Entrepreneurial Sustainability: The Impact Mechanism of Opportunity Co-Creation on Entrepreneurial Action in Underdeveloped Regions

The external environment faced by underdeveloped regions is becoming increasingly complex, and the importance of entrepreneurial activities is gradually becoming prominent. To stimulate entrepreneurial vitality in underdeveloped regions, entrepreneurial opportunities are of paramount importance. In the current research on opportunity co-creation and entrepreneurial action, there is often an oversight regarding the liability of newness and the unique characteristics of underdeveloped regions, which has resulted in a lack of specificity in interpreting the underlying mechanisms at play. In this study, based on the perspective of opportunity co-creation, a survey of 330 entrepreneurs is conducted in four underdeveloped regions in China, namely, Hunan, Guizhou, Sichuan, and Chongqing, in an attempt to clarify the mechanism of opportunity co-creation in entrepreneurial action. The results show that opportunity co-creation not only has a direct positive impact on entrepreneurial action but also exerts an indirect positive effect through the mediating effect of opportunity belief. Additionally, regulatory focus plays a positive moderating role. Our study reveals that entrepreneurs in underdeveloped regions should be strict with their investors and partners to improve their belief in the chances of entrepreneurial success so as to efficiently co-create opportunities. Meanwhile, governments in underdeveloped regions should pay attention to creating a favorable entrepreneurial environment, actively building facilities that are conducive to entrepreneurial activities, and creating more entrepreneurial and employment opportunities to help entrepreneurial activities be carried out smoothly.