Coping with Failure, Mental Health and Career Intentions among Failed Entrepreneurs

Abstract

Research studies on the exploration of attributes to failure of business operation were reported more often than the types of coping styles, mental health and future career options of those entrepreneurs who had failed. Systematic examination on the types of career intentions shown by the failed entrepreneurs and the extent to which entrepreneurs cope with such adverse business failure, their status of mental health, self esteem etc, will immensely help to provide suitable assistance to those targeted categories of miserable entrepreneurs. Data on cognitive emotive regulation, coping strategies, mental health and self esteem from 140 entrepreneurs who had encountered adverse business failure events were collected. Comparison among three categories of career intentions shown by failed entrepreneurs revealed that the entrepreneur who have strong intention to re-start again (Category A) tend to follow mostly adoptive coping strategies such as positive refocusing, refocus on planning and putting into perspective than the other two categories of entrepreneurs who do not have any intention at all to venture once again instead prefer working for others (Category B) and who are undecided about future career plan (Category C). It was also revealed that the level of self esteem and mental health tend to moderate the adoption of the types of coping strategies significantly. The implications of results were discussed with suggesting possible intervention to improve the internal strength and capacities among the failed entrepreneurs.