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What is Entrepreneurial Failure

Chapter 16
Developing Entrepreneurial Competencies for Start-Ups and Small Business
The closure or termination of a business due to bankruptcy or insolvency or the discontinuance of a business as a result of it falling short of its goals.
Published in Chapter:
ReSTART: Developing Entrepreneurial Competencies for Second Chance Entrepreneurs
Clementine Hegarty (Letterkenny Institute of Technology, Ireland), Pádraig Gallagher (Letterkenny Institute of Technology, Ireland), Isobel Cunningham (Letterkenny Institute of Technology, Ireland), and Simon Stephens (Letterkenny Institute of Technology, Ireland)
Copyright: © 2020 |Pages: 18
DOI: 10.4018/978-1-7998-2714-6.ch016
Abstract
The primary aim of this chapter is to review the literature on entrepreneurial influences and competencies. We do this to develop an understanding of the needs of a specific sub-group of entrepreneurs: second chance entrepreneurs. Entrepreneurial learning theory suggests that the failure an entrepreneur experiences serves as a reservoir of knowledge which is important to future success. This chapter highlights the significance of experiential learning as entrepreneurs recover and re-emerge into new venture creation. Due to the high uncertainty of pursuing new opportunities and embarking on an entrepreneurial career involves risk, which can sometimes lead to failure. In this chapter we review the literature on entrepreneurial failure and provide recommendations for customizing entrepreneurial supports to maximize the success of (re)starting entrepreneurs.
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