Determining Factors for the Creation of Innovation-based Ventures

Abstract This research aims to create a model that provides a more complete view of the behavior of entrepreneurs, to investigate the influence of Social Capital, Entrepreneurial Self-Efficacy and Per-son-Entrepreneurship Fit in the transition of nascent entrepreneurs towards the venture creation. For the development of this research, a sample of 500 entrepreneurs located in Colombia who are in the process of creating a company was taken. The research methodology is hypothetical-deductive with a cross-sectional multiple causal correlation design with explanatory scope and is divided into three stages: First, an exploratory analysis of the data relating to the study variables is carried out. Second, a Principal Component Analysis is carried out. Finally, the third stage is the modelling using the Partial Least Squares - Path Modelling methodology. Among the most relevant findings, it is found that Social Capital is significant in explaining Person-Entrepreneurship Fit. In turn, Social Capital and Person-Entrepreneurship Fit are significant in explaining Entrepreneurial Self-Efficacy. Finally, the construct of Venture Creation is only significantly explained by Per-son-Entrepreneurship Fit. Consequently, it can be concluded that the influence of social and psychological variables within the business cycle are significant, and models and strategies must consider these elements in order to design tools that support the optimal development of start-ups within the business cycle, so that they consolidate as stable ventures.