English by Eran Arze

Journal of Business Venturing 31 (2016) 302–325
Contents lists available at ScienceDirect
Journal of Business Venturing
A reconceptualization of fear of failure in entrepreneurship

Gabriella Cacciotti a,⁎, James C. Hayton b, J. Robert Mitchell c, Andres Giazitzoglu d
a
Department of Management Studies, School of Business Aalto University P.O. Box 21230 FI-00076 Aalto Finland
b
School of Management and Labor Relations Rutgers, The State University of New Jersey 94 Rockefeller Road Piscataway, NJ 08854, USA
c
Ivey Business School at Western University 1255 Western Rd. London, ON Canada N6G ON1
d
Newcastle University Business School, 5 Barrack Road, Newcastle upon Tyne, NE1 4SE United Kingdom
a r t i c l e i n f o a b s t r a c t
Article history: Fear of failure both inhibits and motivates entrepreneurial behavior and therefore represents a
Received 14 August 2015 rich opportunity for better understanding entrepreneurial motivation. Although considerable
Received in revised form 22 February 2016 attention has been given to the study of fear of failure in entrepreneurship, scholars in this
Accepted 25 February 2016
field have investigated this construct from distinct disciplinary perspectives. These perspectives
Available online 31 March 2016
use definitions and measures of fear of failure that are potentially in conflict and are character-
Field Editor: D. Shepherd ized by a static approach, thereby limiting the validity of existing findings about the relation-
ship between fear of failure and entrepreneurship. The purpose of this paper is to delineate
more precisely the nature of fear of failure within the entrepreneurial setting. Using an explor-
Keywords:
atory and inductive qualitative research design, we frame this construct in terms of socially sit-
Fear of failure
Entrepreneurship uated cognition by adopting an approach that captures a combination of cognition, affect and
Conceptual development action as it relates to the challenging, uncertain, and risk-laden experience of entrepreneurship.
Socially-situated cognition In so doing, we provide a unified perspective of fear of failure in entrepreneurship in order to
facilitate progress in understanding its impact on entrepreneurial action and outcomes.
© 2016 Elsevier Inc. All rights reserved.
I think that worry and fear play a part in business. When I got into business, I got a second mortgage on my car. I didn't have a lot of
money. I didn't have a lot of capital. I didn't have a lot of support. If the business hadn't gone up from day one, it would have failed. I
can tell you that I was scared to death, because I didn't know where I would go or what I would do if the business failed. I think one of
the motivations to a small businessman who's not being capitalized by Ford Motor Company or someone, is fear. Absolute fear. The
fear of failure is a part of what motivates me, and any other small business (person) who's honest about it.
[Entrepreneur quoted in Mitchell (1996)]
1. Executive summary
In entrepreneurship research, fear of failure is predominantly investigated as a psychological factor that inhibits entrepreneur-
ial behavior and acts as a barrier to entrepreneurship (e.g., Bosma et al., 2007; Hatala, 2005; Henderson and Robertson, 1999).
Although several studies confirm that fear of failure exerts a negative impact on entrepreneurial activity (e.g. Arenius and
Minniti, 2005; Li, 2011; Minniti and Nardone, 2007; Langowitz and Minniti, 2007; Wagner, 2007), some empirical evidence
⁎ Corresponding author at: Aalto University School of Business PO Box 21230 Fi-00076 Aalto Helsinki Finland.
E-mail addresses: gabriella.cacciotti@gmail.com (G. Cacciotti), james.hayton@smlr.rutgers.edu (J.C. Hayton), rmitchell@ivey.uwo.ca (J.R. Mitchell),
andreas.giazitzoglu@ncl.ac.uk (A. Giazitzoglu).
http://dx.doi.org/10.1016/j.jbusvent.2016.02.002
0883-9026/© 2016 Elsevier Inc. All rights reserved.
G. Cacciotti et al. / Journal of Business Venturing 31 (2016) 302–325 303
suggests the possibility of both motivating and inhibitory responses to fear of failure in entrepreneurial action (Ray, 1994;
Mitchell and Shepherd, 2011).
Although prior research has made progress in understanding fear of failure in entrepreneurship, an examination of the existing
entrepreneurship literature on fear of failure reveals that scholars have used multiple theoretical perspectives to explain the
nature of this phenomenon and investigate its effects on entrepreneurial behavior (Arenius and Minniti, 2005; Vaillant and
Lafuente, 2007; Li, 2011). The description of fear of failure from these different perspectives involves multiple definitions and
measures of this construct. These definitions and measures are potentially in conflict and are characterized by a static approach,
thereby limiting the validity of existing findings about the relationship between fear of failure and entrepreneurship.
With these limitations as background, the purpose of this paper is to provide a better understanding of the fear of failure
phenomenon within the entrepreneurial process. We adopt a qualitative approach to investigate the experience of fear of failure
at different stages of the entrepreneurial process. An analysis of 65 interviews with entrepreneurs and potential entrepreneurs in
the UK and Canada highlights that fear of failure is more complex than it is depicted in the entrepreneurship literature and is not
fully described when characterized as a unidimensional variable. Fear of failure emerges as a combination of cognition, affect and
action. All of these components are brought together in a model that describes the process through which the experience of fear
of failure is associated with entrepreneurial activity characterized in terms of approach versus avoidance motivations (Atkinson,
1957; Birney et al., 1969; Elliot, 1999; Elliot and Church, 1997).
In doing so, this study contributes to the field of entrepreneurship by shedding light on the fear of failure phenomenon within
the entrepreneurial process. Although there is great scholarly interest in this topic more generally, fear of failure is an
understudied construct within the entrepreneurship literature. It is not clear whether it is a personality disposition that entrepre-
neurs should not have (e.g. Arenius and Minniti, 2005) or whether it is a feeling that leaves people discouraged and afraid that
they will not succeed even before starting a business (e.g. Ekore and Okekeocha, 2012). In addition, with most of the existing re-
search focusing on factors that impact on the decision to start a business, there is limited understanding of how people experience
fear of failure and respond to it throughout the entrepreneurial process. We begin to address these research gaps by developing a
richer conceptual understanding of the fear of failure construct. This study also contributes to the fear of failure literature by
discussing and testing the boundary conditions of existing theories of this construct. Although psychological research has recog-
nized the importance of environmental features in shaping the experience of fear of failure (Conroy, 2001), by recognizing the
uniqueness of the entrepreneurship domain, we highlight the limits of existing models of fear of failure and use the context-
sensitivity of this phenomenon as an opportunity to extend the theory on this construct (Whetten, 2009).
2. Introduction
We introduce this open and honest quotation from an entrepreneur to make three points. First, the quotation highlights the
potentially pivotal and ubiquitous role played by fear of failure in entrepreneurship and the need to account for this construct
in explanations of entrepreneurial decision making and behavior (Cacciotti and Hayton, 2015; Morgan and Sisak, 2016). Second,
contrary to prior research on the topic (Arenius and Minniti, 2005; Langowitz and Minniti, 2007; Minniti and Nardone, 2007;
Vaillant and Lafuente, 2007), fear of failure needs to be viewed as not only having an inhibiting effect on entrepreneurial behavior,
but also as potentially having a motivational effect. And as the entrepreneur seems to suggest, the effect of fear of failure is
situated in a larger social context and can depend on the entrepreneur's point in the entrepreneurial process (Mitchell et al.,
2014). Third, based on these prior two points, we suggest that fear of failure is an ideal construct of study for understanding
the richness of the entrepreneurial motivation—a broad topic that has seen increased interest and focus in recent years
(e.g., Asiedu and Nduro, 2015; Chua and Bedford, 2015; Frese and Gielnik, 2014).
Research in the area of entrepreneurial motivation has, for example, highlighted how need for achievement, self-efficacy,
optimism, and passion have been found to motivate behavior toward venture emergence (e.g., Bird, 1989; Cardon et al., 2009;
Frese and Gielnik, 2014; Hmieleski and Baron, 2009; Shane et al., 2003). Likewise, lack of confidence and aversion to business
risk have been demonstrated to inhibit entrepreneurial behavior and to act as barriers to entrepreneurship (e.g., Asiedu and
Nduro, 2015; Bosma et al., 2007; Chua and Bedford, 2015; Hatala, 2005; Henderson and Robertson, 1999). But evidence suggests
that fear of failure can result in both inhibiting and motivating effects (Ray, 1994; Mitchell, 1996; Mitchell and Shepherd, 2011;
Morgan and Sisak, 2016), indicating why this construct has received considerable attention (Arenius and Minniti, 2005;
Cacciotti and Hayton, 2015; Langowitz and Minniti, 2007; Minniti and Nardone, 2007; Mitchell and Shepherd, 2010; Wood
et al., 2014). Indeed, this research on fear of failure has demonstrated how this construct can obstruct nascent entrepreneurial
activities (Arenius and Minniti, 2005), help shape the opportunity identification process (Mitchell and Shepherd, 2010; Wood
et al., 2014), negatively influence entrepreneurship as an occupational choice (e.g., Arenius and Minniti, 2005; Kihlstrom and
Laffont, 1979), and distinguish between nascent entrepreneurs and non-entrepreneurs (Arenius and Minniti, 2005; Minniti and
Nardone, 2007; Langowitz and Minniti, 2007; Wagner, 2007).
But as previously noted, notwithstanding the negative connotation generally attached to the fear of failure construct in
entrepreneurship, prior empirical work also suggests the possibility of both inhibiting and motivating responses to fear of failure
in entrepreneurial action (Ray, 1994; Mitchell, 1996; Mitchell and Shepherd, 2011; Morgan and Sisak, 2016). Consistent with
psychological theory on avoidance and approach motivation (Atkinson, 1957; Birney et al., 1969; Elliot, 1999; Elliot and
Church, 1997), these tentative findings demonstrate that individuals may also avoid failure by working harder to achieve success.
In other words, fear of failure may drive both approach and avoidance behavior. Although evidence of the dualistic behavioral
impact of fear of failure is consistent with psychological research, these findings highlight a potential opportunity to focus on
304 G. Cacciotti et al. / Journal of Business Venturing 31 (2016) 302–325
fear of failure as exemplifying the richness of entrepreneurial motivation research and in doing so to deepen our understanding of
the fear of failure construct.
A thorough examination of the existing entrepreneurship literature on fear of failure reveals substantial concerns regarding the
nature of this concept and its relationship with the entrepreneurial process (Cacciotti and Hayton, 2015). These concerns include
the fact that prior research has investigated fear of failure from perspectives that are potentially in conflict, leading to multiple
definitions of this construct (e.g., a dispositional trait [cf. Arenius and Minniti, 2005] versus an affective state [cf. Li, 2011]). As
a result of these multiple conflicting perspectives, the actual conceptual meaning of the construct in entrepreneurship research
remains underspecified. Likewise, it is not clear whether methods used in prior research even capture the same construct,
which may limit the potential validity of existing findings on the relationship between fear and failure in entrepreneurship
(Cacciotti and Hayton, 2015). Finally, existing literature is dominated by a more static approach to the study of this construct
(cf. Smith and Semin, 2006), one that views fear of failure and action in terms of being stable trait that is a barrier to entrepre-
neurship only (e.g., Ravindra and Wajid, 2013) instead of seeing it as being situated in a larger social context and dependent on
the entrepreneur's point in the entrepreneurial process. Such an approach leads to a somewhat limited understanding of the
