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


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          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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                Author and article information

                Front Psychol
                Front Psychol
                Front. Psychol.
                Frontiers in Psychology
                Frontiers Media S.A.
                02 March 2022
                : 13
                [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

                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
                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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