- Title
- The influence of business failure awareness upon renascent entrepreneurial intention: an application of the theory of planned behaviour
- Creator
- Morrison, Craig
- Relation
- University of Newcastle Research Higher Degree Thesis
- Resource Type
- thesis
- Date
- 2021
- Description
- Research Doctorate - Doctor of Business Administration (DBA)
- Description
- The central aim of this thesis is to understand renascent entrepreneurial intention and the influence of business failure information accessibility, demonstrated knowledge, and first-hand experience of business failure, insolvency, and personal bankruptcy upon it. Entrepreneurial intention is an important research area as it is a significant contributor to national wealth, and an essential ingredient for the formation and operation of innovative start-up ventures, which are an accepted driver of valuable economic growth and job creation in capitalist economies. Most governments acknowledge the need to support entrepreneurial innovation and have included it as part of ministerial portfolios as well as establishing official programs to promote it. Renascent entrepreneurship, the phenomenon where experienced serial entrepreneurs apply prior learnt knowledge to the benefit of subsequent ventures is not well understood by policy makers. This type of entrepreneurship is important as it productively re-employs the practical learnt knowledge and tacit know-how from previous undertakings to better prepare and protect enterprises from start-up risks. Consequently, the continued involvement of renascent entrepreneurs is important as it increases the resilience and long-term sustainability of ventures, which collectively beneficially contribute to national innovation, transformational employment, economic growth and global competitiveness (Corner, Pavlovich, & Singh, 2015; 2017). Failure, whether personal, or firm based, is an attendant outcome of entrepreneurial endeavour where innovative concepts are continually tested by prevailing competitive seller and buyer market conditions, a concept postulated in 1776 by Adam Smith. This was further explored by Schumpeter (1943) who described waves of innovation as creative destruction where innovation creates new market opportunities which ultimately, destroy older practises. This process of renewal where old business models are restructured to capitalise on new market opportunities remains today as business failure and start-ups are seen as part of the essential entrepreneurial learning process (Cope, 2011; Ucbasaran, Shepherd, Lockett, & Lyon, 2013; Walsh & Cunningham, 2016). This thesis therefore focusses on the contributors to business failure awareness and their influence upon renascent entrepreneurship. It is motivated by leading researchers in the domain of entrepreneurship, who call on scholars to investigate new areas to comprehend the relationship between failure and entrepreneurial action. The study contributes to theory by providing a conceptual framework, rationale and empirical evidence for the view that the combined strength of the contributors to, 1) access to information, 2) learnt knowledge, and 3) first-hand experience of, a) personal and business failure, b) business insolvency and c) personal bankruptcy (collectively business failure awareness), moderate perceived renascent entrepreneurial attractiveness (attitudes) and therefore intention to be involved in a new business in the future. It is set within the well-established Theory of Planned Behaviour (TPB) from Ajzen (1991) which has been justified and practically applied to the field of entrepreneurship in works from Krueger and Carsrud (1993), Kolvereid (1996), Shane (2004), Shane, Kolvereid and Westhead (1991). The aim of this study therefore is to explore and understand the management research problem of how to improve the renascent, future business start-up intentions of entrepreneurs. There is a common belief that many are discouraged from starting again by the outcomes of business failure, such as the severity of insolvency and bankruptcy legislation and attendant stigmas. However, there is some discussion that business failure awareness is not discouraging at all for some entrepreneurs, as it increases their entrepreneurial knowhow, and as such, they see themselves as more resilient and better prepared for future renascent business endeavours. Accordingly, this study investigates, and among other key conclusions, finds that business failure awareness is positively associated with the behavioural intentions of individuals currently running a business who aspire to start a new venture in the future, and by doing so, it positively contributes to both the theory and practice of entrepreneurship.
- Subject
- entrepreneurship; renascence; failure; intention; behaviour; bankruptcy; insolvency; theory of planned behaviour
- Identifier
- http://hdl.handle.net/1959.13/1423849
- Identifier
- uon:37985
- Rights
- Copyright 2021 Craig Morrison
- Language
- eng
- Full Text
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| Thumbnail | File | Description | Size | Format | |||
|---|---|---|---|---|---|---|---|
| View Details Download | ATTACHMENT01 | Thesis | 8 MB | Adobe Acrobat PDF | View Details Download | ||
| View Details Download | ATTACHMENT02 | Abstract | 205 KB | Adobe Acrobat PDF | View Details Download |