We investigate what leads failed entrepreneurs to reenter entrepreneurship by taking a developmental career perspective. Specifically, we hypothesize that the age of failed entrepreneurs has a nonlinear relationship with the likelihood of reentering entrepreneurship that follows different career stages (early, middle, and late). The gender of failed entrepreneurs and multiple–owner experience in the failed firm are hypothesized to be moderators of this relationship. We test our hypotheses using a database consisting of the Swedish population, including 4,761 entrepreneurs who failed between 2000 and 2004. Analyzing their career paths over the years following their failure offers support for our theoretical expectations.
Get full access to this article
View all access options for this article.
References
1.
AldrichH.E. & CliffJ.E. (2003). The pervasive effects of family on entrepreneurship: Toward a family embeddedness perspective. Journal of Business Venturing, 18(5), 573–596.
2.
AldrichH.E. & MartinezM.A. (2001). Many are called, but few are chosen: An evolutionary perspective for the study of entrepreneurship. Entrepreneurship Theory and Practice, 25(4), 41–56.
3.
AldwinC., SuttonK.J., ChiaraG., & SpiroA. (1996). Age differences in stress, coping and appraisal: Findings from the normative aging study. Journal of Gerontology, 51(4), 179–188.
4.
AllisonP.D. (1984). Event history analysis: Regression for longitudinal event data. Beverly Hills, CA: Sage Publications.
5.
AltmanE.I. (1968). Financial ratios, discriminant analysis, and the prediction of corporate bankruptcy. Journal of Finance, 23(4), 589–609.
6.
AltmanE.I. (2000). Predicting financial distress of companies: Revisiting the Z–score and ZETA models (pp. 9–12). New York: Stern School of Business, New York University.
7.
AlvarezS.A. & ParkerS.C. (2009). Emerging firms and the allocation of control rights: A Bayesian approach. Academy of Management Review, 34(2), 209–227.
8.
AmaralA.M., BaptistaR., & LimaF. (2011). Serial entrepreneurship: Impact of human capital on time to re–entry. Small Business Economics, 37(1), 1–21.
9.
ArregleJ.–L., BatjargalB., HittM.A., WebbJ.W., MillerT., & TsuiA.S. (2015). Family ties in entrepreneurs’ social networks and new venture growth. Entrepreneurship Theory and Practice, 39(2), 313–344.
10.
ArveyR.D. (1996). Job satisfaction. In NicholsonN., SchulerR., & VenA.V.d. (Eds.), Encyclopedic dictionary of organizational behavior (pp. 272–274). Cambridge, MA: Blackwell.
11.
AudretschD.B., KeilbachM.C., & LehmannE.E. (2006). Entrepreneurship and economic growth. Oxford: Oxford University Press.
12.
AudretschD.B. & ThurikA.R. (2001). Capitalism and democracy in the 21st century: From the managed to the entrepreneurial economy. New York: Springer.
13.
Bar–TalD. & FriezeI.H. (1977). Achievement motivation for males and females as a determinant of attributions for success and failure. Sex Roles, 3(3), 301–313.
14.
BelsleyD.A., KuhE., & WelschR.E. (2005). Regression diagnostics: Identifying influential data and sources of collinearity (Vol. 571). New York: Wiley.
15.
BetzN.E. & FitzgeraldL.F. (1987). The career psychology of women. New York: Academic Press.
16.
BirleyS. (1985). The role of networks in the entrepreneurial process. Journal of Business Venturing, 1(1), 107–117.
17.
Blanchard–FieldsF. (1994). Age differences in causal attributions from an adult development perspective. Journal of Gerontology, 49(2), 43–51.
18.
BlanchflowerD.G. & OswaldA.J. (1998). Entrepreneurship and the youth labour market problem: A report for the OECD. Paris: OECD.
19.
BlanchflowerD.G., OswaldA., & StutzerA. (2001). Latent entrepreneurship across nations. European Economic Review, 45(4), 680–691.
20.
BradleyS.W., AldrichH., ShepherdD.A., & WiklundJ. (2011). Resources, environmental change, and survival: Asymmetric paths of young independent and subsidiary organizations. Strategic Management Journal, 32(5), 486–509.
