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A Dual Mediation Model between Entrepreneurial Intention and Subsequent Actions: Loss Aversion and Affordable Loss

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Abstract

Current studies on the discrepancy between entrepreneurial intention and action have obtained some interesting findings. However, attention to the factors embedded in entrepreneurship uncertainty remains lacking. This study constructs a dual mediation model from the perspective of loss aversion and affordable loss and examines the roles of loss aversion and affordable loss in explaining the discrepancy with a survey data from 235 individuals. The results indicate that loss aversion and affordable loss mediate the effect of entrepreneurial intention on taking entrepreneurial action, and the mediating effect of affordable loss is stronger than that of loss aversion. Being faced with unknown outcomes of entrepreneurial activities, individuals’ loss aversion hinders them from taking entrepreneurial actions, whereas affordable loss can help them overcome the hindering effect and improve the translation from entrepreneurial intention to concrete actions. This study not only provides theoretical support for addressing the discrepancy between entrepreneurial intention and action but also offers some specific practical implications for actors to transform entrepreneurial intention into concrete actions.

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Funding

This study was supported by National Natural Science Foundation of China (Grant No. 72102100), Tianjin Research Innovation Project for Postgraduate Students (Grant No. 2020YJSB015), Jiangsu Higher Education Teaching Reform Research Project (Grant No. 2021JSJG391), and NUFE Higher Education Teaching Reform Research Project (Grant No. GJGF202228)

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Authors and Affiliations

  1. School of Business Administration, Nanjing University of Finance & Economics, Wenyuan Road, Qixia District, Nanjing, 210023, China

    Liangxing He

  2. Business School, Nankai University, Baidi Road, Nankai District, Tianjin, 300071, China

    Huihui Li & Yuli Zhang

  3. Innovation & Entrepreneurship Research Center, Nanjing University of Finance & Economics, Nanjing, China

    Liangxing He

  4. Entrepreneurship Research Center, Nankai University, Tianjin, China

    Liangxing He, Huihui Li & Yuli Zhang

  5. Economic and Management Research Institute, International (Macau) Institute of Academic Research, Macau, China

    Liangxing He

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Appendices

Appendix 1

You created a pen. This pen is equipped with a writing paper. The uniqueness of this pen is that you do not need to carry paper when using it. You have the manufacturing background, you plan to introduce this product to the market, and you name the product Magic Pen and your company Unique. Your inspiration for the product is real-life situations, and you believe that you can combine a light paper with a pen to meet the demand of customers who need paper and a pen.

The pen has a writing distance of 1.5 m and enough paper for writing. The ink and paper are replaceable. This product is very creative and beautifully designed. In the beginning, you can choose from various business types and make decisions, such as which market segment to sell to, how many people to hire, what type of financing to avail, and so on. During the early stage of the business, you must make production decisions, such as how many pens to produce, whether to build new warehouses or negotiate with trucking companies, and so on; marketing decisions, such as which distribution channel to use and which media to advertise in; and management decisions involving the hiring, training, promoting, terminating employees. There exists an accounting subroutine that tracks and computes the implications of the various decisions for the bottom line. The simulation’s response to the decisions permits various possible final outcomes, from bankruptcy to a “hockey stick”.

Appendix 2

You have created a software called Venturing, the company name is Entrepreneurship, Inc. You believe that you can combine this game with some educational material and profiles of successful entrepreneurs to make an excellent teaching tool for entrepreneurship. Your inspiration for the product came from several reports in the newspapers and magazines about the increasing demand for entrepreneurship education.

The software comprises a simulated environment for starting and running a company. There exist separate sub-simulations of markets, competitors, regulators, macroeconomic factors, and a random factor for “luck.” The game has a sophisticated multimedia interface—for example, a virtual office to show the dynamic conditions about the market, a screen to provide macroeconomic information when switched on, and simulated managerial staff with whom the player (CEO) can consult in making decisions. At the beginning of the game, the player can choose from various businesses the type of business and make decisions, such as which market segment to sell to, how many people to hire, what type of financing to avail, and so on. During the game, the player must make production decisions, such as how much to produce, whether to build new warehouses or negotiate with trucking companies, and so on; marketing decisions, such as which channels of distribution to use, which media to advertise in, and so on; management decisions involving hiring, training, promoting, terminating employees, and so on. There exists an accounting subroutine that tracks and computes the implications of the various decisions for the bottom line. The simulation’s responses to the player’s decisions permit various possible final outcomes—from bankruptcy to a “hockey stick”.

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He, L., Li, H. & Zhang, Y. A Dual Mediation Model between Entrepreneurial Intention and Subsequent Actions: Loss Aversion and Affordable Loss. J Knowl Econ (2023). https://doi.org/10.1007/s13132-023-01237-5

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