Abstract: Initial resources, entrepreneurial strategy and entrepreneurial learning are important contents of entrepreneurship theory, but many studies often separate the internal connections between them and directly analyze the impact of the above factors on the growth of start-ups, which is difficult to adapt to dynamic and complex environmental changes, and is also inconsistent with the actual situation of highly motivated entrepreneurial activities. The paper constructed a new analytical framework of “initial resources–entrepreneurial strategy–new venture growth” drawing on the analysis paradigm of resource base theory and then entrepreneurial strategy model was concretized into the selection and combination of new ventures’ sources of entrepreneurial opportunities and entrepreneurial legitimacy. A moderated mediating effect model was constructed with entrepreneurial learning variables. Through a questionnaire survey of 266 new ventures, a regression model was constructed for empirical analysis. Theoretical research and empirical analysis showed that: (1) initial resource endowment has a direct positive impact on the growth of new venture. (2) The growth effect of strategic model selection is not significant. The consistency and matching degree between the initial resource structure and the entrepreneurial strategy model have significant mediating effects on the growth of new enterprises. (3) Entrepreneurial learning is an important moderating variable, but the moderating effect of different learning styles on different entrepreneurial paths is different and uncertain.