When the Going Gets Tough: Entrepreneurial Resilience in the Context of Venture Failure
The paper explores entrepreneurial resilience in the context of venture failure. We implement a qualitative, narrative research design and present a collective story of seven entrepreneurs’ resilience in the face of venture failure. Findings reveal that entrepreneurs used cognitive and behavioral mechanisms to deal with problems resulting from failure. Furthermore, findings reveal an unexpected positive outcome from venture failure – the entrepreneurs reported feeling more resilient after failure than they felt before failure. Overall, the paper provides a rich description of ‘how’ the entrepreneurs developed and sustained resilience to deal with this difficult life event. These ‘how’ findings extend our understanding of entrepreneurial resilience by suggesting that there may be a process underlying the specific dimensions of entrepreneurial resilience identified in the current literature.