Abstract
Small and medium-sized startups play a crucial role in a country's sustainable development. SMEs are at an early development stage, which means weaker institutional norms and successful paradigms, tending to suffer from exceptionally high failure rates because of many constraints, including a lack of resources and credit to access the core information. The higher the environmental uncertainty, the more likely that new start-ups rely on all kinds of social links for acquiring resources. As a critical ability to withstand and overcome obstacles, entrepreneurial resilience is an essential personal characteristic to ensure the sustainability of new ventures. The purpose of this study is to investigate the internal mechanism through which SME entrepreneurs' social capital affects entrepreneurial resilience. To reveal the internal mechanism, we propose a moderated and mediation model. Using survey data from SEM entrepreneurs in China, hierarchical regression analysis and bootstrapping model are adapted to test and verify mediation and moderation effects. The results show that social capital indeed positively influences entrepreneurial resilience directly and partly through the mediating effect of harmonious entrepreneurial passion and obsessive entrepreneurial passion. Moreover, findings suggest golden-mean thinking negatively moderates the relationship between obsessive entrepreneurial passion and entrepreneurial resilience yet positively moderates the relationship between social capital and entrepreneurial resilience. Based on these findings, we conclude that entrepreneurial resilience may be achieved more effectively through the complex internal process of social capital, entrepreneurial passion, and golden-mean thinking. Finally, the study proposes the theoretical and practical implications and suggestions for follow-up research.