dynamics of how people experience fear of failure throughout the entrepreneurial process. In this sense, the ambiguity and
diversity that characterize the existing entrepreneurship literature on fear of failure hinder the potential progress in understand-
ing the impact that this construct has on action and outcomes within the entrepreneurial setting.
Accordingly, the purpose of this paper is to more precisely delineate the nature of fear of failure in entrepreneurship.
Specifically, we use an exploratory and inductive qualitative approach to examine fear of failure as it is experienced in the
entrepreneurship. To do this, we look at fear and failure in terms of socially situated cognition (Mitchell et al., 2014), by which
we mean the interactive psychological processes that connect individuals to their environments and environments to individuals
(Smith and Semin, 2006). In doing so, we adopt an approach that captures a combination of cognition, affect and action as it
relates to the challenging, uncertain, and risk-laden experience of entrepreneurship (Mitchell et al., 2011; Morris et al., 2012;
Sarasvathy, 2004). This approach, which focuses on failure in the subjective experience of entrepreneurship at various points in
the entrepreneurial process, highlights temporal and situational dynamics in the processes of appraising external situated social
cues and internal cognitive evaluations. It moves away from categorizations of fear of failure as a discrete emotion or a discrete
trait about a potential outcome of entrepreneurial action, and moves toward a reconceptualization of fear of failure as a socially
situated psychological state that is embodied in the cognition and affect of individuals who consider engaging in the social and
interactive process of acting to create a venture.
We make three primary contributions. First, we provide a unified perspective of fear of failure in entrepreneurship. We suggest
fear of failure to be a phenomenon involving cognitive, affective, and behavioral responses and to be distributed over the
entrepreneurial process. To accomplish this, we develop a socially situated conceptualization of fear of failure, as it is experienced
in entrepreneurship, that connects threat cues, cognitive evaluations, affect, behavioral responses, and outcomes of fear of failure
(cf. Mitchell et al., 2011; Smith and Semin, 2004). With this conceptualization, we begin to outline a description of the process
through which these components are associated with entrepreneurial activity characterized in terms of both approach and avoid-
ance, as opposed to avoidance alone. Second, we explore the unfolding experience of fear of failure within the entrepreneurial
setting and support the theoretical interpretation of fear of failure as a situated and context-sensitive phenomenon (Cacciotti
and Hayton, 2015; Whetten, 2009). This moves the discussion beyond key assumptions and implications of current literature:
that fear of failing only inhibits behavior; that those pursuing entrepreneurial actions do not experience such fears. Third, we
embed our theorizing in the existing entrepreneurship and psychology literature and use our reconceptualization of fear of failure
to bridge this disparate work on fear of failure in entrepreneurship. As part of this, we propose an agenda for future research on
fear of failure in entrepreneurship.
We proceed as follows. To begin, we briefly provide the background of existing research on fear of failure as a foundation,
highlighting opportunities for further development of this construct. Next, we present our research design in which we pursued
a systematic inductive process involving 65 open-ended interviews (Glaser and Strauss, 1967) with entrepreneurs and potential
entrepreneurs in the United Kingdom and Canada. This design enables us to accurately describe the phenomenon from the point
of view of the entrepreneur. We then present the findings from a systematic, thematic analysis, which involved an examination of
the elicited data for coherent, contextualized insights, and which enabled us to interpret fear of failure from the perspectives of
our research participants. Finally, we apply socially situated cognition theory to the results of our analysis to support the
conceptual development of the fear of failure construct. In doing so, we offer a series of propositions that integrate the existing
literature with our results and establish a foundation for future research and practice in the area of fear of failure.
3. Theoretical background
3.1. Fear of failure in psychology
As a construct, fear of failure was originally conceptualized in the psychology literature as the motive to avoid failure as
opposed the motive to achieve success (e.g., McClelland et al., 1953). These initial conceptualizations defined fear of failure as
the “disposition to avoid failure and/or the capacity for experiencing shame and humiliation as a consequence of failure”
(Atkinson, 1966: 13) and as the “disposition to become anxious about failure under achievement stress” (Atkinson and Litwin,
1973: 146). These definitions emphasize not only the connection between the disposition and the emotional experience such
as the feeling of shame (see McGregor and Elliot, 2005) or anxiety (see Atkinson and Litwin, 1973), but also the importance of
situational cues (e.g., achievement contexts) in activating that connection. Further conceptual development clarified that the dis-
position to avoid negative outcomes or environmental threats to the self could also lead to approach behaviors (Birney et al.,
1969; Elliot, 1999), where behavior is undertaken to achieve the positive outcome of success (i.e., not failing).
As research on fear of failure continued, new models (e.g., the hierarchical model of achievement motivation [Elliot, 1999]),
approaches (e.g., test anxiety [Spielberger, 1972]) and perspectives (e.g., self-worth [Covington and Beery, 1976]) on fear of failure
have been developed. This research aimed to explain how the motive to avoid failure could be manifest as both approach and
avoidance behaviors in sports and education settings. For example, building on the appraisal theory of emotions (Lazarus,
1991), Conroy (2001; Conroy et al., 2001) elaborated a multidimensional model of fear of failure that aimed to integrate previous
conceptualizations of this phenomenon. This research defined fear of failure as the process of appraising threats in evaluative sit-
uations with the potential for failure and highlighted five different cognitive beliefs about the aversive consequences of failure
(Conroy et al., 2002, 2003). In this conceptualization, the anxiety underlying fear of failure stems from a fear of: 1) experiencing
shame and embarrassment, 2) devaluing one's self-estimate, 3) having an uncertain future, 4) important others losing interest,
and 5) upsetting important others. By defining fear of failure as the process of appraisal of threats in evaluative situations with
the potential for failure, Conroy and colleagues also suggested that environmental circumstances play a central role in shaping
the experience of fear of failure (Conroy et al., 2001). As we later demonstrate in the conceptual development section, the per-
son–environment relationship is fundamental in understanding the experience of fear of failure, especially in entrepreneurship.
3.2. Fear of failure in entrepreneurship
Fear of failure in entrepreneurship has been examined in terms of economics and psychology (with the psychology approaches
reflecting a social psychological view specifically, as well as a purely psychological view more generally). But as Cacciotti and
Hayton (2015) articulated, there is extensive dispersal of fear of failure across different streams of research “with little or no
cross-citation among these streams of research” in psychology generally or in entrepreneurship specifically (Cacciotti and
Hayton, 2015: 179). We discuss these different views in turn.
First, the economics-based view of fear of failure in entrepreneurship is that fear of failure perceptions negatively influence
entrepreneurship as an occupational choice (e.g., Arenius and Minniti, 2005; Kihlstrom and Laffont, 1979). Several studies suggest
that a reduction of these perceptions will increase the probability of starting a business (e.g., Arenius and Minniti, 2005;
Langowitz and Minniti, 2007; Minniti and Nardone, 2007; Morales-Gualdron and Roig, 2005; Wagner, 2007). From this perspec-
tive, researchers have heavily relied upon the Global Entrepreneurship Monitor (GEM) database where fear of failure is measured
by a single item: “fear of failure would prevent me from starting a business” (Bosma et al., 2007: 11). The wording of this item
assumes a static relationship in the nature of the behaviors associated with the fear of failure, specifically that avoidance is the
only behavioral outcome.
Second, the social psychological view of fear of failure in entrepreneurship is that fear of failure is a socio-cultural trait that
influences attention to rewards in the social environment (e.g., Gómez-Araujo et al., 2015; Vaillant and Lafuente, 2007). This
research suggests that people's attitude toward failure is influenced by the presence of social norms that see failing as a shameful
experience (Tezuka, 1997; Hessels et al., 2011). This research also assumes that fear of failure is equivalent to risk aversion. As
such, fear of failure reduces the likelihood that individuals expose themselves to situations characterized by the risk of failure
(e.g. entrepreneurship) (Clark et al., 1956; Hancock and Teevan, 1964). Many of these studies similarly rely upon the GEM data
and single-item measure (Vaillant and Lafuente, 2007; Autio and Pathak, 2010; Hessels et al., 2011; Brixi et al., 2012). Given
the format of the fear of failure measure, the results unsurprisingly suggest a negative influence of fear of failure on entrepreneur-
ial behavior (e.g., Autio and Pathak, 2010; Brixi et al., 2012; Hessels et al., 2011; Vaillant and Lafuente, 2007; Wennberg et al.,
2013).
Third, the purely psychological view of fear of failure in entrepreneurship is that fear of failure is a negative feeling that results
from the anticipation of the possibility of failure and is associated with psychological and behavioral outcomes (e.g., Chua and
Bedford, 2015; Li, 2011; Mitchell and Shepherd, 2010, 2011; Welpe et al., 2012; Wood and Pearson, 2009; Wood and Rowe,
2011; Wood et al., 2013, 2014). Interestingly, these studies differ in the measurement of fear of failure. For example, Li (2011)
and Welpe et al. (2012) employed the PANAS scale (Watson and Clark, 1994) that gives a negative emotion score and utilizes
experimental decision scenarios to induce emotions. It is not clear, however, whether negative affect is an antecedent or outcome
of a particular decision. Other scholars who adopt a purely psychological view of fear of failure (Mitchell and Shepherd, 2010,
2011; Wood and Pearson, 2009; Wood and Rowe, 2011; Wood et al., 2013, 2014) employed the Performance Failure Appraisal
Inventory (PFAI) by Conroy et al. (2002, 2003). In the case of the PFAI, it is not clear whether the scale assesses the actual
emotional experience or a predisposition to experience fear of failure. Although it is characterized by operational variation,
much of the research in this approach (but not all of it [see, e.g., Mitchell and Shepherd, 2011]) also views fear of failure as a
barrier to entrepreneurial behavior. A summary of these perspectives is presented in Table 1.
Although prior research has made progress in understanding the role of fear of failure in entrepreneurship, important
questions remain regarding the nature of this concept and its relationship with the entrepreneurial process (Cacciotti and
Hayton, 2015). The use of multiple perspectives has resulted in the lack of a clear conceptualization and operationalization of
the fear of failure phenomenon. By focusing on a specific aspect of the construct (trait versus state), existing entrepreneurship
literature seems to be characterized by a narrowly defined and static approach to understanding fear of failure. However, our
view—and that of the psychology literature (e.g., Atkinson and Feather, 1966; Conroy, 2001; McClelland et al., 1953)—is that a
stable predisposition to experience fear of failure and the experience of fear of failure itself represent two sides of the same
Table 1
Summary of theoretical perspectives of fear of failure in entrepreneurship.
Perspective Definition(s) Measure(s)/ Main outcome(s)/effect(s) Illustrative studies

