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      Re-creation After Business Failure: A Conceptual Model of the Mediating Role of Psychological Capital

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          Abstract

          In case of failure, entrepreneurs could endure various financial, psychological, and social costs. These intertwined costs could affect their learning from failure. All individuals do not react in the same way when dealing with adversity. Rather than focusing on (negative) consequences of business failure, we took a more positive approach by using the Conservation of Resources (COR) model theory to build our conceptual model. Psychological capital, which refers to “an individual’s positive psychological state of development characterized by high levels of self-efficacy, optimism, hope , and resilience,” could be considered as a resource to recover from entrepreneurial setbacks. We suggest that a high level of psychological capital plays a mediating role in the relationship between the negative consequences of failure and learning from failure. By learning from this experience, failed entrepreneurs will increase their intention to re-create a venture and pursue their entrepreneurial career. This theoretical research, by building a conceptual model based on resources, offers a more positive approach of entrepreneurial failure and investigates key psychological assets, such as psychological capital, that support the development of entrepreneurial resilience rather than the prevention of business failure.

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          Conservation of resources: A new attempt at conceptualizing stress.

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            Ordinary magic. Resilience processes in development.

            The study of resilience in development has overturned many negative assumptions and deficit-focused models about children growing up under the threat of disadvantage and adversity. The most surprising conclusion emerging from studies of these children is the ordinariness of resilience. An examination of converging findings from variable-focused and person-focused investigations of these phenomena suggests that resilience is common and that it usually arises from the normative functions of human adaptational systems, with the greatest threats to human development being those that compromise these protective systems. The conclusion that resilience is made of ordinary rather than extraordinary processes offers a more positive outlook on human development and adaptation, as well as direction for policy and practice aimed at enhancing the development of children at risk for problems and psychopathology.
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              Social cognitive theory: an agentic perspective.

              The capacity to exercise control over the nature and quality of one's life is the essence of humanness. Human agency is characterized by a number of core features that operate through phenomenal and functional consciousness. These include the temporal extension of agency through intentionality and forethought, self-regulation by self-reactive influence, and self-reflectiveness about one's capabilities, quality of functioning, and the meaning and purpose of one's life pursuits. Personal agency operates within a broad network of sociostructural influences. In these agentic transactions, people are producers as well as products of social systems. Social cognitive theory distinguishes among three modes of agency: direct personal agency, proxy agency that relies on others to act on one's behest to secure desired outcomes, and collective agency exercised through socially coordinative and interdependent effort. Growing transnational embeddedness and interdependence are placing a premium on collective efficacy to exercise control over personal destinies and national life.
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                Author and article information

                Contributors
                Journal
                Front Psychol
                Front Psychol
                Front. Psychol.
                Frontiers in Psychology
                Frontiers Media S.A.
                1664-1078
                02 March 2022
                2022
                : 13
                Affiliations
                [1] 1ICHEC Brussels Management School , Brussels, Belgium
                [2] 2Louvain Research Institute in Management and Organizations, Université Catholique de Louvain , Louvain-La-Neuve, Belgium
                Author notes

                Edited by: Shalini Srivastava, Jaipuria Institute of Management, India

                Reviewed by: M. Nazmul Islam, University of Asia Pacific, Bangladesh; Jolanta Kowal, University of Wrocław, Poland

                *Correspondence: Roxane De Hoe, roxane.dehoe@ 123456ichec.be

                This article was submitted to Positive Psychology, a section of the journal Frontiers in Psychology

                Article
                10.3389/fpsyg.2022.842590
                8924356
                cb17c9a8-5a17-4fcd-82a7-53803823edcd
                Copyright © 2022 De Hoe and Janssen.

                This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction in other forums is permitted, provided the original author(s) and the copyright owner(s) are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.

                Page count
                Figures: 1, Tables: 0, Equations: 0, References: 93, Pages: 10, Words: 9304
                Categories
                Psychology
                Conceptual Analysis

                Clinical Psychology & Psychiatry
                business failure,learning from failure,psychological capital,conservation of resources model,re-creation,intention to re-create

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