Understanding Entrepreneurial Failure: Conceptualizing Failure, Taking Stock, and Broadening the Scope of Failure Research

Research on entrepreneurial failure has developed considerably over the past ten years. There is now a growing body of literature focusing on the impact entrepreneurial failure has on entrepreneurs. Insights from this work provide valuable knowledge on how entrepreneurs learn from failure experience, the antecedents to habitual entrepreneurship, and the well-being and financial risks of independent entrepreneurship. I take stock of the emerging body of literature on entrepreneurial failure with a focus on how failure has been conceptualized, the impact that failure has on entrepreneurs, and the different theoretical and methodical approaches taken to understand failure, to lay the foundation for identifying new avenues for future research.