dimensionality
Economics • Perceived risk Single item: “fear of • Decreases the probability of Arenius and Minniti (2005); Minniti and
failure would prevent starting a business Nardone (2007); Langowitz and Minniti
me from starting a • Distinguishes entrepreneurs from (2007); Wagner (2007); Morales-
business”/ non-entrepreneurs Gualdron and Roig (2005)
unidimensional • Varies between males and
females
Social • Socio-cultural trait Single item: “fear of • Decreases international Alon et al. (2013); Vaillant and Lafuente
psychol- • Risk aversion failure would prevent entrepreneurship (2007); Autio and Pathak (2010); Hessels
ogy me from starting a • Decreases entrepreneurial et al. (2011); Brixi et al. (2012); Shinnar
business”/ intention et al. (2012)
unidimensional • Negatively impacts on
entrepreneurial activity
• Negatively impacts on
entrepreneurial processes
Psychology • Discrete negative emotion PANAS (Watson and • Negatively influences people's Li (2011); Welpe et al. (2012); Mitchell
• Capacity or propensity to Clark, 1994)/ judgment on the value founding and Shepherd (2010); Wood and Pearson
experience shame upon failure unidimensional a new venture. (2009); Ekore and Okekeocha (2012);
• Desire to avert the perceived Bosman and van • Decreases entrepreneurial Chua and Bedford (2015)
consequences of the Winden's (2002) intention
“non-attainment of one's level emotion lists/ • Increases focus on the internally-
of aspiration unidimensional focused desirability components
• Feeling that leaves a person PFAI (Conroy et al., of opportunities, and a decreases
discouraged and afraid that he 2002, 2003)/ focus on certain externally-fo-
or she will not succeed even multidimensional cused environmental aspects
before making an attempt • Negatively influences decision to
engage in entrepreneurial action
coin. An exclusive emphasis on the negative relationship between fear of failure and the decision to start a business also limits
understanding of this construct vis-à-vis the dynamism of the entrepreneurial process. As a result, existing research does not
explain much about the experience of fear of failure in entrepreneurship as it relates to an interaction between the person and
the environment over time (Lazarus, 1991).
Given the dynamic- and process-based nature of entrepreneurship (McMullen and Dimov, 2013), we would expect a more
complicated person–environment relationship than the one described in the cognitive appraisal theory (e.g., Lazarus, 1991). In
relatively static situations, such as taking of tests in an educational setting, or the performance of a sport, it might be reasonable
to conceptualize the environment, as in cognitive appraisal theory, solely as a trigger of an inner process that leads to behavior. In
highly dynamic situations, such as entrepreneurship, we would expect that fear of failure will also be dynamic and based in a
more nuanced moment-to-moment interaction (cf. Randolph-Seng et al., 2014) among the cognitive evaluations and affective
experiences of the person and the external situated social cues. The importance of understanding the dualistic effect of fear of
failure on behavior (cf. Elliot, 1999; Elliot and Church, 1997), especially as it relates to fear of failure in specific situations, leads
us to conceptualize fear of failure as a socially situated construct (Smith and Semin, 2004). Furthermore, the connection between
fear and failure becomes extremely relevant in the entrepreneurship context, where failure is still one of the most stigmatized
business outcomes (Shepherd and Haynie, 2011). By examining the phenomenon as entrepreneurs experience it at different
stages of the entrepreneurial process, we go beyond the current psychological models and develop a deeper understanding of
the factors that lead entrepreneurs to experience fear of failure in an attempt to provide a unified perspective on this topic. To
do so, we use an exploratory and inductive qualitative research design as part of developing a socially situated conceptualization
of fear of failure as it is experienced in entrepreneurship.
4. Research design
We adopt a qualitative approach as a core part of our efforts to delineate the nature of fear of failure in entrepreneurship. Four
key reasons underlie our adoption of this strategy. First, a qualitative, inductive approach allows us to capture variety in the
experience of fear of failure across individuals with differing backgrounds and experiences. We see this approach—as opposed
to an approach grounded in the representativeness of an overall population—as being essential to the initial work of
reconceptualizing the fear of failure construct in entrepreneurship (Morse, 1991). Second, and related to the prior point, because
we examine fear of failure as it is experienced, it is essential that we use data that most closely reflect the variety of the subjective
“lived experiences” of entrepreneurs (Miles and Huberman, 1994). Third, qualitative data can likewise offer rich descriptions of
the fear of failure phenomenon in entrepreneurship (Yin, 2009; Miles and Huberman, 1994; Siggelkow, 2007) and may help
reconcile existing work in entrepreneurship that does not necessarily accord with psychological research suggesting that fear of
failure can promote both inaction and action (e.g., Birney et al., 1969; Elliot, 1999; Martin and Marsh, 2003). Fourth, qualitative
research can facilitate an understanding of the socially situated nature of fear of failure as a specific phenomenon within a specific
context (cf. Denzin and Lincoln, 1994). In the following paragraphs, we describe the nature of our research context and discuss
our rationale for using thematic analysis to evaluate the qualitative data.
4.1. Data collection
Data collection and analysis proceeded in two phases (summarized in Appendix A), both of which consisted of face-to-face
interviews. The kind of interviews we conducted is especially relevant when the phenomenon of interest lacks clear conceptual-
ization (Polit and Hungler, 1999; Spivack et al., 2014). In the first phase the interview data were collected and analyzed to
produce a preliminary, tentative conceptual framework. In the second phase, another set of participants was interviewed using
the same interview protocol with additional questions raised from the first analysis to deepen and further clarify participants'
descriptions of the phenomenon. The aim was to both triangulate and refine the initial framework.
In phase one the 35 interviews were conducted by one of the co-authors, trained and experienced in ethnographic and
phenomenological approaches to data collection. The other three authors who performed the data coding and analysis were
kept separate from the data collection process in order to avoid contaminating the collection of data, although the interviewer
was monitored during the initial interviews (Bernard, 2002). This strategy reduced the risk of imposing a priori theoretical
perspectives onto the data, while ensuring that the interview protocol was administrated correctly and appropriately enriched
with follow-up questions. In this phase, participants were identified through four non-profit regional entrepreneurship support
organizations in the United Kingdom and through a snowball sampling strategy. The latter allowed us to identify cases that
were rich in information about the topic under investigation (Neergaard, 2007). Each participant was asked to give multiple
referrals and each new referral was explored until we collected data to reach variety in the sample (exponential non-
discriminative snowball sampling strategy). In doing so, we included individuals who are currently active entrepreneurs or
nascent entrepreneurs, and also individuals who indicated that at a recent time they had an entrepreneurial idea that they
pursued and then dropped.
Our logic for including a variety of different individuals engaged in the entrepreneurship process was that if existing entrepre-
neurship research is correct, then those who continue to engage in entrepreneurial actions might not experience fear of failure. If
fear of failure is only applicable to those who are inhibited, then non-entrepreneurs who might have become entrepreneurs but
for their fear of failure would be appropriate to study. On the other hand, if practicing entrepreneurs also experience fear of
failure, then it follows that they should also be included in the study as they can add richness to the variety of experience within
the entrepreneurial context. Consistent with our research question and strategy, we therefore sought greater variety in the
participants to allow us to understand fear of failure as it is experienced at different stages of the entrepreneurial process. Of
the 35 participants from phase one, 14 had continued to pursue their entrepreneurial idea and considered themselves entrepre-
neurs at the time of the interview. The extent of entrepreneurial experience ranged from recently started entrepreneurial
activities to established entrepreneurs with several decades of experience. There were 21 respondents who had at one point
developed entrepreneurial ideas but had either not pursued them, or had ceased their initial entrepreneurial activities before a
venture was established.
In phase two, which followed the coding and analysis of the first round of interview data, we focused only upon individuals
who were nascent or established entrepreneurs, with a sample of 30 participants who were identified through a non-profit
regional entrepreneurship support organization. A research associate, who was briefed and trained by the research team, complet-
ed these interviews. This involved training in best practices in qualitative research, training about the initial semi-structured
interviews from phase one, and training regarding the questions that were asked in phase one. Following the initial interviews,
the research associate also received follow-up to ensure accuracy of the process. All 30 of the participants from phase two had
in some way acted upon an entrepreneurial idea and considered themselves entrepreneurs at the time of research (although
not all of the individuals had established a venture at the time of the study). We ceased contacting potential participants when
the interviews were adding only marginal increases to our knowledge. We interviewed 65 individuals in total. The participants
in phase one who identified as entrepreneurs (n = 14) were 36% female, with an average age of 36 years and 64% of whom
had a university education or higher. The participants in phase one who did not yet identify as entrepreneurs (n = 21) were
43% female, with an average age of 32 years, 71% of whom had a university education or higher. The participants in phase
two, all of whom identified as entrepreneurs (n = 30), were 7% female, with an average age of 39 years, 80% of whom had a
university education or higher.
All interviews were semi-structured, ranging in duration from 30 min to 1 h. Our protocol aimed to elicit information about
the origin of the fear of failure experience and the different components (e.g., thoughts, feelings, and behaviors) associated
with such experience. We believed that the topic under investigation is very problematic. People may not be willing to openly
share their experience in a research setting and/or tend to change their accounts to present themselves in a more favorable
light (Crowne and Marlowe, 1964). In order to reduce social desirability bias, we applied three strategies (Podsakoff et al.,
2003). First, before starting the interview, we informed our participants that their identity would not be revealed at any point
of the research project. Second, we clarified that there were no right or wrong answers to the questions and asked them to
respond as honestly as possible. Third, we conducted the research into two different research contexts. During the interviews,
we used both the words ‘fear’ and ‘anxiety’ to target the object of our investigation. In the psychological literature, fear is
considered to be a response to “an immediate, concrete, physical danger,” whereas anxiety reflects the appraisal of less specific
threats such as the possibility of negative social evaluations (Lazarus, 1991: 122). However, in the context of research on achieve-
ment motivation, it is common to use the term “fear of failure” to describe the appraisal of both concrete and ambiguous threats
(Atkinson and Litwin, 1960; Barlow, 2000; Feather, 1965; Lazarus, 1991, 1999). Since the seminal studies of Atkinson and
colleagues (e.g., Atkinson, 1957; Atkinson and Litwin, 1960, 1973) it has been “common practice to operationalize fear of failure
as a form of performance anxiety” (Conroy, 2001: 432). All interviews were recorded and transcribed. Coding of transcripts
followed the process of thematic analysis, which we describe next.
4.2. Data analysis
Thematic analysis is a method used in qualitative psychology (Braun and Clarke, 2006) and has also been applied in the
context of entrepreneurship (Jones et al., 2011). Thematic analysis is an appropriate strategy for exploring phenomenological
data (Gill, 2014) and has significant advantages for moving between inductive and deductive modes of reasoning (Duriau
et al., 2007) such as where the development of adolescent theories is the goal (Sonpar and Golden-Biddle, 2008). Thematic
analysis begins with the identification and coding of basic themes in the data. The original interviewee statements represent
basic themes (Attride-Stirling, 2001; Boyatzis, 1998; Braun and Clarke, 2006). Higher-level “organizing themes” represent ideas,
meanings, inferences, or actions recurring across multiple statements and respondents. These organizing themes are therefore
subjective inferences made by the researcher(s) about the commonalities across the basic themes evident in the raw data. The
organizing themes are then themselves arranged into high level “global themes” that reflect the principal categories in the
interview texts (Attride-Stirling, 2001). In this way a parsimonious interpretation of the rich body of textual data is obtained
by a series of interpretations, typically made by a team of researchers (Boyatzis, 1998; Braun and Clarke, 2006). Because it consists
of searching for certain themes or patterns across an entire dataset, thematic analysis overlaps with other qualitative analytic
methods such as grounded theory (Corbin and Strauss, 1990), interpretative phenomenological analysis (Smith and Osborn,
