Abstract: Fear of entrepreneurial failure is a typical entrepreneurial psychological state that requires great attention in the VUCA context. Existing studies have mostly focused on the negative effects caused by the fear of failure, but they have not deeply explored the complex mechanism of the fear of failure. In this paper, we drew on the theory of complex adaptive systems (CAS) to model the "double-edged sword" effect of fear of failure on digital entrepreneurship. The empirical analysis was carried out through the hierarchical regression and structural equation modeling (SEM), and the results showed that: (1) the direct effect of fear of entrepreneurial failure on digital entrepreneurial willingness is significantly negative; (2) the fear of entrepreneurial failure "constrains" digital entrepreneurial willingness by reducing risk tolerance; and (3) fear of entrepreneurial failure "drives" digital entrepreneurial willingness through psychological capital accumulation. The study further confirmed the above conclusions through the fsQCA method and added a more granular conclusion that high risk tolerance and high psychological capital can synergistically drive college students′ digital entrepreneurial willingness. This paper has revealed the "double-edged sword" effect of fear of failure on students′ digital entrepreneurial willingness, which has not only theoretically expanded the research on the effect of fear of failure, but also provided important managerial insights on how to stimulate the positive effect and inhibit the negative effect of fear of failure.

Key words: college student, fear of entrepreneurial failure, digital entrepreneurial willingness, risk tolerance, psychological capital