛,梁爽. 数字经济对中国全要素生产率的影响机理:提升效应还是抑制效果?[J]. 南方经济, 2021,40(10):9-27
[26] Nadkarni S., Pan L., Chen T. Only Timeline will Tell:Temporal Framing of Competitive Announcements and Rivals' Responses[J]. Academy of Management Journal, 2019,62(1):117-143
[27] Dougherty D., Bertels H., Chung K., et al. Whose Time Is It? Understanding Clock-time Pacing and Event-time Pacing in Complex Innovations[J]. Management and Organization Review, 2013,9(2):233-263
[28] Reinecke J., Ansari S. When Times Collide:Temporal Brokerage at the Intersection of Markets and Development[J]. Academy of Management Journal, 2015,58(2):618-648
[29] Howard-Grenville J., Metzger M. L., Meyer A. D. Rekindling the Flame:Processes of Identity Resurrection[J]. Academy of Management Journal, 2013,56(1):113-136
[30] Dimov D. Grappling with the Unbearable Elusiveness of Entrepreneurial Opportunities[J]. Entrepreneurship Theory and Practice, 2011,35(1):57-81
[31] Welter C., Kim S. Effectuation under Risk and Uncertainty:A Simulation Model[J]. Journal of Business Venturing, 2018,33(1):100-116
[32] 杨俊,张玉利,刘依冉. 创业认知研究综述与开展中国情境化研究的建议[J]. 管理世界, 2015,31(9):158-169
[33] 胡望斌,焦康乐,张亚会. 创业认知能力:概念、整合模型及研究展望[J]. 外国经济与管理, 2019,41(10):125-140
[34] Forbes D. P. Are Some Entrepreneurs More Overconfident than Others?[J]. Journal of Business Venturing, 2005,20(5):623-640
[35] Shepherd D. A., Williams T. A., Patzelt H. Thinking about Entrepreneurial Decision Making:Review and Research Agenda[J]. Journal of Management, 2015,41(1):11-46
[36] Freeman H., Parmar W., DeColle V. Stakeholder Theory:The State of the Art[M]. Cambridge, U.K.:Cambridge University Press, 2010
[37] Tantalo C., Priem R. L. Value Creation through Stakeholder Synergy[J]. Strategic Management Journal, 2016,37(2):314-329
[38] 杨栩,廖姗,张平. 生态创新、利益相关者关系嵌入性与新创企业合法性关系研究[J]. 管理评论, 2020,32(9):107-117
[39] Gutierrez B., Howard-Grenville J., Scully M. A. The Faithful Rise up:Split Identification and an Unlikely Change Effort[J]. Academy of Management Journal, 2010,53(3):673-699
[40] Petriglieri J. L. Co-creating Relationship Repair:Pathways to Reconstructing Destabilized Organizational Identification[J]. Administrative Science Quarterly, 2015,60(3):518-557
[41] 李亮,刘洋,冯永春. 管理案例研究:方法与应用[M]. 北京:北京大学出版社, 2020
[42] 毛基业,陈诚. 案例研究的理论构建:艾森哈特的新洞见——第十届"中国企业管理案例与质性研究论坛(2016)"会议综述[J]. 管理世界, 2017,33(2):135-141
[43] Isckia I., Lescop D. Strategizing in Platform-based Ecosystems:Leveraging Core Processes for Continuous Innovation[J]. Digiworld Economic Journal, 2015,99(33):91-111
[44] Glaser B. G., Strauss A. L. The Discovery of Grounded Theory[M]. New Brunswick, NJ:Transaction Publishers, 2009
[45] Gioia D. A., Corley K. G., Hamilton A. L. Seeking Qualitative Rigor in Inductive Research:Notes on the Gioia Methodology[J]. Organizational Research Methods, 2013,16(1):15-31