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Moving forward: Balancing the financial and emotional costs of business failure
Kelley School of Business, Indiana University, USA.
Jönköping University, Jönköping International Business School, JIBS, EMM (Entrepreneurship, Marketing, Management). Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS Entrepreneurship Centre.
Department of Entrepreneurship and Emerging Enterprises, Whitman School of Management, Syracuse University, USA.
2009 (English)In: Journal of Business Venturing, ISSN 0883-9026, E-ISSN 1873-2003, Vol. 24, no 2, 134-148 p.Article in journal (Refereed) Published
Abstract [en]

Why do owner-managers delay business failure when it is financially costly to do so? In this paper we acknowledge that delaying business failure can be financially costly to the owner-manager and the more costly the delay, the more difficult the recovery. But we complement this financial perspective by introducing the notion of anticipatory grief as a mechanism for reducing the level of grief triggered by the failure event, which reduces the emotional costs of business failure. We propose that under some circumstances delaying business failure can help balance the financial and emotional costs of business failure to enhance an owner-manager's overall recovery — some persistence may be beneficial to recovery and promote subsequent entrepreneurial action.

Place, publisher, year, edition, pages
2009. Vol. 24, no 2, 134-148 p.
Keyword [en]
Failure, Entrepreneur, Learning, Negative emotions, Commitment, Passion, Recovery
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hj:diva-7531DOI: 10.1016 j.jbusvent.2007.10.002OAI: oai:DiVA.org:hj-7531DiVA: diva2:134343
Available from: 2009-01-20 Created: 2009-01-20 Last updated: 2012-01-16Bibliographically approved

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