Fantasy of Success, Fear of Failure and Entrepreneurial Choice: The Moderating Role of Business Vibrancy and Failure Experience

Yue Cheng, Yi Zheng, Francesco Schiavone and Octavio R. Escobar
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Yue Cheng: HSBC
Yi Zheng: HSBC
Francesco Schiavone: Audencia Business School
Octavio R. Escobar: Métis Lab EM Normandie - EM Normandie - École de Management de Normandie = EM Normandie Business School

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Abstract: Purpose This study investigates the impact of internal expectations, such as fantasy of success and fear of failure and external factors, such as social environment and past experiences, on entrepreneurial choice. Design/methodology/approach Based on achievement motivation and social cognitive theories, the authors construct hypotheses and use secondary data from the Global Entrepreneurship Monitor (GEM) database and Economic Freedom Index report to empirically test the hypotheses. The authors also use propensity score matching to solve the endogeneity issue and test the robustness. Findings Internal expectations (fantasy of success and fear of failure) on business outcomes inversely affect entrepreneurial choices, with a vibrant business environment amplifying and past failure experience mitigating these effects. Originality/value Due to the economic recession, governments encourage small businesses. Thus, the complexity of individual entrepreneurial motivations and influencing factors necessitate deeper exploration. This study is one of the first research offering insights into entrepreneurial motivations from combined dimensions and providing theoretical support for strategies promoting public entrepreneurship.

Keywords: Achievement motivation theory; Entrepreneurial choice; Fantasy of success; Fear of failure; Social cognitive theory (search for similar items in EconPapers)
Date: 2024
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Published in International Journal of Entrepreneurial Behaviour and Research, 2024, 30 (11), pp.331--359. ⟨10.1108/IJEBR-10-2023-1103⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04869832

DOI: 10.1108/IJEBR-10-2023-1103

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