A Psychological Approach to Entrepreneurship
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A Psychological Approach to Entrepreneurship

Selected Essays of Dean A. Shepherd

Dean A. Shepherd

Within an entrepreneurial context, what a person thinks and feels and how they behave are hugely consequential. Entrepreneurs often work in scenarios of considerable time pressure, task complexity, uncertainty and high performance variance. This fascinating volume explores the unique psychological qualities of individuals directly involved in the entrepreneurial process.
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Chapter 24: Moving forward: Balancing the financial and emotional costs of business failure

Dean A. Shepherd, Johan Wiklund and J. Michael Haynie


A puzzling question has been that of why owner-managers delay business failure when it is financially costly to do so? Business failure occurs when a decline in revenues and/or increase in expenses are of such magnitude that the firm becomes insolvent, and is unable to attract new debt or equity funding. Consequently, the business cannot continue to operate under the current ownership and management.

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