Life After Business Failure The Process and Consequences of Business Failure for Entrepreneurs

doi:10.1177/0149206312457823

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Life After Business Failure The Process and Consequences of Business Failure for Entrepreneurs

Journal Article•DOI•

Life After Business Failure The Process and Consequences of Business Failure for Entrepreneurs

Deniz Ucbasaran¹, Dean A. Shepherd², Andy Lockett¹, S. John Lyon¹•Institutions (2)

University of Warwick¹, Indiana University²

01 Jan 2013-Journal of Management (SAGE Publications)-Vol. 39, Iss: 1, pp 163-202

TL;DR: In this paper, the authors examine the financial, social, and psychological costs of failure, highlighting factors that may influence the magnitude of these costs (including individual responses to managing these costs).

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About: This article is published in Journal of Management.The article was published on 2013-01-01. It has received 514 citations till now. The article focuses on the topics: Business failure & Entrepreneurship.

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Citations

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Journal Article•DOI•

Organizational response to adversity: Fusing crisis management and resilience research streams

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Trenton A. Williams¹, Daniel A. Gruber², Kathleen M. Sutcliffe³, Dean A. Shepherd⁴, Eric Yanfei Zhao¹ - Show less +1 more•Institutions (4)

Indiana University¹, University of Cincinnati², Johns Hopkins University³, University of Notre Dame⁴

01 Mar 2017-The Academy of Management Annals

TL;DR: Research on crisis management and resilience has sought to explain how individuals and organizations anticipate and respond to adversity, yet there has been little integration across different disciplines as discussed by the authors. But, surprisingly, there have been few integration across disciplines.

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Abstract: Research on crisis management and resilience has sought to explain how individuals and organizations anticipate and respond to adversity, yet—surprisingly—there has been little integration across t...

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702 citations

Cites background from "Life After Business Failure The Pro..."

...Although disruptive, these negative emotions can motivate reflection on and sensemaking of causes leading up to the disruption and can ultimately generate high levels of learning (for review, see Shepherd,Williams,Patzelt&Wolfe, 2016;Ucbasaran et al., 2013)....
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Journal Article•DOI•

Startups in times of crisis – A rapid response to the COVID-19 pandemic

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Andreas Kuckertz¹, Leif Brändle¹, Anja Gaudig¹, Sebastian Hinderer¹, Carlos Arturo Morales Reyes¹, Alicia Prochotta¹, Kathrin M. Steinbrink¹, Elisabeth S.C. Berger¹ - Show less +4 more•Institutions (1)

University of Hohenheim¹

01 Jun 2020-Journal of Business Venturing Insights

TL;DR: In this article, the authors present a rapid response research that combines a qualitative research design informed by entrepreneurial ecosystem actors with an analysis of policy measures called for, announced, and reportedly implemented in the international press.

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562 citations

Journal Article•DOI•

Why Entrepreneurs Often Experience Low, Not High, Levels of Stress The Joint Effects of Selection and Psychological Capital

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Robert A. Baron¹, Rebecca J. Franklin¹, Keith M. Hmieleski²•Institutions (2)

Oklahoma State University–Stillwater¹, Texas Christian University²

01 Mar 2016-Journal of Management

TL;DR: In this paper, the authors suggest that persons who are attracted by, selected into, and persist in entrepreneurship may be relatively high in the capacity to tolerate or effectively manage stress, whereas those who are relatively low in this capacity tend to exit from entrepreneurship either voluntarily or involuntarily.

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391 citations

Journal Article•DOI•

Individual responses to firm failure : Appraisals, grief, and the influence of prior failure experience

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Anna Jenkins¹, Johan Wiklund², Johan Wiklund¹, Ethel Brundin¹•Institutions (2)

Jönköping University¹, Syracuse University²

01 Jan 2014-Journal of Business Venturing

TL;DR: This article used appraisal theory as an overarching theoretical framework and hypothesize that the more the failure experience is appraised as stressful in terms of its implications for harm or loss, the greater the feelings of grief.

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270 citations

Cites background from "Life After Business Failure The Pro..."

...This suggests that psychologically strong entrepreneurs are likely to re-enter self-employment after experiencing business failure (Ucbasaran et al., 2012)....
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...Research to date has used theories from these fields to develop conceptual propositions to explain how entrepreneurs respond to failure; however, there has been limited empirical investigation using such theories (Ucbasaran et al., 2012)....
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...At the minimum, the entrepreneur experiences personal income loss as the business closes (Cope, 2011; Ucbasaran et al., 2012)....
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...This also suggests that entrepreneurs who have previously experienced failure and re-entered are also likely to experience lower psychological costs if they subsequently fail (Ucbasaran et al., 2012)....
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Journal Article•DOI•

A reconceptualization of fear of failure in entrepreneurship

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Gabriella Cacciotti¹, James C. Hayton², J. Robert Mitchell³, Andreas Giazitzoglu⁴•Institutions (4)

Aalto University¹, Rutgers University², University of Western Ontario³, Newcastle University⁴

01 May 2016-Journal of Business Venturing

TL;DR: In this paper, the authors provide a unified perspective of fear of failure in entrepreneurship in order to facilitate progress in understanding its impact on entrepreneurial action and outcomes, by adopting an approach that captures a combination of cognition, affect and action as it relates to the challenging, uncertain and risk-laden experience of entrepreneurship.

