Online experimental research on the psychological capital development of new venture entrepreneur under the COVID-19 pneumonia epidemic

Abstract

The global economy has been severely traumatized by the COVID-19 pandemic, and new ventures are under tremendous pressure to survive. This paper explores whether structured reading materials and mindfulness intervention can develop entrepreneurs’ psychological capital and whether there are different effects on different development methods. We recruited 112 new venture entrepreneurs and carried out an online experiment using the experimental group, the control group, and the pre-test and post-test design; at last, 83 of whom participated in the process can be assessed for psychological capital development effect. The research findings indicated that structured reading materials could effectively improve the overall psychological capital of the subjects (t = −5.574，p < 0.01) and impact in every dimension, including self-efficacy (Z = −2.858, p < 0.01), hope (t = −3.560, p < 0.01), resilience (t = −4.368, p < 0.01) and optimism (Z = −3.300, p < 0.01). In comparison, mindfulness intervention can improve the subjects’ overall psychological capital (Z = −3.293, p < 0.01) and improve levels of self-efficacy (Z = −2.285, p < 0.01), hope (t = −4.244, p < 0.01), resilience (t = −3.167, p < 0.01), but limited effect on the optimism (t = −1.955, p > 0.05); In addition, there is no significant difference between structured reading materials and mindfulness intervention according to the statistical analysis.

Rebuilding the Workplace in the Post-Pandemic Age through Human Capital Development Programs: A Moderated Mediation Model

“…This was also asserted by Galanti et al (2023) and Ngoc Su et al (2021), who proclaimed that resilience is enhanced through solid human resource management practices such as clear training plans and goal-oriented training and development programs. Likewise, Zeng et al (2023) confirmed that capital development in general and psychological capital development in particular essentially help in building an employee composition that is highly resilient and adaptive.…”

Entrepreneurial well-being and performance: antecedents and mediators

“…For instance, we suggest a three-pronged approach to developing entrepreneurs’ PsyCap and subsequent EWB that includes their work and home roles. Following the entrepreneurial PsyCap intervention developed by Zeng et al (2022) , practitioners could develop and provide entrepreneurs with structured reading materials (e.g., inspiring stories of successful entrepreneurs) to enhance their PsyCap and work engagement. Similarly, entrepreneurs can be provided with information regarding how balancing their roles can result in enhanced performance and how they can use their autonomy to enact behaviors that sustain their involvement in both roles.…”

“…This process can be bolstered through the usage of implementation intentions – if-then plans that can help translate objectives into action (e.g., “If I will visit a museum to find inspiration, then I will ask my spouse to join me”; Gollwitzer and Sheeran, 2006 ). Additionally, the reading materials and formulation of implementation intentions could be coupled with short mindfulness sessions, which can help entrepreneurs detach from work-related stress, thus increasing their PsyCap levels (for details, see Zeng et al, 2022 ), reflecting on their EWB.…”

“…Next, they can be helped to generate a daily or weekly schedule that involves spending time with family or friends, practicing sports, or doing volunteer work to satisfy the need for relatedness, gain social support, and experience optimal mental health, a prerequisite for optimal business functioning. Should entrepreneurs encounter difficulties in participating in coaching sessions, they could still engage in short online interventions to develop and sustain their PsyCap and EWB, such as the one advanced by Zeng et al (2022) , which we described in the previous section. Furthermore, entrepreneurs may be taught how to use their autonomy to detach from work and rely on implementation intentions (if-then plans that facilitate goal attainment; Gollwitzer and Sheeran, 2006 ) to translate these objectives into action.…”