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Experiential learning from entrepreneurial failure

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  • Alan Benson
  • Liang Han

Abstract

This paper examines the phenomenon of 'entrepreneurial failure' from a UK regionally-based qualitative study, being that of explanations for failure provided by entrepreneurial CEOs. This paper contends that there are valuable lessons to be learned, from explanations provided of failure, that may reduce the very high recorded mortality rates of entrepreneurial businesses, in particular that of nascent entrepreneurs. Our intention is to make nascent entrepreneurs and their advisors more aware of the consequences of the likely personal risks they will be assuming, especially before they embark on their new business ventures. This paper focuses strongly on entrepreneurial 'personality characteristics' which can detrimentally influence the quality of decision-making. We provide data of some 'experiential learning from failure' from our case studies, that were compiled from interviews with the former directors, following their completion of the questionnaire survey. We describe 'failed entrepreneurs' who have successfully restarted their businesses as 'phoenix' entrepreneurs.

Suggested Citation

  • Alan Benson & Liang Han, 2011. "Experiential learning from entrepreneurial failure," International Journal of Behavioural Accounting and Finance, Inderscience Enterprises Ltd, vol. 2(1), pages 21-39.
    • Handle: RePEc:ids:ijbeaf:v:2:y:2011:i:1:p:21-39
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    Citations

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    Cited by:

    1. Aidin Salamzadeh & Zahra Arasti & Ghanbar Mohamadi Elyasi, 2017. "Creation of ICT-Based Social Start-Ups in Iran: A Multiple Case Study," Journal of Enterprising Culture (JEC), World Scientific Publishing Co. Pte. Ltd., vol. 25(01), pages 97-122, March.
    2. METË Beqiraj, 2015. "The Role Corporate Governance in Foreign Direkt Investment in Kosovo," European Journal of Economics and Business Studies Articles, Revistia Research and Publishing, vol. 1, May - Aug.
    3. Fridah Muriungi Mwobobia, 2012. "The Challenges Facing Small-Scale Women Entrepreneurs: A Case of Kenya," International Journal of Business Administration, International Journal of Business Administration, Sciedu Press, vol. 3(2), pages 112-121, March.

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