21.
BrandtstadterJ. & RennerG. (1990). Tenacious goal pursuit and flexible goal adjustment: Explication and age–related analysis of assimilative and accommodative strategies for copin. Psychology & Aging, 5(1), 58–67.
22.
BrandtstadterJ., WenturaD., & GreveW. (1993). Adaptive resources of the aging self: Outlines of an emergent perspective. International Journal of Behavioral Development, 16(2), 323–349.
23.
BrimG. (1992). Ambition: How we manage success and failure throughout our lives. New York: Basic Books.
24.
BrushC.G. (1992). Research on women business owners: Past trends, a new perspective and future directions. Entrepreneurship Theory and Practice, 16(4), 5–30.
25.
ByrneO. & ShepherdD.A. (2015). Different strokes for different folks: Entrepreneurial narratives of emotion, cognition, and making sense of business failure. Entrepreneurship Theory and Practice, 39(2), 375–405.
26.
CastrogiovanniG.J., CombsJ.G., & JustisR.T. (2006). Shifting imperatives: An integrative view of resource scarcity and agency reasons for franchising. Entrepreneurship Theory and Practice, 30(1), 23–40.
27.
CaveF., EcclesS., & RundleM. (2001). An exploration of attitudes to entrepreneurial failure: A learning experience or an indelible stigma? Paper presented at the Babson College Entrepreneurship Research Conference, Jonkoping International Business School, Sweden.
28.
CharlesS.T. & CarstensenL.L. (2007). Emotion regulation and aging. In GrossJ.J. (Ed.), Handbook of emotion regulation (pp. 307–327). New York: Guilford Press.
29.
ChenC.C., GreeneP.G., & CrickA. (1998). Does entrepreneurial self–efficacy distinguish entrepreneurs from managers?Journal of Business Venturing, 13(4), 295–316.
30.
ChowdhuryS. & EndresM.L. (2005). Gender difference and the formation of entrepreneurial self–efficacy. Presented at the United States Association of Small Business (USASBE) Annual Conference, Indian Wells, CA.
31.
ClevesM., GouldW.W., GutierrezR.G., & MarchenkoY. (2008). An introduction to survival analysis using Stata (2nd ed.). College Station, TX: Stata Press.
32.
ClevesM., GouldW.W., GutierrezR.G., & MarchenkoY. (2010). An introduction to survival analysis using Stata (3rd ed.). College Station, TX: Stata Press.
33.
CliffJ.E. (1998). Does one size fit all? Exploring the relationship between attitudes towards growth, gender, and business size. Journal of Business Venturing, 13(6), 523–542.
34.
CoadA., FrankishJ., RobertsR.G., & StoreyD.J. (2013). Growth paths and survival chances: An application of Gambler's Ruin theory. Journal of Business Venturing, 28(5), 615–632.
35.
CoateS. & TennysonS. (1992). Labor market discrimination, imperfect information and self employment. Oxford Economic Papers, 44(2), 272–288.
36.
CohenA. (1991). Career stage as a moderator of the relationships between organizational commitment and its outcomes: A meta–analysis. Journal of Occupational Psychology, 64(3), 253–268.
37.
CooperA.C., FoltaT.B., & WooC. (1995). Entrepreneurial information search. Journal of Business Venturing, 10(2), 107–120.
38.
CopeJ. (2005). Toward a dynamic learning perspective of entrepreneurship. Entrepreneurship Theory and Practice, 29(4), 373–397.
39.
CopeJ. (2011). Entrepreneurial learning from failure: An interpretative phenomenological analysis. Journal of Business Venturing, 26(6), 604–623.
40.
CournoyerR.J. & MahalikJ.R. (1995). Cross–sectional study of gender role conflict examining college–aged and middle–aged men. Journal of Counseling Psychology, 42(1), 11–19.
41.
DattnerB. & HoganR. (2011). Can you handle failure?Harvard Business Review, 89(4), 117–121, 139.
42.
DavidssonP. & HonigB. (2003). The role of social and human capital among nascent entrepreneurs. Journal of Business Venturing, 18(3), 301–331.
