Entrepreneurship,fear of failure,and economic policy |
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| Institution: | 1. Department of Economics, College of Business Administration, University of Wisconsin, La Crosse, USA;2. Baker School of Business, The Citadel, Charleston, SC, 29409, USA;1. University of Tübingen, Germany;1. University of Passau, CESifo, Germany;2. CESifo, Munich, Germany;3. GIGA German Institute for Global and Area Studies (Associate Researcher), Germany;1. College of Business Administration, Department of Accounting, Finance, & Economics, Winthrop University Rock Hill, SC, 29733, USA;2. Rawls College of Business, Texas Tech University, Lubbock, TX, 79409, USA |
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| Abstract: | The previous literature finds that self-reported ‘fear of failure’ has a significant negative effect on individuals’ choice to become entrepreneurs. We hypothesize this effect is lessened in economies with a larger number of additional, alternative, entrepreneurial opportunities to pursue if a failure occurs. Prior literature also concludes the number of entrepreneurial opportunities is enhanced significantly by having policies and institutions consistent with higher levels of economic freedom. We therefore test and confirm that fear of failure hurts the entrepreneurial process less when levels of economic freedom are higher as there are more additional chances for failed entrepreneurs to pursue. |
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| Keywords: | Entrepreneurship Fear of failure Economic policy Economic freedom Business climate O11 L26 E6 O1 E02 |
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