The high failure ratio in newly born ventures across the globe has been raised a challenging question. Numerous strategies have been introduced to enhance the survival of new ventures in the long run, but the results are fragmented. The research model examined the influence of entrepreneurial finance on new venture success. The model also considered a moderating role of government support while predicting ventures success. This area is under-researched particularly in the context of Pakistan; therefore, this research may contribute to the existing body of knowledge to appraise the industry in Pakistan. Data were collected from 182 new ventures operating in an emerging economy in Pakistan and analyzed by SmartPLS. The results indicate that entrepreneurial finance and government support have a significant influence on new venture success. Moderation analysis demonstrates that government support strengthens the relationship between entrepreneurial finance and new venture success. The findings suggest implications for policymakers to initiate effective policies and programs for newly started ventures regarding financial and nonfinancial support; in this backdrop, the incubation services are important.

Recognition of useful opportunities is very crucial for small and medium‐sized enterprises' (SMEs') survival and growth in the competitive environment. However, the majority of SMEs cannot easily recognize new opportunities in the turbulent markets due to a lack of managerial competencies and knowledge. Several studies have been carried out to unleash the determinants of opportunity recognition that configure SMEs' success, but the results are disjointed. In particular, the mediating role of opportunity recognition between business experience, financial literacy, and SME performance has been missed. This study aims to test if either financially literate or experienced managers can recognize new opportunities that result in high performance. For testing the hypotheses, we surveyed 232 Pakistani SMEs from the manufacturing, trading, and service sectors. After performing the structural equation modeling, we found that financial literacy and business experience are the substantial prognosticators of opportunity recognition and SMEs' performance. Opportunity recognition shows a partial mediating role between financial literacy and SMEs performance as well as between business experience and SMEs performance. However, this research endorses that business experience is more vital for high performance as compared to financial literacy whereas in terms of opportunity recognition financial literacy is more crucial as compared to experience. This study recommends the enterprises to hire the financially literate and experienced managers as both display a prominent role in the identification of opportunities and high performance. Further implications are discussed.

This study scrutinizes the mediating role of tangible–intangible resources between entrepreneurial orientation and new venture growth. We analyzed the data of 308 Pakistani manufacturing‐SMEs through the AMOS. The results displayed that risk‐taking and innovation significantly while proactive do not influence new venture growth. Risk‐taking, innovativeness, and proactiveness significantly influence tangible–intangible resources. Tangible–intangible resource acquisition does not mediate between risk‐taking and new venture growth; however, it partially mediates between innovativeness and new venture growth and fully mediates between proactiveness and new venture growth. This research recommends owners/managers of new ventures to emphasize entrepreneurial activities to access external resources for survival.

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