43.
DelmarF. & DavidssonP. (2000). Where do they come from? Prevalence and characteristics of nascent entrepreneurs. Entrepreneurship & Regional Development, 12(1), 1–23.
44.
DeMartinoR. & BarbatoR. (2003). Differences between women and men MBA entrepreneurs: Exploring family flexibility and wealth creation as career motivators. Journal of Business Venturing, 18(6), 815–832.
45.
De MassisA., ChiricoF., KotlarJ., & NaldiL. (2014). The temporal evolution of proactiveness in family firms: The horizontal S–curve hypothesis. Family Business Review, 27(1), 35–50.
46.
DeTienneD.R. (2010). Entrepreneurial exit as a critical component of the entrepreneurial process: Theoretical development. Journal of Business Venturing, 25(2), 203–215.
47.
DeTienneD.R. & CardonM.S. (2012). Impact of founder experience on exit intentions. Small Business Economics, 38(4), 351–374.
48.
DeTienneD.R. & ChiricoF. (2013). Exit strategies in family firms: How socioemotional wealth drives the threshold of performance. Entrepreneurship Theory and Practice, 37(6), 1297–1318.
49.
DyerJ.W.G. (1994). Toward a theory of entrepreneurial careers. Entrepreneurship Theory and Practice, 19(2), 7–21.
50.
DyerW.G. (1992). The entrepreneurial experience (Vol. 22). San Francisco: Jossey–Bass.
51.
EddlestonK.A. & PowellG.N. (2008). The role of gender identity in explaining sex differences in business owners’ career satisfier preferences. Journal of Business Venturing, 23(2), 244–256.
52.
EisenhardtK.M. & TabriziB.N. (1995). Accelerating adaptive processes: Product innovation in the global computer industry. Administrative Science Quarterly, 40(1), 84–110.
53.
FairlieR.W. & KrashinskyH.A. (2012). Liquidity constraints, household wealth, and entrepreneurship revisited. Review of Income and Wealth, 58(2), 279–306.
54.
FollettK.J. & HessT.M. (2002). Agency, cognitive complexity, and the fundamental attribution error. Journal of Gerontology, 57(4), 312–323.
55.
FrancisD.H. & SandbergW.R. (2000). Friendship within entrepreneurial teams and its association with team and venture performance. Entrepreneurship Theory and Practice, 25(2), 5–25.
56.
FrankishJ.S., RobertsR.G., CoadA., SpearsT.C., & StoreyD.J. (2013). Do entrepreneurs really learn? Or do they just tell us that they do?Industrial and Corporate Change, 22(1), 73–106.
57.
FungH.H. & CarstensenL.L. (2004). Motivational changes in response to blocked goals and foreshortened time: Testing alternatives to socioemotional selectivity theory. Psychology and Aging, 19(1), 68–78.
58.
GatewoodE.J., ShaverK.G., PowersJ.B., & GartnerW.B. (2002). Entrepreneurial expectancy, task effort, and performance. Entrepreneurship Theory and Practice, 27(2), 187–206.
59.
GibsonD.E. (2003). Developing the professional self–concept: Role model construals in early, middle, and late career stages. Organization Science, 14(5), 591–610.
60.
GilbertD.T. & JonesE.E. (1986). Perceiver–induced constraint: Interpretations of self–generated reality. Journal of Personality and Social Psychology, 50(2), 269–280.
GimenoJ., FoltaT.B., CooperA.C., & WooC.Y. (1997). Survival of the fittest? Entrepreneurial human capital and the persistence of underperforming firms. Administrative Science Quarterly, 42(4), 750–783.
63.
Gomez–MejiaL.R., HaynesK.T., Nunez–NickelM., JacobsonK.J.L., & Moyano–FuentesJ. (2007). Socioemotional wealth and business risks in family–controlled firms: Evidence from Spanish olive oil mills. Administrative Science Quarterly, 52(1), 106–137.
64.
GordonJ.R., BeattyJ.E., & WhelanK.S. (1999). The midlife transition of professional women: An external and internal recalibration. Paper presented at the Academy of Management, Chicago.