2003), and discourse analysis (Burman and Parker, 1993).
As we collected the first set of interviews (phase one), two of the authors manually undertook the initial coding (Appendix B).
They began with a thorough reading of the data (Corbin and Strauss, 1990). Guided by the theoretical interest of the study, the
researchers independently identified and retained statements related to the experience of fear of failure. The two authors then
agreed upon the relevance of the statements and disagreements were resolved through discussion. Next, working independently
they labeled each statement according to the specific theme it represented. These labels were then discussed and disagreements
were resolved. Once these preliminary themes were agreed upon, the coding proceeded by assigning labels to each statement. In
this way a list of basic themes was identified, and then labeled according to the meaning agreed by the two coders. Next the
second level, organizing themes, were identified. When basic themes occurred frequently, they were organized into these
second-level organizing themes. In order to avoid constraining conceptualization at a preliminary stage, even infrequently
occurring basic themes were grouped in organizing themes.
In the final step, the organizing themes were grouped into global themes. The underlying logic of the creation of global themes
can be either inductive or deductive (employing pre-existing categories) (Boyatzis, 1998). Since our objective is to derive a
conceptual framing of the construct, its antecedents, and consequences, we inductively identified global themes on the basis of
meaningful categories of factors or variables in the data such as sources of threat, affect, behavior and so on. In the first round
of interview data analysis the goal was to obtain complete agreement between the raters on the labeling of the three levels of
themes and devise a preliminary coding framework to guide subsequent analysis.
The phase 1 data coding provided a preliminary coding scheme. In order to enhance validity, we then triangulated across data and
analysts in the second phase. Specifically, the three coders for the second round of interview data included one of the authors who had
not participated in the coding for phase one and could question, interrogate, and challenge the initial coding framework (Mantere
et al., 2012, 2013). For the 30 interviews in phase two, the transcripts were read thoroughly by the coders (Strauss and Corbin,
1990). Statements related to the experience of fear of failure were identified and coded independently by the three authors, according
to the preliminary coding framework identified in the first set of interviews. During this manual process (summarized in Appendix C),
the coding team met to refine thematic categories—and where necessary create new thematic categories where statements could not
be assigned to existing ones. Once agreement was reached for a final set of categories, the statements were re-coded. We base our
analysis only on the statements for which the three coders reached unanimous agreement.
We calculated the percentage of agreement as an index of reliability used for content analysis (Lombard et al., 2002; Duriau
et al., 2007). We chose this index as it is simple, intuitive, and can accommodate more than two coders. It was calculated as
the number of unanimous agreements about assignment of a statement to an organizing theme, as a proportion of total number
of statements associated with that theme. The percentage of agreement across organizing themes ranged from 92% to 100%.
Reliability scores higher than .90 are considered to be acceptable (Neuendorf, 2002), thus supporting our coding of the Canadian
interview data. Disagreements were identified and reconciled through discussion until there was a unanimous agreement on the
assignment for each statement to one or more categories. In some instances, statements could be assigned to more than one
category (e.g., motivation and affect). In a few cases, statements that were adjacent in transcripts and were found to repeat the
same basic meaning were combined. In other cases, the meaning of a statement was insufficiently clear and agreement was
not possible. Those cases were deleted.
In order to further test the refined coding scheme based on the phase two data, we returned to the interview transcripts from
phase one, and two of the authors re-coded them according to the refined coding scheme resulting from the second phase of data.
Working independently, the coders were in agreement on 90 of 98 statements (90.8%). This reflects a robust degree of agreement
(Miles and Huberman, 1994; Neuendorf, 2002). Upon discussion, it was possible to resolve differences and reach 100% agreement.
The expanded list of themes in the revised coding scheme was fully represented in the original interview transcripts. This result
Table 2
From basic to organizing to global themes.
Basic themes Organizing themes Global themes
1. Loss or potential loss of money and savings Financial security Sources of fear of failure
2. Lack of income
3. Loss of current standards of living for self and family
4. Lack of ability to pursue the opportunity Personal ability
5. Lack of ability to execute entrepreneurial tasks
6. Lack of ability to make the business successful
7. Lack of ability to generate financial capital Ability to finance the venturea
8. Lack of ability to attract investors' interest
9. Potential of the entrepreneurial idea Potential of the idea
10. Value of the opportunity
11. Existence of a market for the opportunity
12. Idea to difficult to implement
13. Disappointing important others Social esteem
14. Losing the trust and respect of others
15. Losing reputation in the professional network
16. Ability to meet client expectations Venture's ability to executea
17. Ability to overcome technical challenges
18. Ability to execute the business plan
19. Ability to make sales
20. Loss of work-life balance Opportunity costsa
21. Investing time and money on other activities
22. Not spending enough time with family and friends
23. Choosing a more secure job
24. Feeling of stress Negative affect Affective arousal
25. Feeling of frustration
26. Feeling of sadness
27. Feeling of depression
28. Feeling of excitement Positive affecta
29. Feeling of amazement
30. Feeling of satisfaction
31. Decrease in, or cessation of, opportunity pursuit Inhibition Behavioral responses
32. Procrastination of entrepreneurial action
33. Extreme caution in entrepreneurial action
34. Continuation of opportunity pursuit behavior Motivation
35. Increase efforts in the direction of the opportunity
36. Fear pushes you
37. Ignoring the pain Repression
38. Engaging in distracting non-entrepreneurial action
39. Changing intensity of fear Commitment Temporal dynamics
40. Changing nature of fear
41. Learning from previous experience Learning
a
Thematic categories that emerged in the second round of interviews.
supports the applicability of the refined coding scheme to the entire body of data from both sets of interviews. Therefore, the the-
matically analyzed data from both phases inform our conceptualization. The final structure of the data is presented in Table 2.
Using inductive reasoning, all the statements in the raw data were reduced into 41 basic themes. As each theme emerged, we
then engaged in a process of deductive reasoning, searching the existing literature for concepts and frameworks that could help
organize and explain what we saw in our interview data. Following this approach, we moved from basic to organizing themes. For
example, description of different behavioral responses to the fear of failure experience in the basic themes led us to refer to the
achievement motivation literature (Atkinson, 1957; McClelland, 1961). Building on this literature, we were able to organize the
basic themes about specific behavioral outcomes into higher order categories (organizing themes) according to their motivation
to avoid or approach entrepreneurial action. We then grouped the organizing themes into global theme that are represented in
the final column of Table 2. Our data revealed that the experience of fear of failure involves different elements: sources of fear
of failure, affective arousal, behavioral responses, and temporal dynamics such as learning and changing levels of commitment.
Finally, we engaged in a recursive process of inductive and deductive analysis. We re-examined our interview data to gain an
understanding of the relationships among the components of the fear of failure experience, and the temporal sequencing of its
unfolding. Therefore, the global themes are presented in a temporal sequence that corresponds with the order in which they
shape the experience of fear of failure, as reported by our participants (Van de Ven, 2007).
5. Research findings
We present our findings by combining the data reduction and analysis of the two sets of interviews. We report the experience
of fear of failure and its cognitive, affective, and behavioral components as described by the actors involved in the study. We
support our analysis with representative evidence from our data in Tables 3–6.
Table 3
Representative evidence: sources of fear of failure.
Representative quotations Organizing themes
“The main fear was that the security I had working for this company was no longer there. I was going to be running the company, Financial security
which is a different kettle of fish. So I was no longer working with a secure wage but running the company and making the
changes I needed to make to make it a success.”a
“Yeah. Ironically, I am more concerned with the day job because the way things went in the last year, you know, even though I have
confidence in myself, I have just seen that no matter how hard you work or how lucky you are there is always that possibility. So
it is not that you are a pessimist but you just got to be prepared for it so that makes me anxious. Cause then I think I will have this
new business and no source of income and then we will really have to pound the pavement for dough whereas my partner, he has
his medical residency, it is a fairly sure thing, so for him I know on the funds front he is definitely not nearly as anxious about that
sort of thing. It is more of a sure thing.”b
Interviewer: “Now did you have any anxiety of fear of failure about developing the idea?” Personal ability
Subject: “Yes because I didn't understand how much it would involve … So with me having no knowledge behind how apps work it
wasn't something that I felt I could develop, even though it was a good idea.”a
“There was anxiety in terms of how I was going to be able to create the programming, there was a bit of anxiety there.”b
“There are always anxieties on the fundraising side.”a Ability to finance the
“I think there is a lot of anxiety of just trying to get the funds necessary to launch the initiative.”b venture
“There is always a fear of failure when you go into anything like this. But the comic side, you know, chest related [the product was a Potential of the idea
light-hearted product related to women's breasts, made by a female entrepreneur], it adds to the fear. The failure would seem
even more humiliating.”a
“A lot of smart people will say this isn't going to work, you need to do this, this, this and this but as the person with the idea and in a
way in some places you're kind of ignorant because you're focused on one aspect right and being young I didn't really have that
much experience especially last year when I was just getting into it.”b
Interviewer: “What was the nature of your anxiety and fear?” Social esteem
Subject: “I wouldn't want to make my family disappointed by it.”a
“Well nobody likes to publically fail. You know, when you stick your neck out and you say I′m going to do this, you know, family and
friends were aware of it. It's not embarrassing if strangers, like some doctor in Toronto that's a customer that I don't know
personally, OK, so suddenly the product is not available any more for sale, big deal, right? But, you know, family and friends
knowing that we took a shot at it and it didn't work out, that's kind of embarrassing. Once we ended up winning some local awards
from the Chamber of Commerce, some innovation awards, and then, you know (laughter), winding down the business later and
having them say, well how's it going, and you say, uh actually we closed that business (laughter), that kind of sucked.”b
“I guess leaving the client and feeling anxiety over whether or not they will successfully use the system but I guess another example Venture's ability to
is losing a client or working with people that are very difficult. So I had a client that I worked very hard at, I put so much effort in execute
and there is certain staff at that business that we submarine a project.”b
“I suppose the highest levels of anxiety I would certainly say are times when you may have some hiccup in the software solution that
may cause you to lose credibility with either some prospects or a customer.”b
“… that was where the anxiety set in that the longer I continued to pursue this task, the more I′m kind of hurting myself in the long Opportunity costs
run.”b
“I start to feel a lot more anxious because I′m not spending a lot of time with friends and family, or I miss an event, or I didn't know
what was going on in someone's life that's important, or something like that, then that in and of itself is a trigger to me that, you
know, I′m out of balance right now because I′m feeling all this negativity, I′m feeling anxiety.”b
a
Evidence from the first set of interviews.
b
Evidence from the second set of interviews.
5.1. Sources of fear of failure
A key element of individuals' experience of fear of failure relates to its specific causes or sources that are largely situated in a
broader context (cf. Mitchell et al., 2011). This process of appraisal arises in a series of concerns that participants recognized as the
origin of their fear of failure. Accordingly, we derived 23 basic themes to describe individuals' sources of fear of failure, which we
grouped into the organizing themes of financial security, personal ability, ability to finance the venture, potential of the idea, social
esteem, venture's ability to execute, and opportunity costs (see also Table 3). In the following paragraphs, we discuss each of
these and provide representative quotations from the data to illustrate the themes.
Table 4
Representative evidence: affective arousal.
Representative quotations Organizing themes

