Business failure and entrepreneur experiences of passion

Abstract

This article examines how passion affects an entrepreneur’s business failure experiences. Our study explores the link between the type of passion an entrepreneur exhibits and the effect this has on the entrepreneurs’ attitudes and reactions to business failure. We analyse the way in which passion type informs entrepreneurs identification with their business, and the entrepreneurial process. Entrepreneurs who experienced harmonious passion maintained an emotional distance from their business failure. Harmoniously passionate entrepreneurs had a rational perspective and were reflective, self-aware, adaptive and future oriented. Entrepreneurs who experienced obsessive passion, were defensive and reactionary about their business failure. Obsessively passionate entrepreneurs attached contingencies and experienced increased stress and conflict. Our findings suggest promising opportunities for future research on the interplay between heterogeneous passions, adaptive/maladaptive entrepreneurial action and regulated goal pursuit.