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| Impact of Cognitive Flexibility on Re-entrepreneurship Intention：the Role of Entrepreneurial Resilience, Success Expectation and Social Support |
| Zhao Fuqiang1,Gao Yichen2,Chen Yun1,Hu Wei1 |
| (1.School of Management, Wuhan University of Technology, Wuhan 430070, China;2.School of Entrepreneurship, Wuhan University of Technology, Wuhan 430070, China) |
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Abstract Over 90% of start-ups will face bankruptcy and liquidation within three years. Entrepreneurial failure has become an inevitable phenomenon in the entrepreneurial process. It has become an urgent problem to be solved in the academia and industry of how to build a positive cognitive mechanism of failure recovery so that entrepreneurs can be rise again in adversity. Entrepreneurial failure, as a key opportunity for experiential learning and cognitive awakening, can provide important priori situational conditions for entrepreneurs to learn from failures. Although entrepreneurial passion and social support are very important for re-entrepreneurship, their roles depend on individual entrepreneurial cognition. With the same realistic situation and resourcess, individuals will have different choices about entrepreneurial intention, resource allocation, entrepreneurial behavior and entrepreneurial results. Therefore this study introduces the variable of cognitive flexibility to explore mechanism on entrepreneurial intention.#br#When entrepreneurs experience the dilemma of entrepreneurial failure, they need to rely on the stimulation of strong inner entrepreneurial toughness to realize the rapid recovery of negative emotional experience; meanwhile they need to re-perceive and evaluate the feasibility of the environment and the availability of resources. According to the prospect theory, when the expected return of the individual through evaluation of the external environment meets the demand threshold better, the cognitive driven behavior is more likely to occur, which promotes the individual to actively explore entrepreneurship again after entrepreneurial failures. So entrepreneurs need not only the entrepreneurial resilience to quickly recover from failure, but also the entrepreneurship prospects. However, both of them originate from entrepreneurs' cognitive flexibility. Therefore, entrepreneurial resilience and success expectations are the key mechanisms for the influence of cognitive flexibility on re-entrepreneurship intention. In addition, the current research found that the social atmosphere is an important external factor affecting the individual's re-entrepreneurship intention. The recovery from failure depression involves not only compensation for financial losses and overcoming negative emotions, but also the cost of maintaining relationships. Therefore, the role of cognitive flexibility in the entrepreneurial process is inseparable from social support.#br#Based on entrepreneurial resilience and success expectations, entrepreneurs still need social support to reignite entrepreneurial passion. Based on this, this study integrated the theories of resource conservation and resource bricolage, examined the mechanism of cognitive flexibility on re-entrepreneurship intention, and tested the moderating role of social support in the process based on 309 multi-time point paired data through common method deviation test, confirmatory factor analysis, descriptive statistics, multiple regression analysis and conditional process model analysis based on bootstrap repeated sampling. The research finds that firstly, cognitive flexibility has a significant positive impact on re-entrepreneurship intention. Secondly, entrepreneurial resilience and success expectation play a significant mediating role in the influence of cognitive flexibility on re-entrepreneurship intention. Thirdly, social support regulates the influence of cognitive flexibility on entrepreneurial resilience and success expectation respectively. Finally, social support regulates the indirect impact of cognitive flexibility on re-entrepreneurship intention through entrepreneurial resilience and success expectation.#br#Drawing on the social cognitive theory, this reseach complements the interpretation of the path from entrepreneurs' failure experience to the re-entrepreneurial willingness generation from the perspective of resource view, and opens the black box mechanism of the individual re-entrepreneurial willingness generation after experiencing entrepreneurial failure. It explains how individuals realize the function mechanism of positive psychological resource reconstruction and positive external environment perception, so as to expand the application research of resource theory in the field of entrepreneurship. Secondly, the research on the boundary condition of social support in the failure recovery of entrepreneurs enriches the social situation of the mechanism of cognitive flexibility on the re-entrepreneurial willingness. It combines the internal psychological mechanism with the external environments, so as to explore the integrative impact of two-way interaction on individual's re-entrepreneurial desire during entrepreneurial decision-making. Finally, because cognitive mechanism plays an important role in shaping individual intention and behavior, entrepreneurs in adversity cannot achieve entrepreneurial success without cognitive flexibility which largely determines the stimulation of individual motivation, the formation of intention and the allocation of resources. Therefore, this study enriches the paradigm interpretation of the impact of cognitive flexibility on re-entrepreneurial willingness from the existing research perspective, and replenishes the interpretation of the impact mechanism of individual cognitive behavior and the evaluation of boundary conditions in the study of entrepreneurial failure.This study will help entrepreneurs who have experienced entrepreneurial failure to take failure as an opportunity to sum up experiences and lessons from their own perspectives and achieve success through reflection, learning and external social support.#br#
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Received: 03 November 2021
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