Abstract: Project failure is a crucial source for identifying entrepreneurial opportunities. Previous studies on the “regulatory focus-opportunity identification” relationship neglect the moderating role of team characteristics. In addition, few studies investigate the nature of entrepreneurial opportunities. Therefore, this paper explores the role of the regulatory focus of entrepreneurs on their opportunity identification in project failure., It particularly examines the moderating effect of the transactive memory system of the project team. The empirical results show that the promotion focus of an entrepreneur positively affects his opportunity identification, both the number and the opportunity innovativeness of opportunities identified, while the prevention focus of the entrepreneur has no significant effect on their opportunity identification. Additionally, coordination positively moderates the relationship between promotion focus and the number of opportunities. Specialization and credibility positively moderate the relationship between promotion focus and the opportunity innovativeness. The findings show that whether an entrepreneur can “turn failure into a success and regard it as an opportunity to move forward”, depends not only on the cognitive characteristics of the entrepreneur, but also on the cognitive characteristics of the project team. Finally, this paper discusses the theoretical and managerial implications of this study.

Key words: project failure, opportunity identification, promotion focus, prevention focus, transactive memory system, information processing theory

摘要： 项目失败是识别机会的重要来源。过往有关调节定向和机会识别之间关系研究忽视团队认知特征的调节作用，同时，缺少对机会性质的分类考察。为了弥补上述两个研究空白，使用信息处理理论，探索创业者的调节定向对其从项目失败中识别机会的影响，重点检验项目团队交互记忆系统的调节作用。研究结果发现，促进定向高的创业者更可能从项目失败中识别更多、创新性更强的机会，预防定向对识别机会无显著影响。对机会识别数量而言，协调性的调节效应显著；对机会创新性而言，专业性和可靠性的调节效应都显著。研究结论揭示了在项目失败情景下，创业者个体认知特征和团队认知特征对机会识别有重要影响；机会识别数量和机会创新性的影响机制存在差异。创业者能否“因祸而为福，转败而为功”，不仅取决于创业者个体认知特征，还取决于项目团队的认知特征。最后讨论了研究的理论和实践价值。

关键词: 项目失败, 机会识别, 促进定向, 预防定向, 交互记忆系统, 信息处理理论