Entrepreneurial fear of failure and well-being of incubated and non-incubated startups during crises

ABSTRACT

Purpose: The phenomenon of fear and anxiety can cause a decline in entrepreneurship. However, the validity of this assertion remains debatable, as opportunity-driven entrepreneurs may benefit from elevated uncertainty during a crisis. This study aims to examine entrepreneurial fear of failure and the well-being of opportunity-driven entrepreneurs in their startup stage during the COVID-19 outbreak. Opportunity-driven startups are oriented toward business growth but may need assistance from incubators. Design/methodology/approach: The study used a qualitative method, where ten participants from incubated and non-incubated startups in Indonesia were interviewed. Thematic analysis was conducted using NVivo 12 software to analyze the data. Findings: This study shows that the interviewees subjected to incubation tended to derive motivation from fear of failure. In contrast, nonincubated interviewees showed a propensity to experience fear of failure as repression and inhibition. Furthermore, the study highlights the correlation between entrepreneurial fear of failure and eudaimonic well-being. Originality/value This study contributes to the literature with empirical results on fear of failure capturing the essence of entrepreneurial behavior during crises/pandemic in the context of business startups. It provides valuable insights into the policy implications for promoting innovation among startups in specific contexts. © 2023, Emerald Publishing Limited.