b
“Its like I loved it (feeling the fear of failure), it was very, very exciting.” Positive affect
“It is … kind of a rush. Cause when you do, when you are anxious that you know when you pull it off it is a good feeling.
So the anxiety is kind of worth it.”b
“The sort of stress of starting off as well – when I thought of it I felt quite panicky like this will bring a lot of stress.”a Negative affect
“… when you look into the future oh could I keep doing this for a few years or more, it's just daunting and horrifying.”b
a
b
Table 5
Representative evidence: behavioral responses.
Representative quotations Organizing

themes
“Because it (the fear of failure) made me not enjoy it as much as I think I should and maybe not sell myself as much and push to get new people Inhibition
because as I′m frightened they won't like me and their dogs wont like me and that something terrible will happen to their dog.”a
“On the failure side, you could I suppose say okay, well if I′m not entirely certain of this, maybe I won't ask for some additional investment
money right now from, you know, person X because you don't want them to lose their money or something like that so … maybe then you'll
operate the business as less capital then you sort of to make it successful, so that would be probably the only negative I can think of.”b
“Ah sometimes I think it (the fear of failure) can lead us to sort of like maybe not necessarily investing into the right parts of the business at the
right time I would say so you know with anxiety like that and sort of feelings that fear of you know how much money do I put into this and is
this a worthwhile cause and you know at what point should we be investing further and I think there has been a few times along the way that
certainly with the secondary business where I have looked at it and said you know we could probably gain some more like a larger client base
if we put more money into advertising and you know we did some more on the promotional end and hesitated along the way looking at it
with you know again sort of that sort of anxiety I′m saying is this actually going to be worth the extra investment and that side of things.”b
“Because it made me work harder. That is what drives me – that fear of failure. Anything I do, an entrepreneurial idea or even uni work, I have Motivation
that thing of I will not fail. It is fear of failure. One doesn't want to fail so they try to do their utmost and work as hard as they can and do their
best. And sometimes ventures do fail, as I′ve had happen. Like in the second year this failed as we got the price wrong. But fear drives you on.”a
“… everything I think probably a positive effect in a lot of ways because … It's you know it (the fear of failure) pushes me to work harder and to
you know take more care into what I am doing and to educate myself to the best that I can as I was developing these businesses. So I think
overall probably it you know had a positive effect.”b
“It becomes a fuelling force where it makes you want to work harder and you want to see it right. Like there's a, I don't want to say it is a David
and Goliath thing but there is like always that element of, you know, you know the stats behind success and failure and you're up against
something big and, you know, it is motivating to know that maybe you can find some success in this crazy obstacle. I don't know.”b
“I think it (the fear of failure)’s one of those things no matter what is going on inside if you like you simply can't afford to let it surface, and let Repression
clients or the team see that. You've got to learn to keep it all in I suppose.”a
“Rather than focus on the project or focusing on how I can get the grant money or focusing on a project that requires less of an investment. I sort
of focus on things that are maybe not so central to my project like a, looking at doing some sort of unrelated data analysis.”b
“There is something romantic about ideas where you just believe in them where you just have to … you have to believe in them because there is
so many people or so many, I don't know, other things telling you why it wouldn't work so that fear comes, ah, you just have to put it aside.”b
a
b
5.1.1. Financial security

As one of the active entrepreneurs noted, as he moved further away from employment and into “being” an entrepreneur, his
security was in some senses diminishing. He spoke of experiencing fear of failure as being: “mainly because … I'd always had jobs
that were secure and that I'd trained to do and ones that I knew I was getting a certain wage through every month to pay the rent and
bills … would I be able to afford to live?” This source of fear of failure refers to individuals' concerns over loss or potential for loss of
their livelihood and stored wealth as triggers of fear of failure.
Threats to personal financial security were a prominent and frequently cited source of concern in both rounds of interviews.
Potential and active entrepreneurs were afraid of investing too much of their own money into the venture, not being able to pay
the debt back and losing their house as the result of potential insolvency. This source of fear has to do with personal, not venture,
survival. Respondents were preoccupied about the consequences of not having a steady income to meet obligations and maintain
Table 6
Representative evidence: temporal dynamics.
Representative quotations Organizing

themes
“I am experiencing more anxiety now (a ‘few weeks into the project’) than at that point (when idea was conceptualized) … when it went from Commitment
being an idea to a reality was when I sat down with one of the businesses that I thought would get involved with the pilot … So I have more
anxiety now because it's 5 weeks until the pilot … I′m over halfway … but until they're nailed and invoiced and followed up, and until they
walk through the door on the day that is where the anxiety will come! The anxiety didn't come beforehand because at that point it was a
notion, it's now a reality.”a
“… development phase and at the beginning your anxiety is how do I design this product so that it works and then later on it becomes how do
I manufacture and supply it and kind of funding that is required and then there's sale and marketing. Can I sell enough to cover the cost of
this … you know something you've developed? Something left over. How do you do payroll every month? How do you grow a business? So
they were all concerns which happened in progression. None of then ever go away completely. It's all part of the fun of running a business.”b
“I think once we had made the leap that fear of failure lessoned and it became an ongoing battle to try and find the right direction we were Learning
going in.”a
“One of the things that I have found is that sometimes the anxiety isn't always … it doesn't have a source that is traceable like causally to the
project you're working on. I′ve also found that there's just a day to day, well more a week and month to month fluctuation of moods that
occasionally if you over interpret it, you know if I′m in a bad, you know, a lower mood one week and I like look at my projects and I see only
negative things and reasons why it can't happen I started to learn that that's actually not associated with the projects but it's associated with
my emotions. So I′ve actually recently been learning to actually separate that anxiety out because I′ve learn that it's just transient.”b
a
b
certain living standards. This was especially relevant for people who left a secure job to start a business. The uncertain nature of
entrepreneurship makes financial security a salient source of threat.
5.1.2. Personal ability

