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1、AdministrativeScienceQuarterly2017,Vol.62(1)140–178TheNon-consensusÓTheAuthor(s)2016Reprintsandpermissions:Entrepreneur:sagepub.com/journalsPermissions.navOrganizationalDOI:10.1177/0001839216661150journals.sagepub.com/home/asqResponsestoVitalEvents12ElizabethG.PontikesandWilliamP.Ba
2、rnettAbstractSalientsuccessesandfailures,suchasspectacularventurecapitalinvestmentsoragonizingbankruptcies,affectcollectivebeliefsabouttheviabilityofparticu-larmarkets.Usingdataonsoftwarestart-upsfrom1990to2002,weshowthatcollectivesense-makinginthewakeofsuchvitaleventscanresultincon
3、sen-susbehavioramongentrepreneurs.Marketsearchisacriticalpartoftheentre-preneurialprocess,asentrepreneursfrequentlyenternewmarketstofindhigh-growthareas.Whenspectacularfinancingsresultinacollectiveoverstate-mentoftheattractivenessofamarket,aconsensusemergesthatthemarketisresource-ri
4、ch,andthepathisclearedformanyentries,includingthosethatdonothaveaclearfit.Whennotoriousfailuresrenderamarketunpopular,onlythemostviableentrantswillovercomeexaggeratedskepticismandenter,tak-ingthenon-consensusroute.Venturecapitalistslikewiseexhibitherdingbeha-vior,followingotherVCsin
5、tohotmarkets.Wetheorizethatvitaleventseffectivelychangetheselectionthresholdformarketentries,whichchangestheaverageviabilityofnewentrants.Wefindthatconsensusentrantsarelessviable,whilenon-consensusentrantsaremorelikelytoprosper.Non-consen-susentrepreneurswhobuckthetrendsaremostlikel
6、ytostayinthemarket,receivefunding,andultimatelygopublic.Keywords:organizationalecology,entrepreneurship,venturecapital,markets,categories,marketentry,consensus,marketsearchEntrepreneurshiphasintriguedandperplexedsocialscientists.Manyscholarslookattheconditionsthatgiverisetoentrepren
7、eurship(Baumol,1996;Ruef,2010),includingeconomicopportunity,socialcontext,andgeographicplace(ShaneandCable,2002;Klepper,2007;Sørensen,2007;Powell,Packalen,andWhittington,2012).Onelineofinquiryfocusesonwhatleadsindividualstocre-atenewfirms(EvansandJovanovic,1989;StuartandSorenson,200
8、5;Lazear,1BoothScho