Entrepreneurs: Between Failure and Starting Over
The greatest accomplishments require individuals to handle a number of trials that relatively include failure (Eklund, Levratto, & Ramello, 2018). In a sense, this concept is embedded in many of the definitions of an entrepreneur. Eklund et al. (2018) define an entrepreneur as an “individual who not only discovers new successful combinations but also someone who can manage uncertainty.” This uncertainty is evident as in the UK 20% of the businesses collapse in the first year and 50% collapse within three years (Brown, 2016). Indeed, failure is inevitable; yet, it is important to understand the life of entrepreneurs after their failure. Therefore, the current paper shall analyze the entrepreneurial journey that occurs from failure till starting over or “moving on.” Hence, the first section will offer an overview of the correlation between entrepreneurship, failure, culture, and the economy. This will offer a background understanding to further reveal the life and the three stages that entrepreneurs face after failure. Followed by that, an analysis of the steps to starting over will be presented using real-life examples of entrepreneurs. Finally, the paper will conclude to provide the paths that entrepreneurs may take after starting over.
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