As two of the entrepreneurs said: “Now, it's totally my problem, it's all my problem. If I don't succeed it's completely my fault”; and
“If you fail you leave yourself feeling deflated and pointless.” This source of fear of failure comprises concerns over individuals' ability
to perform actions associated with the pursuit of an opportunity or idea, and/or the development of the venture. The entrepre-
neurial process involves a series of stages that follow one another including the idea or conception of a business, the initiation
of operations, the implementation of the business and its subsequent growth. Because each stage requires the development of
resources and competencies, the process of taking action can raise concerns about the ability to support the success/survival of
the venture.
As respondents moved through the stages of the venture development process, fear of failure emerged from a tension between
the need to execute specific tasks (e.g., developing the product/service, preparing for a pitch, hiring people, satisfying clients'
requests, and meeting the deadlines) and their own level of competence. If the tasks are not successfully completed because of
their perceived inability, entrepreneurs blame themselves and feel responsible for the failure. As the statements illustrate, a
concern about personal ability is sometimes described in terms of being a threat to self-esteem.
5.1.3. Ability to finance the venture

As two entrepreneurs said: “Where am I going to find even a first stage funding to help this company go anywhere if I can't get any
investment? So that was probably the biggest [fear] at that point for sure”; and “I think there is a lot of anxiety of just trying to get the
funds necessary to launch the initiative.” This commonly raised source of fear of failure is related to both personal ability and to
financial security. Several respondents made comments regarding their anxiety/fear of failure stemming from their ability to
generate or attract needed financial capital. While the statements address monetary concerns, they are distinct from other sources
in that they do not focus upon the possibility of personal financial risk, but rather on the capacity or probability of obtaining the
financial capital to start or sustain the venture. This source of fear has to do with venture, not personal, survival. This source of
threat therefore seems to exist at the intersection of financial worries and concerns over ability.
5.1.4. Potential of the idea

One respondent recalled that: “You have to make it a design, and if it works then you know it's right. And if it's not right, it doesn't
work at all … from my point of view that's where the anxiety has been.” A further source of fear of failure that is especially situated
in the entrepreneurial contexts is concern over the potential of the idea. It refers to fearful thoughts over the validity, potential or
future market of the core idea on which the venture is based. Studies have already demonstrated that entrepreneurs assume
responsibilities for the successes and failures of their venture, which can be attributed to their personal abilities as well as to
the potential and quality of the opportunity. While personal ability refers to a self-oriented source of fear of failure, potential of
the idea organizes statements that indicate the presence of an opportunity-oriented source of fear of failure.
5.1.5. Social esteem

As several respondents noted: “the other thing that adds to the pressure is the fact that I'm not alone, when somebody else is
involved you've got to be 100%”; “dealing with other people's money, you have this level of anxiety of well I need to deliver, I need
to perform, I need to get this for my customer”; “I wouldn't want to make my family disappointed by it”; and “there's so much hope
and expectation behind it that I don't want to be the one who made it collapse”. Threats to social esteem represent an additional
source of fear of failure that was frequently reported across the two pools of respondents. In the entrepreneurial process, there
are multiple stakeholders that the entrepreneur seeks to satisfy. Our respondents referred to each of these stakeholders as
important others who they either wished to keep involved, or did not want to let down. As these statements illustrate, these
important others can include: investors, business partners, customers, family, and employees.
5.1.6. Venture's ability to execute

A number of participants indicated that the nascent venture's ability to perform specific tasks or achieve goals was also a
significant catalyst for fear: “I suppose the highest levels of anxiety … are times when you may have some hiccup in the software
solution that may cause you to lose credibility with either some prospects or a customer”; “I think one of the big anxiety points is
around intellectual property and how to protect it”; and “So in our business we have some issues on successful product manufacturing
right? We couldn't get stuff to pass quality control for a while … so you have specific anxiety around that problem.” The venture's
ability to execute represents an important source of fear of failure that is especially situated in the entrepreneurial context. In
one sense this is similar to concerns over personal ability. However, while personal ability concerns are distinctly egocentric,
concerns over the capacity of the venture (as an organizational entity or team) to execute the variety of entrepreneurial tasks
appears to be broader and less egocentric. This source of fear is neither a matter of devaluing the self, nor a matter of damaging
social esteem. Rather, this organizing theme is about anxieties and fears around specific activities that the venture, as opposed to
the individual, must undertake.
5.1.7. Opportunity costs

As one of the participants described: “I start to feel a lot more anxious because I'm not spending a lot of time with friends and
family, or I miss an event, or I didn't know what was going on in someone's life that's important, or something like that, then that
in and of itself is a trigger to me that, you know, I'm out of balance right now because I'm feeling all this negativity, I'm feeling anxiety.”
Concerns over opportunity costs for either time or money required to develop the venture represent a final source of fear of
failure. The participants in the study were afraid of not being able to spend time on other income producing endeavors, losing
their work-life balance, and not having enough time to spend with family, friends, and loved ones.
5.1.8. Interrelatedness
One of the striking features of these seven sources of fear of failure is their interrelatedness. This is illustrated by the following
statement: “so you have specific anxiety around that (manufacturing) problem, and those sort of things then generate cash flow
problems, and then you worry about payroll and what's the impact on people if I can't meet payroll.” These different sources of
fear are not necessarily independent. However, they might be usefully grouped in terms of whether they arise from sources
external to the individual (e.g., financial security, ability to finance the venture, and venture's ability to execute) or those that
rest upon internal evaluations (e.g., personal ability, potential idea, social esteem, and opportunity costs).
5.2. Affective arousal
While describing the experience of fear of failure, respondents made statements referring to moods and emotions accompany-
ing such experience. Affective states emerged following the cognitive appraisal of emotionally relevant events. Accordingly, we
derived seven basic themes to describe individuals' affective arousal, which we grouped into the organizing themes of negative
affect and positive affect (see also Table 4).
5.2.1. Negative affect

Respondents indicated that: “the thought of debt and letting myself and other people down … it causes people a lot of stress”; “This
one period of time, I got seriously depressed and had to go and see somebody … it was a depression that was sort of panic-anxiety-
driven … it was looking bad”; and “I don't think it slows you down but it does lead to a bit of frustration at times.” These statements
illustrate that as a behavioral response, negative affect (especially stress) can play a prominent role. In some cases this negative
affect was strong enough to be a source of concern. In other cases the negative affect was still present, but on a less serious scale.
While negative affect is commonly associated with the experience of fear of failure, the level of arousal of that affect varies
considerably from low levels of arousal (e.g., depression), through moderate levels of arousal (e.g., frustration) to high levels of
arousal (e.g., stress). In this sense, fear of failure as a phenomenon does not fit well with the concept of fear as a discrete emotion,
since it may be associated with several different forms of negative affect.
5.2.2. Positive affect

As other respondents indicated: “It's incredibly satisfying when you actually do that thing you're afraid of”; “It's like I was so
excitedly anxious about it and I went in and every time I've felt that kind of anxiety and pushed through and done what I need to
do. It's always been positive. It's always been amazing”; and “the anxiety is the reason you become sort of excited about it all”.
These statements demonstrate that positive affect can also result from negative emotional activation. This affective arousal can
be seen in emotions such as exhilaration or relief when the source of negative emotion is overcome. As with negative affect,
the level of arousal of that affect varies considerably from low levels of arousal (e.g., satisfaction), through moderate levels of
arousal (e.g., amazement) to high levels of arousal (e.g., excitement). Interestingly, the extent to which positive affective arousal
(e.g., being satisfied) is reported appears to depend upon the behavioral orientation and responses of the individual. That is,
positive affect sometimes appears to be an outcome based in entrepreneurs' decisions or actions, rather than being a source of
information that signals the threat of failure or being concomitant with the appraisal of a threat.
5.3. Behavioral responses
A central focus in our interviews with entrepreneurs was whether the fear of failure was related to inhibition/withdrawal or
persistence and striving. We saw eight basic themes that described nascent entrepreneurs' and existing entrepreneurs' behavioral
responses to the experience of fear of failure. We grouped these into three different action-based organizing themes: Inhibition,
Motivation, and Repression (see also Table 5).
5.3.1. Inhibition
One respondent said that the reason he did not go forward with the idea was due to: “Lack of experience, lack of confidence and
a fear of failure.” When probed further on what was meant by fear of failure, the same respondent stated: “I'm good enough to do it
but I'm scared … Yes, I get nervous. It's fine if I'm taking photos for friends and family, I'm good enough to do it, but if it's for other
people I am afraid I'll fail.” Other respondents indicated: “… I think where anxiety has been a hindrance … has been more related
to the rate of change or the rate of adoption or the rate of decisions. I think it slows you down” and that fear of failure “sort of dilutes
my focus … it causes procrastination”.
Inhibition as a behavioral response represents the decrease or cessation of opportunity pursuit behavior, the preference for in-
action over action, and the tendency to procrastinate fear-arousing activities. Such behavior can also manifest in taking extreme
caution in entrepreneurial actions. In the first round, seven of the 21 respondents who had eventually chosen not to pursue their
entrepreneurial aspirations made statements regarding the impact of fear of failure on behavior. It was common, although not
universal, for these individuals to state that fear of failure had in some way demotivated them, or conversely had motivated
them to avoid putting effort in, and ultimately contributed to them not pursuing their entrepreneurial idea. Consistent with
prior work on fear of failure in entrepreneurship, many respondents who had not started their venture described fear of failure
as a source of inhibition. The same theme arose for those who had started a venture. In this case, although fear of failure did
not completely inhibit all entrepreneurial action, it slowed the entrepreneurs down or had led them to procrastinate as the
aforementioned statements indicate. In this way, fear of failure can prevent entry into entrepreneurship, or can negatively
influence the direction and the level of effort given to otherwise important tasks within the ongoing entrepreneurial process.
5.3.2. Motivation
Respondents stated that fear of failure: “does mean that you do work a lot, on the business side, you work a lot harder”; and
“would never inform me to not try again. In fact, quite the opposite. It gives me more fuel to be successful in another direction or
another venture so I think that's … you have to get back on the horse, back on the bike … it's a positive experience ultimately.”
This behavioral response is in contrast with the dominant perspective in the entrepreneurship literature, in that the response
to fear of failure was not limited to inhibition. Indeed, we saw statements that described an increased level of intensity and
persistence of behavior in the direction of an opportunity, idea or venture, which was fuelled by the experience of fear of failure.
This included all those actions undertaken to approach the fear-arousing threat in favor of some kind of entrepreneurial behavior.
Across both the first and second sets of interviews, there were 15 independent references to fear of failure motivating action (by
respondents with start-up experience). Evidently, rather than simply being fearless, some entrepreneurs also experience fearful
thoughts and feelings, but may ultimately respond differently and continue on despite (or even because of) these experiences.
5.3.3. Repression
One respondent noted that fear of failure “is one of those things no matter what is going on inside if you, you simply can't afford to
let it surface, and let clients or the team see that. You've got to learn to keep it all in.” This represents a third behavioral response that
may denote individuals' inability to cope with the painful situation. On a behavioral level, repression manifests itself as entrepre-
neurs engage in a series of distracting activities that aim to suppress and dismiss the experience of fear. Although it may be
classified as a kind of avoidance behavior, we distinguished it from motivated or inhibited responses in that it does not involve
actions oriented toward or away from the opportunity, idea, or venture. Instead, it involves actions that are completely unrelated
to the opportunity, idea, or venture and actions that pretend that the fear does not exist, as is illustrated in the aforementioned
statement. This behavior allows people not to feel the fear of failure and repress or suppress the corresponding negative thoughts
and feeling.
5.4. Temporal dynamics
While fear of failure is commonly treated as a static variable, our data showed that in practice it varies with time and
experience. Our interviews suggested three basic themes that demonstrated how the experience of fear of failure is subject to
temporal dynamics. We have grouped these basic themes into two organizing themes, which we labeled commitment and
learning. Both comprise statements about the changing intensity and nature of fear of failure across the various stages of the
entrepreneurial process (see also Table 6).
5.4.1. Commitments
As described by one of our respondents: “I would say that my anxiety level was fairly low to begin with … mid levels of anxiety in
the product demo era and … higher level of anxiety at the delivery stage.” This organizing theme is based on statements, which
indicate that fear of failure perceptions increase as the level of commitments to the venture, and those associated with it, increase,
as the venture became increasingly visible in the social space, and as their obligations and responsibilities outside of the venture
grew. In this way, this organizing theme refers to variations in the experience of fear of failure that is caused by changing and
transitory external conditions. We also saw some evidence suggesting that commitments could include the internal attitudinal
state of the entrepreneur. As one respondent described: “So it was a couple of weeks of anxiety … Trying to decide on my comfort
level … with having a very unstructured life for the next little while and once I made the decision which direction to go I found that
elevated the anxiety. I was left stressed about being the entrepreneur.” This organizing theme also captures the extent to which
an individual's personal commitments to entrepreneurship are dynamic and how this shapes the experience of fear of failure
in entrepreneurship over time.
5.4.2. Learning
As described by one entrepreneur, engaging in the entrepreneurial process: “helps you grow, it helps you get better and then the
next time maybe your are confronted with something similar you don't have anxiety.” This organizing theme is based on statements
that included indications of how the intensity of the experience of fear of failure changed as result of an internal process of
learning from previous action and experience. The aforementioned statement links improvements in the ability to act
entrepreneurially with the reduction of anxiety, highlighting the dynamic aspect of fear of failure across the different stages of the
entrepreneurial process.
6. Conceptual development
Our thematic analysis of interview data suggests that there are several aspects or components of the experience of fear of
failure in entrepreneurship that need to be taken into account in order to reconcile the economic-based, social psychological-
based and general psychological-based approaches to fear of failure in entrepreneurship. As we have noted, in the entrepreneur-
ship literature, fear of failure has in the past been viewed in terms of the perceived risk of starting a new venture (Arenius and
Minniti, 2005), as a socio-cultural trait (Vaillant and Lafuente, 2007) and as a negative emotion experienced as the result of
environmental cues (Li, 2011). Within the broader psychology literature, fear of failure has likewise been studied as a trait
(e.g., Birney et al., 1969), as a basic emotion (Ekman, 1992; Lazarus, 1991; Plutchik, 1994), and in terms of the specific appraisals
that are perceived to cause it (Conroy, 2001). We seek to extend theory and thus conceptualize fear of failure as it is experienced
in entrepreneurship as a constellation of all of these elements. This approach to our findings moves us away from a more static
conceptualization toward a conceptualization that is broader and more dynamic.
In this socially situated conceptualization, the cognition and affect that underlie the experience of fear of failure in entrepre-
neurship: (1) are situated in the broader entrepreneurial social context, (2) are embodied in the mind and emotions of the
individual, (3) can be oriented toward both inaction and action, and (4) are distributed in time and space among the social objects
that exist as developing commitments to a venture, and those associated with it (cf. Mitchell et al., 2011; Smith and Semin, 2004).
In the following paragraphs, we discuss each of these four areas as we utilize the findings from our qualitative analysis to develop
this dynamic conceptualization of the experience of fear of failure in entrepreneurship. In doing so, we offer a series of
propositions that can serve as a foundation for understanding the experience of fear of failure in entrepreneurship. We summarize
these propositions in Fig. 1.
6.1. Fear of failure is socially situated
At the core of a socially situated conceptualization of fear of failure, is the idea that fear of failure is situated in a larger social
context. As described by Smith and Semin (2006: 134), cognition is “not isolated in inner representations and processes but
causally interdependent with the current physical and social environment.” From this perspective, both the external situation
in which fear of failure is experienced (the current physical and social environment) and the individual's internal cognitive
Behavioral Responses
Action, inaction and repression
(Action Oriented)
Experience
Experience of FearofofFear
Failure
Source: Internal Cognitive Evaluations Source:External Situated Social Cues

