Research describes pivots as quick and comprehensive change in venture direction triggered by (external) opportunity-based information suggesting a better opportunity. We discovered two distinct pivot types in a qualitative study (Study 1), neither of which fully aligns with prior research. “Opportunity pivots” are triggered by opportunity-based information but are slower and less comprehensive than previously described; “survival pivots” are rapid and comprehensive but triggered by (internal) threat-based information. Lacking theory to explain our discoveries, we tested competing theories in an experimental vignette study involving 1,945 entrepreneurs (Study 2). We find that entrepreneurial learning explains opportunity but not survival pivots, and prospect theory explains survival but not opportunity pivots. The discovery of distinct pivot types provides a foundation for exploring additional pivoting variation; finding support for a different theoretical explanation for each pivot type suggests important limits to core theories used to explain pivoting.

中文翻译：

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转型的方式不止一种：机会和生存转型的案例

研究将转型描述为由（外部）基于机会的信息引发的风险方向的快速而全面的变化，表明更好的机会。我们在一项定性研究（研究 1）中发现了两种不同的枢轴类型，这两种类型与之前的研究都不完全一致。 “机会枢轴”是由基于机会的信息触发的，但比之前描述的速度慢且不那么全面； “生存枢轴”是快速且全面的，但由（内部）基于威胁的信息触发。由于缺乏理论来解释我们的发现，我们在一项涉及 1,945 名企业家的实验性小插图研究中测试了相互竞争的理论（研究 2）。我们发现，创业学习解释了机会，但没有解释生存枢轴，前景理论解释了生存，但没有解释机会枢轴。不同枢轴类型的发现为探索其他枢轴变化提供了基础；为每种枢轴类型找到不同理论解释的支持表明用于解释枢轴的核心理论存在重要限制。