Fear of Failure Among Nascent Entrepreneurs: An Exploratory Study

Abstract

As a powerful economic driving force, entrepreneurship holds the potential to foster sustainable development, particularly in struggling economies. However, the nascent phase of entrepreneurial initiatives introduces individuals to several influences, which can significantly impact their venture. This qualitative study explored the challenges encountered by nascent entrepreneurs, their sources, and the coping strategies they use to overcome their obstacles. Semi-structured interviews were conducted with fifteen (15) nascent entrepreneurs who have been an entrepreneur for a minimum of 12-24 months. Purposive and snowball sampling were used to gather diverse and insightful participant perspectives. To discern the underlying themes and patterns, the Reflexive Thematic Analysis (RTA) method by Braun and Clarke (2019) was used for the analysis. The study's findings unveiled the myriad challenges nascent entrepreneurs encounter, stemming from both internal and external sources. Internal struggles involve factors such as cognitive vulnerabilities and emotions to name a few. Externally, the challenges were compounded by societal, political, legal, economic, gender-related, and financial factors, among others. These diverse sources collectively contributed to financial, motivational, and mentalhealth-related challenges of nascent entrepreneurs, while also impacting their physical wellbeing. Despite these hindrances, nascent entrepreneurs utilized their planning and management skills, volitional capabilities, and other arrays of individual coping strategies to navigate through the entrepreneurial landscape. Regardless of all these challenges, nascent entrepreneurs try to overcome their struggles and work as an agent for sustainable economic growth.