Entrepreneurial Fear What is there to be afraid of?

Gregory, Brian (2022) Entrepreneurial Fear What is there to be afraid of? In: ISBE 2022, New Approaches to Raising Entrepreneurial Opportunity: Reshaping inclusive Enterprise, Policy, and Practice Post-Pandemic, 2022-10-27 - 2022-10-28.

Abstract

Topic - Fear is ever present in entrepreneurial life, how might entrepreneurs confront and manage fear on a daily basis? Applicability to the conference theme – This research explores fear and the fear of failure and how entrepreneurs in practice deal with fear. Aim - Then the aim of this research is to examine how, in the face of a real time ongoing crisis, entrepreneurs are able to recognise and manage fear and better understand the role of emotions within their cognitive decision-making process. Methodology - This qualitative research draws on the empirical study of eight entrepreneurs who have been recording their practices in free form diaries since March 2020 in addition to phenomenological interviews followed by a thematic analysis of the data. This study relies on an interpretative approach to the research so an in-depth understanding can be arrived at. Contribution – The research findings demonstrate the entrepreneurs experience considerably more fear than the standard day to day pressures of running a business during Covid-19. The findings show that entrepreneurs are able to identify and manage fear understanding the detail of the issues to mitigate the risks from the issues in order to provide a managed resolution that allows them to make progress. The finding also demonstrated that entrepreneurs are adept at socialising their issues in order to further mitigate the risks they face. Implications for policy Policy and education are better informed in an understanding of how entrepreneurs recognise fear, and the role emotions play, deal with and manage fear and fearful situations as they arise. With a better understanding of fear policy has the opportunity to educate entrepreneurs in the practice of entrepreneurial fear, reducing the human and material costs of failure. Implications for practice In practice, individual entrepreneurs will have an improved understanding and comprehension of the issues they face. With an improved understanding of entrepreneurial fear, they can better manage their business on a day-to-day basis, reducing both human and material losses through risk based resolutions.