The fear of failure in entrepreneurship

The fear of failure in entrepreneurship

With a tradition fractured by over 40 years of centralized economy, entrepreneurship is revamping in Romania. The private initiative, seen by the majority of the population of the 90’s through the political economy lens learnt in communist schools, and the propaganda of that regime, had discarded the old meanings and got new ones.

The ‚business owner’ became an entrepreneur, and the little store with 2 employees became a company that produces value. As a result of openness to the market economy and under the influence of technology, business thinking and vocabulary have changed. The emergence of broadcasts and newspapers on economic issues has helped to increase the visibility of entrepreneurs. Revealing of the success stories, entrepreneurship initiatives in the form of hubs and clusters, mentoring programs, entrepreneurship courses and workshops have strengthened the positive perception of entrepreneurship.

The employee mindset predominates

However, the fear of failure continues to be one of the significant barriers to starting a business. Given that the education of children in families is dominated by the ideal of reaching a higher employee status, it is very difficult to turn them into entrepreneurs. At maturity, their mental frames and their success stories are already built.

Under these circumstances, young people want to be employed and do not dare to become Bill Gates. They are conditioned by family expectations, and any business initiative is thwarted by the lack of suport of those closest to them. The deviation from the social norm of the employee is punished by stigma and thus implies a conforming behavior to individuals.

In fact, in a valuable sense, entrepreneurship is about non-compliance with patterns of thought. It’s about curiosity, accepting the possibility of failure and consistency.