Aspiring to succeed: A model of entrepreneurship and fear of failure
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- 作者：John Morgana ; 1 ; morgan@haas.berkeley.edu" class="auth_mail" title="E-mail the corresponding author ; Dana Sisakb ; sisak@ese.eur.nl" class="auth_mail" title="E-mail the corresponding author
- 关键词：Entrepreneurship ; Fear of failure ; Loss aversion ; Aspiration levels ; Contests
- 刊名：Journal of Business Venturing
- 出版年：2016
- 出版时间：January 2016
- 年：2016
- 卷：31
- 期：1
- 页码：1-21
- 全文大小：412 K
文摘
We model the role of fear of failure in entry and investment decisions of entrepreneurs using the framework of loss aversion.
When an individual's threshold for success is sufficiently high, fear of failure motivates additional investment.
When the threshold for success is low or equal to the foregone outside option, fear of failure is always de-motivating.
Regardless of the success threshold, fear of failure is negatively associated with entry into entrepreneurship.
We highlight the importance of the interaction between the degree of fear of failure and the aspirations of the entrepreneur.