Abstract
Indeed, there are many failure cases in entrepreneurs’ life. The psychological effects of business failure may produce shame and dysfunctional behavior responses. Do the entrepreneurs consider about the potential of shame they face? Do entrepreneurship education institutions pay attention to business closing as well as its impact to entrepreneurs’ identity? This research explored the curricula of 66 top business schools which have entrepreneurship specialization. There was a course category, namely self-development, which is important for entrepreneurs to build their mental, self-leadership, self-awareness, self-image, etc. Unfortunately, from 2908 courses offered, only 12.76% courses were related to entrepreneurship and 0.79% courses to self-development issues. The curricula were dominated by business knowledge and business skills. There was a missing link, i.e., “when the business goes wrong”, how to cope with failure, how to overcome shame, guilt, depression, stress, etc. In conclusion, there were lacks of self-development courses in the entrepreneurship education programs. This paper recommends to prepare the students to anticipate and overcome the shame by adding more psychological-related courses in the curriculum.
Highlights
Failures in business are common phenomena in the entrepreneurs’ life
The psychological effects of such feelings may produce dysfunctional behavior and various negative responses ranging from withdrawal, depression, rage, and attack of others or oneself
The facts on failure and its impact to generate shame bring us into questions: Do entrepreneurs consider about the potential of shame they face? Do entrepreneurship education institutions pay attention to the probability of business closing? Are those institutions aware of feeling shame faced by the entrepreneurs as well as its impact to their identity? This research will explore the curricula of top business schools worldwide to assess whether or not their curricula have prepared courses on psychological aspects of entrepreneurs
Summary
Failures in business are common phenomena in the entrepreneurs’ life. Failure is not an option, it is a necessity. When people cannot meet the standards, rules, and goals, they may feel shame and guilt. Bedford and Hwang defined shame phenomenological as “the feeling of loss of standing in the eyes of oneself or significant others that can occur as the result of a failure to live up to expectations of a person on one’s role or status” [2]. The facts on failure and its impact to generate shame bring us into questions: Do entrepreneurs consider about the potential of shame they face? Are those institutions aware of feeling shame faced by the entrepreneurs as well as its impact to their identity? By understanding the impact on failedentrepreneurs and the facts on business schools’ curricula, this paper will recommend the support needed to help the students handle the shame after business closing
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