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Should an Entrepreneur Re-Enter in Business after Failing the First Time: A study to focus the importance of entrepreneurial learning from business failure in Ireland

Chhabra, Piyush (2020) Should an Entrepreneur Re-Enter in Business after Failing the First Time: A study to focus the importance of entrepreneurial learning from business failure in Ireland. Masters thesis, Dublin, National College of Ireland.

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Abstract

In the era of 21st century, for any business, it is hard to survive with the rising competition. When there is uncertainty involved in anything, there is bound to be failure. Every entrepreneur wants their business to be a success. However, some business fails and some succeed but in the end every business teaches something. This research aims to focus on the importance of learning from business failure and to study how business failure and the challenges faced in business can be a learning experience for them and can perhaps consider re-entering into business in Ireland. The research aims to focus on the human nature of an entrepreneur by studying different approach of entrepreneurs towards business failure. The sole motivation to study this topic is to encourage the entrepreneurs and people who wish to become an entrepreneur, to face business failure in a positive way and taking it as a lesson to start again rather than never trying. The research interviews four entrepreneurs which have been classified into two groups. A thematic approach was used to analyze the data referring to the objectives of the research. Six themes
were established out of the interviews that the research would study.

The research concludes that an entrepreneur clearly learns many lessons from facing failure in business and can therefore, apply those lessons in order to re-enter business again. The research concludes after studying the entrepreneurs who closed their business in the past, that there is a definite possibility for an entrepreneur to start again with a business after facing failure. However, it may not be necessary for all the entrepreneurs re-enter in business again, but the research embarks upon the possibility of the option by concluding that with the lessons learnt from the first failure, they may be able to work on a business again even more efficiently.

Item Type: Thesis (Masters)
Subjects: H Social Sciences > HF Commerce
H Social Sciences > HD Industries. Land use. Labor > New Business Enterprises
H Social Sciences > HD Industries. Land use. Labor > Small Business Sector
Divisions: School of Business > Master of Science in International Business
Depositing User: Dan English
Date Deposited: 09 Feb 2021 16:13
Last Modified: 09 Feb 2021 16:13
URI: http://norma.ncirl.ie/id/eprint/4718

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