Personal Ability, Potential of the Idea, Financial Security, Ability to Finance
Social Esteem, Opportunity Costs Venture, Venture’s Ability to Execute
(Situated) (Situated)
Affective Arousal
Positive and Negative
Learning Processes (Embodied) Learning Processes
Mitigating and Magnifying Mitigating and Magnifying
(Distributed) (Distributed)
- Commitment +
To Entrepreneurial Process, To
Venture, To Others
(Distributed)
Fig. 1. Theoretical model.

evaluations that underlie the experience of fear of failure (the inner representations and processes) matter and are causally
interdependent. This is evident in our findings, wherein the sources of fear of failure (a global theme) can be understood as:
(1) a set of external situated social cues that may be appraised for their threat potential: financial security, the venture's ability
to execute, and the ability to finance the venture; and (2) a set of ego-centered, internal cognitive evaluations: personal ability, social
esteem, the potential of the idea, and opportunity costs.
To begin with, the situation is experienced through events that give rise to the external situated social cues that are the
proximal causes of the experience of fear of failure (Weiss and Cropanzano, 1996). These events or situations can be defined
as “natural units of social process” (Van de Ven and Engleman, 2004: 352). These situations are reflective of what is going on
in the larger situated social environment of the entrepreneurial process (e.g., pitching the idea, asking for funding, developing
the product/service, losing a client, not being paid, and not delivering on time). However, to trigger fear of failure, these situations
need to be appraised as significant to the individual based on how they relate to the external situated social cues reflecting threats
(i.e., financial security, ability to finance the venture, and the venture's ability to execute) and based on the internal cognitive
evaluations that underlie the experience of fear of failure (i.e., personal ability, social esteem, the potential of the idea, and
opportunity costs).
Consistent with key prior research on fear of failure in psychology (Birney et al., 1969; Conroy, 2001), the significance of the
external cues to the experience of failure thus depends on the degree to which they are perceived to increase the potential of
failing in the specific environmental context given an individual's internal cognitive evaluations. In other words, experiencing
fear of failure in entrepreneurship depends on how strongly individuals believe or anticipate that certain aversive consequences
will occur when external events may suggest that they or their venture is at a greater risk of failing. In this sense, fear of failure as
it is experienced in entrepreneurship is just as much about a fear of failing at some element in the process as it is about fear of
failure at the end of the process. In this way, the situations that give rise to external threats provide insights into the role of the
specific sources of fear of failure appraisals.
This may be compared with findings in other contexts, such as art or sports (Conroy et al., 2001) in which situations in the
external environment activate internal cognitive evaluations regarding multiple consequences of failing (Conroy and Elliot,
2004). The sources of fear of failure in our findings similarly reflect the situational and cognitive nature of existing multidimension-
al conceptualizations of fear of failure (albeit in a different situational context), but also move beyond an approach that considers
fear of failure solely in terms of the appraisal of a situation that is the source of a threat. As previously noted, we adopt an
approach that is broader and more dynamic (Mitchell et al., 2011; Smith and Semin, 2004).
Indeed, in developing a socially situated conceptualization of fear of failure, in which internal cognitive processes are “causally
interdependent” with the external environment, we propose that the cognitive appraisals of these cues are socially situated with
respect to the external threats. That is, external situated social cues trigger the internal cognitive evaluations of the feasibility and
desirability of action choices (cf. Krueger, 1993), as well as potential implications for social-esteem. But at the same time, these
internal cognitive evaluations regarding the feasibility and desirability of action choices can influence how the external situation
in which fear of failure is experienced is viewed. This would suggest that:
Proposition 1a. Within the entrepreneurial process, the experience of fear of failure is triggered by the appraisal of external situated
social cues relating to financial security, the ability to finance the venture, and the venture's ability to execute, which are influenced
by the internal cognitive evaluations of personal ability, the potential of the idea, social esteem, and opportunity costs.
Proposition 1b. Within the entrepreneurial process, the experience of fear of failure can be triggered by the activation of the internal
cognitive evaluations of personal ability, the potential of the idea, social esteem, and opportunity costs, which are influenced by external
situated social cues relating to financial security, the ability to finance the venture, and the venture's ability to execute.
Proposition 1c. Within the entrepreneurial process, the experience of fear of failure is triggered based on the causally interdependent
combination of external situated social cues and internal cognitive evaluations.
In this way, the experience of fear of failure represents an “emergent outcome of dynamic processes” between external
situated social cues and internal evaluations (Smith and Semin, 2004: 53). It is for this reason that we see concern about personal
ability being sometimes described in terms of being a threat to self-esteem. As we discuss in the following section, the embodied
aspect of emotion further influences this dynamism in the experience of fear of failure.
Although the causally interdependent combination of external situated social cues and the internal cognitive evaluations are
strongly associated with the situated entrepreneurial context, some of their elements (the organizing themes) can be positioned
in terms of those sources that are implied in existing models of fear of failure. For example, threat to financial security falls under
what Birney et al. (1969) identified as “fear of non-ego punishment”; and Conroy (2001) referred to this theme within the
category of “having an uncertain future.” Similarly, personal ability is consistent with Birney et al. (1969) and Conroy's (2001)
“fear of devaluing one's self estimate.” Likewise, concerns over opportunity costs (potentially wasted time or money) can be
seen as similar to “fear of non-ego punishment.” And social esteem is what Birney et al. (1969) described as “fear of a reduction
in one's social value,” and the two dimensions Conroy (2001) described as “important others losing interest,” and “fear of
upsetting important others.” The overlap of prior psychological theory with our findings gives face validity to this situated
approach to conceptualizing the sources of fear of failure in entrepreneurship.
Nevertheless, not all of the sources of fear of failure map on to prior research. For instance, ability to finance the venture falls at
the intersection of financial worries and concerns over ability. In this sense, it is not clear a priori whether this source relates to
the threat of non-ego punishment, or threat of personal diminishment, or possibly both (Birney et al., 1969). A venture's ability to
execute includes anxieties and fears around failing in specific activities that the venture itself, rather than the individual, must
undertake. Because it is extremely focused on the situated entrepreneurial context at the organization level, it has not been
captured in prior models of the sources of fear appraisal (Birney et al., 1969; Conroy, 2001).
Potential of the idea is also not accounted for in prior models of fear of failure. But this organizing theme is strongly situated in
the entrepreneurial context and has been discussed from the perspective of how fear of failure shapes beliefs about opportunities
(Mitchell and Shepherd, 2010; Wood et al., 2014). Likewise, when an individual decides that an opportunity represents a
desirable and feasible course of action (Shepherd et al., 2007), the entrepreneur assumes responsibilities for the successes and
failures of their venture. The internal cognitive evaluations are indicative of personal ability as well as to the potential of the
idea (Cardon et al., 2005; Shepherd, 2003; Ucbasaran et al., 2013). Here then, is a second example of where extant models of
fear of failure may not be sufficiently situated in the entrepreneurial context.
6.2. Fear of failure as embodied emotion
As described in our findings, the embodied (physical) experience of fear of failure is important. That is, in addition to the
causally interdependent role of external situated social cues and internal cognitive evaluations, the participants in our study
experienced both negative and positive affective physical states as a result of external situated social cues. Previous studies
have shown that affect represents an important source of information to which individuals pay attention and incorporate into
decision making (e.g., Clore and Huntsinger, 2007; Hayton and Cholakova, 2012; Li, 2011; Loewenstein et al., 2001; Welpe
et al., 2012). Affective states are important for several reasons. Emotions and moods, as “embodied” influences that are physically
experienced (Smith and Semin, 2006), can exert “control precedence” over an individual (Frijda, 1993). Individuals in a given
emotional state or mood are controlled by that emotional state, and their cognitive processes and behaviors depend on that
emotional state as long as the emotion persists (Isen and Baron, 1991; Morris, 1989; Smith and Semin, 2004).
The effects of embodied affect are asymmetric, meaning that the cognitive outcomes of negative affect are not simply an
inverse of the cognitive outcomes associated with positive affect (Morris, 1989). The embodied experience of negative affect is
expected to promote local search, narrowing the focus of attention, leading to a more pessimistic appraisal regarding feasibility
and desirability of a potential action (e.g., Hayton and Cholakova, 2012). Likewise, the embodied experience of negative moods
is associated with a greater focus on details (e.g., Iyengar et al., 2006), increased attention to discrepancies (e.g., James et al.,
2004; Gasper and Clore, 2002), greater alertness to risks, and less reliance upon efficient, heuristic judgments (e.g., Hassan
et al., 2013). The specific experience of fear leads decision makers to view their situation as being more uncertain (Tiedens and
Linton, 2001). This is consistent with our findings that the negative affect embodied in the experience of fear of failure in
entrepreneurship is likely to lead the entrepreneur to focus on specific external situated social cues or internal cognitive evaluations,
perhaps at the expense of the bigger picture, in order to decrease uncertainty.
The embodied experience of positive affect is expected to enhance creativity (e.g., Isen, 2000), increase individual's capacity to
notice a wide range of events and stimuli (e.g., Matlin and Foley, 2001), and lead to a more optimistic appraisal regarding the
feasibility and desirability of a potential action (e.g., Hayton and Cholakova, 2012). However, at least among our interviewees,
the embodied experience of positive affect seems to follow successful actions performed under a fearful emotional state. In
other words, upon success, individuals reporting fears of failure experience positive feelings such as excitement and satisfaction
upon completing actions despite those fears. This is consistent with the appraisal pattern suggested in psychology literature on
positive affect resulting from negative affect such as relief (see Lazarus, 1991). Although the nature of our data does not allow
us to make clear causal assertions, we can rely on previous research to speculate on the role of positive affect in the socially
situated experience of fear of failure. Like with shame (McGregor and Elliot, 2005), the positive affect and internal cognitive
evaluations that underlie the experience of fear of failure in entrepreneurship can work together to influence behavior only to
the extent that entrepreneurs anticipate satisfaction or excitement for the success over challenging tasks or situations that are
potentially doomed to failure.
Building on these observations, we can clearly distinguish between the cognitive and the embodied affective elements of fear of
failure. While the situated elements of fear of failure (external situated social cues and internal cognitive evaluations) refer to
beliefs (see Proposition 1a–1c), the (anticipatory) embodied affective arousal element of fear of failure refers to feelings that
are experienced in relation to failing at some element in the entrepreneurial process, or succeeding at them to avoid failure.
Embodied affective arousal influences the effect of the situated sources of fear of failure (i.e., external situated social cues and
internal cognitive evaluations) on the experience of fear of failure. This would suggest that:
Proposition 2. Within the entrepreneurial process, embodied negative and positive affective arousal can moderate the effect of the
causally interdependent combination of (a) the external situated social cues relating to financial security, the venture's ability to
execute, and the ability to finance the venture and (b) the internal cognitive evaluations of personal ability, the potential of the idea,
social esteem, and opportunity costs on the experience of fear of failure.
Although the role of both positive and negative affect as being related to the situated element of fear of failure is implicit in
prior research (e.g., McClelland et al., 1953), this notion is fairly underdeveloped. That is, while the global theme of affect is
well established in research on fear of failure (e.g., Atkinson, 1966; Atkinson and Litwin, 1973; McGregor and Elliot, 2005),
understanding of the combined effects of both positive and negative affect on the experience of fear of failure is more limited.
Some notable exceptions include the work of Welpe et al. (2012) and Li (2011) in their focus on both positive and negative affect.
But even in their research, fear is viewed primarily in terms of negative affect. This represents an instance of where extant models
and approaches to fear of failure may not be sufficiently nuanced in their approach to the embodied, affective elements of fear of
failure.
6.3. Fear of failure as action-focused
As our findings highlight, action is at the core of fear of failure in entrepreneurship. But to understand the impact of fear of
failure on behavior, we need to consider the effect of both the cognitive and affective elements, as they can stimulate distinct
but overlapping behavioral outcomes (Weiss and Cropanzano, 1996). As such, behavioral responses to fear of failure emerge as
the result of the combined effect of cognitive appraisals and affective arousal. Consistent with the achievement motivation
literature (e.g., Atkinson, 1957; Birney et al., 1969; Elliot, 1999; Elliot and Church, 1997; McClelland, 1961), we saw that people
tend to avoid or approach action when experiencing fear of failure. We label these behavioral responses as simply inhibition
and motivation to allow for a wide range of entrepreneurial actions and settings to be addressed from this model
(e.g., initiation of entrepreneurial action, continuation, cessation, follow-on entrepreneurship, and reaction to success/failures).
In the case of inhibition individuals might avoid a situation they have not yet entered, withdraw from a situation that they are
already engaged with, reduce their efforts, or redirect these efforts to easier objectives. Similarly, motivation includes initial en-
gagement, the application of renewed energy to a task, the maintenance of effort in a given direction, and the selection of a
task of a particular level of challenge. We also found that action and inaction are not mutually exclusive for an individual over
time. That is, the experience of fear of failure in entrepreneurship can at times motivate and at other times inhibit an individual.
The achievement motivation literature may argue that engaging in both behavioral responses is a function of the co-existence of
approach and avoidance tendencies within the same individual (cf. Covington, 1992; Elliot and Church, 1997). Although we agree
with this approach, we also see in our data that the interaction of more proximal factors (sources of fear of failure and affective
arousal) determines the action orientation.
Our data also suggest that some individuals choose to repress the fear of failure by undertaking actions to put the feeling out
of the mind. In linking the repression response with relevant literature, we connect with discussions on defensive mechanisms for
coping with anxiety (Freud, 1936). Individuals unable to cope with fear/anxiety push uncomfortable thoughts into the
subconscious and force themselves to ignore the feeling. Accordingly, our participants engaged in activities not related to the
entrepreneurial process, as if trying to forget where the uncomfortable thoughts and feeling came from. Motivation and inhibition
can be also seen as ways of coping with the fear of failure, because they refer to behavioral efforts to manage an uncomfortable
situation (cf. Lazarus and Folkman, 1984). This would suggest that:
Proposition 3. Behavioral responses to the experience of fear of failure, that are triggered based on the external situated social cues and
internal cognitive evaluations as they are impacted by affective arousal can include action, inaction and repression, potentially for the
same individual.
From the data it is clear that appraisal of external sources of threats, internal cognitive evaluations, and affective arousal are
more consistent with psychology literature (Atkinson, 1957; Birney et al., 1969; Elliot, 1999; Elliot and Church, 1997) in that
they do not automatically imply a tendency to avoid engaging in entrepreneurial action, as is suggested within the existing
entrepreneurship literature. Rather, people manifest their fear of failing in different behaviors. They also engage in defensive
mechanisms (e.g., repression) aimed at warding off unpleasant feelings (e.g., anxiety and frustration [Freud, 1936]). This
reconceptualization of the experience of fear of failure as motivating inaction, action and/or repression thus serves as a potentially
important contribution to the entrepreneurship literature.
6.4. Fear of failure as distributed over time and space
As our findings demonstrate, fear of failure is not a static and isolated construct. Rather it is a dynamic and socially situated
construct that exists in time and space. Implicit in the temporal and proximal dynamics of fear of failure is the need to focus
on the changing nature of affective experiences (Weiss and Beal, 2005). Research on emotions and moods emphasizes a
within-person fluctuation of affect levels over time (Weiss and Cropanzano, 1996). Changes in the level of fear of failure, as
described in statements in our data, are a function of the situated entrepreneurial environment, where events unfold one after
another (Dimov, 2007; Cope and Watts, 2000; Morris et al., 2012). The significance of an event is strongly influenced by the
entrepreneur's level of commitment to the venture, and those associated with it and learning from previous experience. The
experience of failing is always a traumatic event (Ucbasaran et al., 2013). However, the financial, social and psychological costs
associated with failure can vary with the level of involvement and investment in the venture (e.g., the time, money, and efforts
[Shepherd et al., 2009]). This explains why the intensity of the fear of failure can be influenced by the stage of an entrepreneur's
venture. Our data also show that previous experience can influence the level of affective arousal in response to an external
situated social cues and internal cognitive evaluations (e.g., indicated in Fig. 1 by the dotted feedback lines), where the tendency
to feel stress or frustration will be mitigated or magnified by repeated event-based experience (Morris et al., 2012; Baron, 2008).
If levels of commitment and learning processes are responsible for variation in the appraisal of external events, then they will in-
directly change the effects of the external situated social cues and internal cognitive evaluations as they are impacted by affective
arousal. Accordingly, the relationships among the components of the experience of fear of failure in entrepreneurship are subject
to constant variability. This would suggest that:
Proposition 4a. The individual experience of fear of failure is temporally and proximately distributed, with commitments in and to the
entrepreneurial process, the venture and others involved in the venture, shifting over time and space as the venture develops, leading to
a dynamic experience of fear of failure.
Proposition 4b. The individual experience of fear of failure is temporally and proximately distributed with learning processes, with the
possibility of both mitigating and magnifying the potential to experience fear of failure.
Although prior entrepreneurship research has investigated the impact of fear of failure on re-engagement in entrepreneurship
(e.g., Autio and Pathak, 2010; Brixi et al., 2012; Hessels et al., 2011), the kinds of measures used have not allowed for the
capturing of the temporal dynamics that may exist in the experience of fear of failure in entrepreneurship. In addition, the
preconception of fear of failure as a barrier to entrepreneurial action leads these studies to be rather static, impairing any attempt
to observe the changing nature of the fear of failure construct throughout the different stages of the entrepreneurial process. In
this sense, our data highlight, once again, the importance of using a dynamic approach to examining the experience of fear of
failure in entrepreneurship.
6.5. Theoretical implications
In our socially situated conceptualization, fear of failure is articulated as “a constellation of reactions” (Weiss and Cropanzano,
1996: 17) that connects individuals to their environments and environments to individuals (Smith and Semin, 2006). This is con-
sistent with definitions of affective experience (e.g., Plutchik, 1994; Frijda, 1993) as including valenced affect, which is linked with
a cognitive appraisal of an eliciting event (internal or external), physiological changes, and a tendency or readiness for action in
response to the eliciting event. The responses of active entrepreneurs and nascent entrepreneurs reflect Frijda's (1993) notion of
emotional episodes, which reflect dynamic, but coherent flows of affective experiences that link together multiple specific
affective events around a core relational theme (Lazarus, 1991). They are also consistent with Weiss and Cropanzano's (1996)
Affective Events Theory, in that these socially situated events act as proximal causes of fear of failure. The cognitive appraisal
of these events produces affective arousal (e.g., feeling joy or anger), which in turn influence attitudes and behavior in the
work context. The approach we adopt enables us to consider multiple factors that are apparent in the experience of fear of failure
to actors in the entrepreneurial field (e.g., affect and situated social cues). Ultimately, fears influence behavior and outcomes, but
not always in the anticipated direction.
Building on others' approach to fear of failure as a general affective experience, our research confirms the assumption that it
has to be treated as a socially situated phenomenon (cf. Cacciotti and Hayton, 2015; Mitchell et al., 2011). If fear of failure results
from the appraisal of significant experiences in evaluative situations that might threaten an individual's sense of achieving success
(Birney et al., 1969; Conroy, 2001), then we must consider those socially situated events that can generate individuals' fearful
reactions. Psychology research has demonstrated that the relevance of these specific events and their role in shaping the fear
of failure experience is a function of the achievement domain in which they unfold (Conroy et al., 2001). Our data demonstrate
that the features of the entrepreneurial setting shape individuals' cognitive beliefs about the aversive consequences of failing in
this specific context.
By comparing our results with the dimensions of fear of failure in the psychology literature (e.g., Birney et al., 1969; Conroy,
2001), we conclude that an appropriate version of fear of failure in entrepreneurship has to take into account three additional
dimensions (i.e., ability to finance the venture, potential of the idea and venture's ability to execute), which are needed to account
for the situated features of the context. This results in a more robust conceptualization of fear of failure in entrepreneurship. That
is, when fear of failure is used to explain entrepreneurial motivation, it is now capable of accounting for sources such as ability to
finance the venture, potential of the idea and venture's ability to execute. The results also serve to translate abstract dimensions of
fear appraisal such as “fear of non-ego punishment” into context relevant appraisals such as fears over financial security.
Moreover, the socially situated conceptualization of fear of failure that we develop represents a more dynamic view of
entrepreneurial thinking and feeling that captures how the cognitive, emotional and motivational aspects of entrepreneurship
interact in specific social situations (cf. Mitchell et al., 2011: 774).
6.6. Future research
Having outlined a socially situated conceptualization of fear of failure within entrepreneurship, we now seek to address what
this conceptualization means for future research. Specifically, we highlight an agenda for fear of failure research moving forward
and do so in terms of both theoretical and empirical development (cf. Cacciotti and Hayton, 2015). We discuss each of these in
turn.
6.6.1. Theoretical development

