Fear of failure, entrepreneurial passion and entrepreneurial motivation

Abstract

In the analysis of entrepreneurial motivation, passion is one of the factors currently receiving attention, since passion drives the emotional experience towards the creative process, applying talent more effectively, which would facilitate entrepreneurial motivation. The opposite occurs with the fear of failure, which has a negative impact on entrepreneurial motivation, since perceptions of obtaining good results in the activity to be started are reduced. The objective of the paper is to analyze the behavior of passion and the fear of failure in entrepreneurial business, showing the economic and cultural factors that influence this process. For this purpose, the dualistic model of passion will be used. This model considers two opposing forms of passion: obsessive passion and harmonious passion. In order to complete the study, an empirical analysis has been carried out using data from 23 OECD countries utilizing the structural equation model (SEM) that has been estimated using the partial least squares technique (PLS). The model results indicate that obsessive passion influences entrepreneurial motivation to a greater extent than harmonious passion, which would imply that entrepreneurial motivation may be reduced as the economy presents worse expectations about its evolution. In this context, it is also important to consider the effects that a pandemic situation may have on entrepreneurial motivation and in order to avoid the negative effects and be able to take advantage of business opportunities it is necessary to facilitate financing that favor the entrepreneurial environment.