Science Research Management ›› 2025, Vol. 46 ›› Issue (1): 174-182.DOI: 10.19571/j.cnki.1000-2995.2025.01.018

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Research on the relationship between fear of entrepreneurial failure and recognition of entrepreneurial opportunities

Zhang Lei1, Yang Hongtao1, Shi Hangyu1, Yao Nan2   

  1. 1. College of Business Administration, Huaqiao University, Quanzhou 362021, Fujian, China;
    2. School of Economics and Management, Harbin Engineering University, Harbin 150001, Heilongjiang, China
  • Received:2023-09-25 Revised:2024-11-22 Online:2025-01-20 Published:2025-01-09
  • Supported by:

Abstract:    Fear of entrepreneurial failure is a critical emotional experience in entrepreneurial activities, which can either hinder entrepreneurs from recognizing opportunities or stimulate their potentials to do so. However, existing research has not systematically explored the underlying mechanism and boundary conditions of this emotional influence. Drawing on the emotional cognitive appraisal theory, this study developed and tested a curvilinear (inverted U-shaped) relationship model between fear of entrepreneurial failures and recognition of entrepreneurial opportunities, with a focus on the mediating role of entrepreneurial alertness and the moderating effect of mindfulness. Using the data collected from 200 entrepreneurs through validated questionnaires responses, the hypotheses were tested through hierarchical regression, Bootstrap analysis, and yielded the following conclusions. Firstly, fear of entrepreneurial failure exhibits an inverted U-shaped relationship with recognition of entrepreneurial opportunities, where the medium levels of fear of entrepreneurial failures facilitates recognition of entrepreneurial opportunities, while excessively low or high level of fear impedes it. Secondly, entrepreneurial alertness mediates the inverted Ushaped relationship between fear of entrepreneurial failures and recognition of entrepreneurial opportunities. Finally,mindfulness negatively moderates the inverted U-shaped relationship between fear of entrepreneurial failures and entrepreneurial alertness, with the curvilinear effect being more pronounced at low levels of mindfulness and the positive impact of fear on alertness becoming stronger at high mindfulness levels. This study has provided a systematic explanation of the nonlinear effects of fear of entrepreneurial failures on recognition of entrepreneurial opportunities, elucidated its underlying mechanisms and boundary conditions, enhanced theoretical understanding of the constructive role of entrepreneurial fear of failure, and offered some practical insights for entrepreneurs struggling with fear of entrepreneurial failures to effectively recognize opportunities in entrepreneurial activities.

Key words: fear of entrepreneurial failure, recognition of entrepreneurial opportunity, entrepreneurial alertness, mindfulness