Future research should examine the impact of fear of failure on specific actions undertaken throughout the entrepreneurial
process (Shane et al., 2003). However, when examining the influence of entrepreneurial motivation, two important aspects
associated with entrepreneurial opportunities should be considered. First, although entrepreneurship is recognized as a purposive
behavior (Morris et al., 2012), some individuals engage in entrepreneurial action because of a perceived lack of alternatives, while
others may do so as a positive choice from a variety of alternative occupations (Block and Sandner, 2009; Reynolds et al., 2002).
The effects of fear of failure on individuals who perceive their options to be constrained are likely to be different from the impact
on those who perceive themselves to have alternatives (Atkinson, 1957; Birney et al., 1969). Likewise, entrepreneurial opportu-
nities and incentives are subject to change and evolution, while constraints and commitments may also increase significantly
with the passage of time. In our conceptualization of the experience of fear of failure in entrepreneurship, we have suggested
that the influence of fear of failure in entrepreneurship is likely to also change over time. Fear may initially inhibit entrepreneurial
behavior. However, in later stages, it might motivate greater rather than lesser effort. As also shown in our data, there is a mix of
both approach and avoidance motivation in the process of venture emergence and growth (cf. Locke and Baum, 2007: 93). In this
sense, future research needs to go beyond the effect of fear of failure on the decision to start a business to also understanding how
and why people react differently to the experience of fear of failure throughout the entire entrepreneurial process.
Research on regulatory focus (promotion versus prevention) and self-regulation effectiveness (Higgins, 1998) may be helpful
to the development of such an understanding. When promotion-focused, individuals are motivated by growth and advancement
needs to bring themselves into alignment with their ideal selves. This motivation can magnify the salience of potential gains to be
attained, which, in turn, encourages people to engage with action. In contrast, when prevention-focused, people are motivated by
security and safety needs that push them to respond to their sense of duty and responsibility. This motivation can increase the
salience of potential losses to be avoided, which, in turn, stimulates preference for inaction over action over time (Brockner
et al., 2004; Higgins, 1998). The adoption of a promotion or prevention focus can be a function of both situational and disposition-
al factors.
Although we have focused on understanding the importance of a socially situated approach to fear of failure, future research
should address the role of dispositional factors. That is, while the conceptualization we propose is consistent with the concept of
fear of failure as a temporary affective state, affective events theory offers the opportunity to reconcile this approach with dispo-
sitional approaches (Weiss and Beal, 2005). Specifically, it has been demonstrated that dispositional levels of affect predict the
strength of within-person relations between momentary affect and momentary attitudes (Judge and Ilies, 2004; Beal et al.,
2006). Consistent with this approach, we suggest that the tendency to experience negative emotions (e.g., anxiety proneness)
and the dispositional avoidance tendency (e.g., neuroticism) can increase individuals' probability of repeatedly appraising socially
situated external events as threats and their preference for inaction over action. Similarly, future research should also assess the
role of more positive dispositions (e.g., locus of control, need for achievement, over-confidence). Such traits might explain why
and when fear of failure might be more likely to lead to approach behavior. Additional questions to be addressed also include
how fear of failure varies over time within individuals, how fear of failure is distributed across individuals, how this distributed
cognition across individuals varies, and what the personal and situational correlates of that variation may be. This would also re-
quire a move beyond the individual experience to explore fear of failure at team and organizational levels of analysis (cf. West,
2007).
6.6.2. Empirical development

To assist in addressing the above questions and to enable the development of theory, research is needed that operationalizes
the fear of failure in entrepreneurship with all of its subcomponents. Although the conceptualization we propose is related to
prior empirical work on fear of failure (cf. the PANAS scale [Watson et al., 1988] or the JAWS [Van Katwyk et al., 2000]), substan-
tial differences nonetheless exist between what is required for our conceptualization and many of the existing measures of fear of
failure. Specifically, our conceptualization requires a scale that captures the affective and the cognitive components of the
experience of fear of failure in entrepreneurship, while also capturing both the impact of these factors on behavior and the
distribution of commitment and learning among entrepreneurs. In the case of prior operationalizations (e.g., the PANAS scale
or the JAWS), it is hard to establish that positive affect and negative affect are associated with the process of cognitive evaluation
of a specific socially situated event.
While the PFAI scale (Conroy et al., 2002, 2003) stands out as being most appropriate for use in the entrepreneurship literature
(cf. Mitchell and Shepherd, 2010, 2011; Wood and Pearson, 2009; Wood and Rowe, 2011; Wood et al., 2013, 2014), even it is not
a perfect fit for research in entrepreneurship. Indeed, a fundamental element of the experience of fear of failure in entrepreneur-
ship is the notion that cognitive beliefs about the aversive consequences of failure are strongly influenced by the socially situated
context. Thus, while certain elements of our conceptualization of fear of failure (e.g., personal ability) can be captured by existing
measures of fear of failure (e.g., fear of devaluing self-estimate [Conroy et al., 2002, 2003]) or other similar constructs (e.g., self
efficacy [Bandura, 1977]), doing so does not provide a comprehensive and socially situated understanding of the experience of
fear of failure in entrepreneurship. Future research should thus develop a new measure of the experience of fear of failure in
entrepreneurship that is both comprehensive (i.e., capturing all the subcomponents) and socially situated (i.e., doing so in
entrepreneurship specifically).
6.7. Practical implications
The present research has implications for potential and active entrepreneurs facing an experience of fear of failure. Contrary to
the view that fear of failure is a barrier to entrepreneurship, our results show that it is actually part of the entrepreneurial journey.
Existing entrepreneurship research emphasizes the importance of passion, optimism, and need for achievement for entrepreneur-
ial motivation (Cardon et al., 2009; Hmieleski and Baron, 2009; Shane et al., 2003). Fear of failure also influences entrepreneurial
motivation, but not always in the negative direction. In many cases, it can be linked with the decision to approach even more
vigorously. Furthermore, it also has implications for entrepreneurial performance and wellbeing. Becoming aware of these
consequences can help entrepreneurs adopt the most efficient coping approach. This is especially important for those who tend
to repress the fear of failing. In this case, mentorship and other forms of instrumental and social support can be crucial.
Results from this research also have implications for entrepreneurship educators who are preparing future entrepreneurs to
the challenges of the entrepreneurial process. As suggested by Shepherd (2004), educators should focus on students' feelings
and emotions and their consequences for entrepreneurial actions. By exploring the experience of fear of failure in entrepreneur-
ship, this study provides a more realistic perspective of this phenomenon than has been provided in prior research. Our results
thus suggest the importance of a narrative of fear of failure that moves away from the idea of ‘heroes with no fear’ toward a
more realistic narrative.
6.8. Limitations of the study
Although this study contributes to a deeper understanding of fear of failure as experienced by entrepreneurs, its research
design is not without limitations. First, for the majority of the participants the fear of failure experiences happened in the past
months or years. As with any retrospective research, this might result in recall bias and distortion of the self-reported accounts
(Podsakoff and Organ, 1986). We note, however, that information related to critical experiences maintains a high degree of
accuracy (Berney and Blane, 1997; Chell, 2004: 47). While the body's response commonly associated to fear and anxiety
(e.g., muscle tension, racing heartbeat, fast breathing) may not remain, the cognitive recall of that experience should not have
temporal constraints. This recall consists of a reflection of an on-going individuals' sensemaking regarding the effects of fear of
failure on the on-going process of entrepreneurship (Grégoire et al., 2011). In spite of this limitation, our data nonetheless
show the manifestation and transformation of the fear of failure phenomenon within the entrepreneurial process.
Second, although we selected participants from two different countries (United Kingdom and Canada), it was not our intention
to create a comparative analysis through a qualitative sample. We primarily aimed to demonstrate that fear of failure is experi-
enced by entrepreneurs at different stages of the entrepreneurial process regardless of location, nationality, or gender. Specifically,
in our data collection effort we have tried to include people from different countries and backgrounds to increase generalizability,
not as part of a comparative analysis across countries. In this sense, we are not attempting to control for differences in samples,
but instead seek to more broadly capture the experience of fear of failure within the entrepreneurial setting, regardless of country.
However, we recognize that there might be cross-cultural and gender differences in the attitudes toward failure that can influence
this experience and additional variation that we do not capture — even within the same country (e.g., Langowitz and Minniti,
2007; Vaillant and Lafuente, 2007; Shinnar et al., 2012). For example, cultural differences in the social stigma attached to failure
can vary people sensitivity to specific sources of threat (e.g., threat to social esteem). Similarly, there may be variation between
men and women in appraisal of external situated social cues and internal cognitive evaluations. We believe that the conceptual-
ization of fear of failure provided herein can enable future research to address these macro- and micro-level comparative analyses
(using, for example, lexical and longitudinal content analysis [see, e.g., Lichtenstein et al., 2006; Duriau et al., 2007]) that will
better enable understanding of the comparative and processual elements of fear of failure in entrepreneurship.
Third, we note that we have primarily included individuals who are currently active entrepreneurs or nascent entrepreneurs
and individuals who indicated that at a recent time they had an entrepreneurial idea that they pursued and then dropped. What
is not prominent in our data are individuals who may have acknowledged that they have at some point in time had an idea, but
did not doing anything to actually pursue it. Although this group of individuals would seem to be important to consider, getting
greater access to individuals who have said that they have had an idea but have done nothing to move this forward is quite
difficult. We note, however, that the individuals included in our study do not need to have met any standard of pursuit beyond
talking to a non-profit regional entrepreneurship support organization. In this sense, we do capture with our data some individ-
uals who have done little to move their idea forward. Nonetheless, more research is needed to more fully capture this potentially
“invisible” part of the population that may have ideas for businesses that never move forward as a result of fear of failure.
7. Conclusion
Our conceptual model of the fear of failure experience offers an exploratory attempt to differentiate the elements of the
construct. By relying upon extant theoretical perspectives and relevant evidence, we have attempted to both organize the
reflexively reported personal data from our research participants, and to offer some propositions on the expected relationships
among the variables identified. It remains for the model to be subjected to further empirical examination. In order to do so, it
is likely that new measures will need to be developed and validated. The scope of our propositions is broad. However, we
hope that the impact on enhancing our understanding of fear of failure in entrepreneurship will justify increased research
attention in future.
Appendix A. Sampling and data collection
1. Identified 35 active or nascent entrepreneurs from the UK for phase one (14 had acted upon an entrepreneurial idea; 21
respondents had ceased initial entrepreneurial activities).
2. One of the co-authors utilized semi-structured interviews, asking questions such as: When you first acted upon your idea and
made it into a reality, did you experience any anxiety? What entrepreneurial activities proved to be a source of anxiety for you
and your project? Describe when and how this anxiety related to your entrepreneurial behavior? How have your experiences
of anxiety helped your entrepreneurial activity? How have your experience of anxiety hindered your entrepreneurial activity?
3. Each interview was recorded and transcribed.
4. Identified 30 entrepreneurs from Canada, all of whom had acted upon an entrepreneurial idea.
5. A research associate who was briefed and trained by the researchers utilized semi-structured interviews, asking the same
questions as in phase one. Additional clarifying questions were also included for added depth.
6. Each interview was recorded and transcribed.
Appendix B. Theme identification and manual coding (UK data)
1. Transcripts were thoroughly read by two of the authors and statements that related to fear of failure were identified and
retained
2. The relevance of the statements was then agreed upon by two of the authors and disagreements were resolved through
discussion (72 relevant statements were retained).
3. Each statement was labeled as reflecting a specific theme by two of the authors (working independently)
4. These themes were then discussed by two of the authors and disagreements resolved
5. Codes were then assigned to each chunk of text using these preliminary themes
6. When basic themes occurred frequently, second-level (organizing) themes were identified
7. The second-level (organizing) themes were grouped into global themes
Appendix C. Validation, refinement and ontological organization (Canada data)
1. Transcripts were thoroughly read by three of the authors and statements that related to the fear of failure were identified and
retained
2. This data was then compiled into an initial list 379 relevant statements
3. These statements were manually coded by three of the authors according to the preliminary thematic categories from the UK
data
4. New categories were suggested when statements could not be put in an existing category
5. Existing categories were refined when needed
6. Once agreement was reached about a set of thematic categories, statements were re-coded
7. A reliability index was calculated at this stage (for the Canada Study)
8. The codes for each statement were then discussed and reconciled by three of the authors
9. Adjacent statements in transcripts that repeated the same basic meaning were combined
10. Statements that were insufficiently clear and where agreement was not possible were deleted
11. In the final analysis, 316 statements were retained
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Journal of Business Venturing 31 (2016) 302–325

Contents lists available at ScienceDirect

Journal of Business Venturing

A reconceptualization of fear of failure in entrepreneurship

3.1. Fear of failure in psychology

3.2. Fear of failure in entrepreneurship

Perspective Deﬁnition(s) Measure(s)/ Main outcome(s)/effect(s) Illustrative studies

4.1. Data collection

4.2. Data analysis

Basic themes Organizing themes Global themes

Representative quotations Organizing themes

5.1. Sources of fear of failure

Representative quotations Organizing themes

Representative quotations Organizing

5.1.1. Financial security

Representative quotations Organizing

5.1.2. Personal ability

5.1.3. Ability to ﬁnance the venture

5.1.4. Potential of the idea

5.1.5. Social esteem

5.1.6. Venture's ability to execute

5.1.7. Opportunity costs

5.2. Affective arousal

5.2.1. Negative affect

5.2.2. Positive affect

5.3. Behavioral responses

5.4. Temporal dynamics

6.1. Fear of failure is socially situated

Source: Internal Cognitive Evaluations Source:External Situated Social Cues

Fig. 1. Theoretical model.

6.2. Fear of failure as embodied emotion

6.3. Fear of failure as action-focused

6.4. Fear of failure as distributed over time and space

6.5. Theoretical implications

6.6. Future research

6.6.1. Theoretical development

6.6.2. Empirical development

6.7. Practical implications

6.8. Limitations of the study

Appendix A. Sampling and data collection

Appendix B. Theme identiﬁcation and manual coding (UK data)

Appendix C. Validation, reﬁnement and ontological organization (Canada data)

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