A Framework Model to Study Fear of Failure and Decision Making among Entrepreneurs at Different Stages of An Enterprise

Entrepreneurship promotion is essential for economic growth and development. Entrepreneurship is a path which person chooses even if knowing that it leads to the toughest experiences, challenges, obstacles, pain which comes as its by-product. An entrepreneur’s decision to reduce, expand/shutdown business has its effect on the stakeholders. Trial and error have become the question for survival and death for many businesses. Entrepreneurial endeavours are risky and often decision making is coupled with fear of adverse outcomes. Failure is inevitable in entrepreneurship, but how a person deals with it determines whether the person is a winner, or he/she gives up on it. This paper intends to create a framework model to study and analyse the levels and variations of fear of failure and decision-making process as experienced by entrepreneurs at different stages of their venture/enterprise and proposing a suggested framework model with an intervention plan. The author also intends to study and understand fear of failure differently experienced by women entrepreneurs and ways adopted by them to overcome it. This paper will have theoretical and practical implications. The study will help entrepreneurs to gain competitive advantage which will have an interactive effect on self, their counterparts and to the ecosystem.