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215 citations

Cites background from "Life After Business Failure The Pro..."

...The internal cognitive evaluations are indicative of personal ability as well as to the potential of the idea (Cardon et al., 2005; Shepherd, 2003; Ucbasaran et al., 2013)....
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...The experience of failing is always a traumatic event (Ucbasaran et al., 2013)....
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References

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TL;DR: The psychology of interpersonal relations as mentioned in this paper, The psychology in interpersonal relations, The Psychology of interpersonal relationships, کتابخانه دیجیتال و فن اطلاعات دانشگاه امام صادق(ع)

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Abstract: The psychology of interpersonal relations , The psychology of interpersonal relations , کتابخانه دیجیتال و فن آوری اطلاعات دانشگاه امام صادق(ع)

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15,254 citations

"Life After Business Failure The Pro..." refers background in this paper

...Attributions are mechanisms through which people explain their own behavior, others’ actions, and events in the world (Heider, 1958) and represent a variant of by guest on January 13, 2015jom.sagepub.comDownloaded from Ucbasaran et al. / Life after Business Failure 185 sensemaking....
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...Heider (1958) suggested that people are prone to a self-serving bias (such as attribution bias) and thus attempt to enhance or protect their self-esteem by taking credit for success (i.e., internal attribution; e.g., “it’s because of my skills and abilities”) and denying responsibility for failure…...
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...Attributions are mechanisms through which people explain their own behavior, others’ actions, and events in the world (Heider, 1958) and represent a variant of...
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TL;DR: The Nature of Sensemaking Seven properties of sensemaking Sensemaking in Organizations Occasions for Sensemaking The Substance of Sense-making Belief-Driven Processes of Sense Making Action-driven Processes on Sensemaking.

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Abstract: The Nature of Sensemaking Seven Properties of Sensemaking Sensemaking in Organizations Occasions for Sensemaking The Substance of Sensemaking Belief-Driven Processes of Sensemaking Action-Driven Processes of Sensemaking The Future of Sensemaking

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13,400 citations

"Life After Business Failure The Pro..." refers background in this paper

...Rather than being a rational, unbiased process, it is a process whereby perceptions are driven by preexisting personal identities and one’s interpretation of the existing world is placed in partnership with ongoing enactment of that world (Miller, 2005; Weick, 1995)....
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...…can facilitate the formation and reformation of social structure (the social roles and relationships among some group of actors) after crises (e.g., Weick, 1995), but what happens when the organization around which that social structure was built no longer exists (i.e., in the case of business…...
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"Life After Business Failure The Pro..." refers background in this paper

...…consists of the three interrelated dynamics of scanning, interpretation, and learning (Gioia & Chittipeddi, 1991; Thomas, Clark, & Gioia, 1993; Weick, 1979).2 Sensemaking as an interpretive process requires people to assign meaning to occurrences (Gioia & Chittipeddi, 1991) and involves…...
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...The sensemaking process consists of the three interrelated dynamics of scanning, interpretation, and learning (Gioia & Chittipeddi, 1991; Thomas, Clark, & Gioia, 1993; Weick, 1979)....
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Journal Article•DOI•

Social cognitive theory: An agentic perspective

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Albert Bandura¹•Institutions (1)

Stanford University¹

01 Jan 2001-Annual Review of Psychology

TL;DR: Social cognitive theory distinguishes among three modes of agency: direct personal agency, proxy agency that relies on others to act on one's behest to secure desired outcomes, and collective agency exercised through socially coordinative and interdependent effort.

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Abstract: The capacity to exercise control over the nature and quality of one's life is the essence of humanness. Human agency is characterized by a number of core features that operate through phenomenal and functional consciousness. These include the temporal extension of agency through intentionality and forethought, self-regulation by self-reactive influence, and self-reflectiveness about one's capabilities, quality of functioning, and the meaning and purpose of one's life pursuits. Personal agency operates within a broad network of sociostructural influences. In these agentic transactions, people are producers as well as products of social systems. Social cognitive theory distinguishes among three modes of agency: direct personal agency, proxy agency that relies on others to act on one's behest to secure desired outcomes, and collective agency exercised through socially coordinative and interdependent effort. Growing transnational embeddedness and interdependence are placing a premium on collective efficacy to exercise control over personal destinies and national life.

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11,235 citations