Economics at your fingertips  

Who Feels No Fear? Exploring the Drivers of Entrepreneurial Fear of Failure among Non-Entrepreneurs in Slovakia

Marian Holienka, Diana Suchankova and Peter Psenak

Central European Business Review, 2022, vol. 2022, issue 2, 41-60

Abstract: Failure is an inseparable part and probably the most likely outcome of entrepreneurial activity. Fear of failure is among the key factors that hinder individual entry to the entrepreneurial path. While entrepreneurship literature mostly deals with its consequences, considerably lower attention has been paid to understanding its drivers. This is especially true in the Central European region, Slovakia not being exempt. Thus, our paper aims to fill this gap by analysing factors driving the entrepreneurial fear of failure among non-entrepreneur individuals in Slovakia. In doing so, we rely on the 2019 Global Entrepreneurship Monitor data for Slovakia and employ the ordinal logistic regression to test the hypothesised drivers of fear of failure among non-entrepreneur individuals. Our findings suggest that perceived entrepreneurial self-confidence and perceived ease of starting a business significantly reduce fear of failure. These factors are rather of an intrinsic and individual nature (the 'I can do it' factors). Further, in the case of non-entrepreneurs, these self-assessments usually result from expectations rather than from their own actual experience. Yet, the expectations themselves seem to be strong enough to affect the perceived level of fear of failure. We attribute this effect to the so-called failure feedback - an indication of a potential failure. Implications for Central European audience: Our study contributes to the debate on drivers of individual involvement in entrepreneurship and their specificity in the Central European context. We shed more light on factors influencing the fear of failure - one of the strongest barriers hindering individuals from starting a business. Despite focusing on Slovakia only, our study brings this topic to the table in the region. We contribute to the body of knowledge by suggesting potential patterns behind the fear of failure formation among the non-entrepreneur population, encouraging further investigation in the region and beyond, and proposing the practical implications for entrepreneurship policy, education, and training.

Keywords: fear of failure; entrepreneurship; individual-level factors (search for similar items in EconPapers)
JEL-codes: L26 (search for similar items in EconPapers)
Date: 2022
References: View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link) (text/html) (application/pdf)
free of charge

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Ordering information: This journal article can be ordered from
Faculty of Business Administration, University of Economics, Prague

DOI: 10.18267/j.cebr.287

Access Statistics for this article

Central European Business Review is currently edited by Jindřich Špička

More articles in Central European Business Review from Prague University of Economics and Business Contact information at EDIRC.
Bibliographic data for series maintained by Stanislav Vojir ().

Page updated 2022-07-23
Handle: RePEc:prg:jnlcbr:v:2022:y:2022:i:2:id:287:p:41-60