Learning from Entrepreneurial Failure

Business failure is an important source for the development of skills and knowledge that can be highly useful in subsequent entrepreneurial undertakings.In this study, we wish to widen a greater understanding of how entrepreneurs learn from entrepreneurial failure. Many entrepreneurs about 50% fail in two years after have started their business, but it is important to know that entrepreneurial failure is not an end. The practical relevance of this study is that it provides entrepreneurs information about how to learn from entrepreneurial failure and shows that entrepreneurial failure is not fatal. The important thing is that entrepreneurs learn from their mistakes. It is of interesting for entrepreneurs to read this study because it provides a clear view about how other entrepreneurs dealt with entrepreneurial failure and for non-entrepreneurs is useful to read this study because it increases their understanding of how entrepreneurs experienced entrepreneurial failure and this will lead to a lessening of the stigma attached to entrepreneurs experience failure.

Autorentext

Mushumbusi Paul Kato is an Assistant Lecturer in the Department of Business Administration - Faculty of Commerce (FoC), Mzumbe University. He teaches entrepreneurship and Small Business Management. Lawrencia Dominick Mushi is an Assistant Lecturer in the Faculty of Public Administration and Management (FPAM), Mzumbe University, Tanzania.