By Imtiaz Ahmed
Fear is a natural emotional phenomenon to a perceived threat or danger. It can be a useful survival mechanism that helps us to avoid harm or danger. However, fear can also be a paralyzing force that prevents us from taking risks, trying new things, or pursuing our goals.
Failure is the result of not achieving a desired outcome or goal. It can be a setback or a disappointment, but it is also an opportunity to learn and grow. Failure is a natural part of the journey towards success, and it is through our failures that we often gain the most valuable insights and lessons.
Fear of failure is the fear of not achieving our desired outcomes or goals, or of experiencing the negative consequences of failure, such as disappointment, shame, or embarrassment. It can be a powerful force that holds us back from taking risks, trying new things, or pursuing our dreams. Fear of failure can be devastating, but it is also a common experience shared by many entrepreneurs and high achievers.
According to Statistics Finland, in the first quarter of 2023, there were 11,242 enterprise closures in Finland, a 9.7% increase from the previous year. The fear of failure preventing business start-ups has risen in Finland since 2015 and was higher in 2021 than in Sweden, Norway, and the Netherlands.
As an entrepreneur, fear of failure can be particularly challenging to overcome, as the stakes are often high, and the risks can be significant. However, it is important to remember that failure is not the end of the journey. It is simply a stepping stone to success. By acknowledging our fears, reflecting on our failures, cultivating a growth mindset, and taking calculated risks, we may overcome our fear of failure and make a successful re-entry into the business world.
Leadership is another critical aspect of entrepreneurship. A leader must have a vision and the skills to communicate that vision to others, inspiring them to work together to achieve shared objectives. Effective leadership involves a combination of skills, including communication, delegation, problem-solving, and decision-making. There are several common leadership styles, including autocratic, democratic, transformational, and servant leadership. Each style has its advantages and disadvantages, and the most effective leaders will adapt their approach based on the situation and the needs of their team.
Bricolage is a unique approach that involves using whatever resources are available to solve problems and achieve goals. This flexible and improvisational approach can be particularly useful in entrepreneurship, where challenges and opportunities are constantly changing. By combining different tools, technologies, and ideas, entrepreneurs can create new solutions and innovate in their industries.
The objective of my research is to uncover the mechanism through which entrepreneurs involve in re-venturing or re-entry, how entrepreneurs deal with the post-failure state overcoming the fear of failure, by utilizing leadership style, bricolage, and possible other perceptions.
About the author:
Imtiaz Ahmed is a doctoral researcher at the School of Marketing and Communication, International Business of the University of Vaasa. His research delves into the dynamics of entrepreneurial reentry after failure, the role of fear in this process, and the differences between failed and successful reentries. He aims to shed light on post-failure recovery strategies, the impact of sustainability on entrepreneurship, and the innovative methods entrepreneurs use during recovery. Ahmed’s findings intend to offer practical guidelines for entrepreneurs, insights into sustainable business practices, and policy recommendations for governments. Through his work, he seeks a globally inclusive understanding of entrepreneurship and emphasizes the importance of embracing failure as a facet of innovation.