65.
GordonJ.R. & WhelanK.S. (1998). Successful professional women in midlife: How organizations can more effectively understand and respond to the challenges. The Academy of Management Executive, 12(1), 8–24.
66.
GouldR.L. (1972). The phases of adult life: A study in developmental psychology. American Journal of Psychiatry, 129(5), 521–531.
67.
GrellerM.M. & SimpsonP. (1999). In search of late career: A review of contemporary social science research applicable to the understanding of late career. Human Resource Management Review, 9(3), 309–347.
68.
GrellerM.M. & StrohL.K. (1995). Careers in midlife and beyond—A fallow field in need of sustenance. Journal of Vocational Behavior, 47(3), 232–247.
69.
GrossJ.J. (2008). Emotion regulation. In LewisM., Haviland–JonesJ.M., & BarrettL.F. (Eds.), Handbook of emotions (3rd ed., pp. 497–513). New York: Guilford Press.
70.
GutekB.A. & LarwoodL.E. (1987). Women's career development. Thousand Oaks, CA: Sage Publications, Inc.
71.
HallD.T. (1976). Careers in organizations. Santa Monica, CA: Goodyear Publishing Company.
72.
HallD.T. (1986). Career development in organizations. San Francisco, CA: Jossey–Bass.
73.
HallD.T. (2002). Careers in and out of organizations. Thousand Oaks, CA: SAGE.
74.
HarperD.A. (2008). Towards a theory of entrepreneurial teams. Journal of Business Venturing, 23(6), 613–626.
75.
HaywardM.L., ForsterW.R., SarasvathyS.D., & FredricksonB.L. (2010). Beyond hubris: How highly confident entrepreneurs rebound to venture again. Journal of Business Venturing, 25(6), 569–578.
76.
HeaddB. (2003). Redefining business success: Distinguishing between closure and failure. Small Business Economics, 21(1), 51–61.
77.
HeckhausenJ. (1997). Developmental regulation across adulthood: Primary and secondary control of age–related challenges. Developmental Psychology, 33(1), 176–187.
78.
HeckhausenH.J. (2011). Agency and control striving across the lifespan. In FingermanK.L., BergC.A., SmithJ., & AntonucciT.C. (Eds.), Handbook of lifespan development (pp. 183–212). New York: Springer.
79.
HeckhausenJ. & BrimO.G. (1997). Perceived problems for self and others: Self–protection by social downgrading throughout adulthood. Psychology and Aging, 12(4), 610–619.
80.
HeckhausenJ. & SchulzR. (1995). A life–span theory of control. Psychological Review, 102(2), 284–304.
81.
HeiderF. (1958). The psychology of interpersonal relations. New York: Wiley.
82.
HerrE.L. & CramerS.H. (1988). Career guidance and counseling through the life span: Systematic approaches. Glenview, IL: Scott, Foresman & Co.
83.
HostetlerA.J., SweetS., & MoenP. (2007). Gendered career paths: A life course perspective on returning to school. Sex Roles, 56(1–2), 85–103.
84.
HsuD.K., WiklundJ., & CottonR.D. (2015). Success, failure, and entrepreneurial reentry: An experimental assessment of the veracity of self–efficacy and prospect theory. Entrepreneurship Theory and Practice, 41(1), 19–47.
85.
HyytinenA. & IlmakunnasP. (2007). What distinguishes a serial entrepreneur?Industrial and Corporate Change, 16(5), 793–821.
86.
JenkinsA.S., WiklundJ., & BrundinE. (2014). Individual responses to firm failure: Appraisals, grief, and the influence of prior failure experience. Journal of Business Venturing, 29(1), 17–33.
87.
JenningsJ.E. & BrushC.G. (2013). Research on women entrepreneurs: Challenges to (and from) the broader entrepreneurship literature?The Academy of Management Annals, 7(1), 663–715.
88.
JenningsJ.E. & McDougaldM.S. (2007). Work–family interface experiences and coping strategies: Implications for entrepreneurship research and practice. Academy of Management Review, 32(3), 747–760.
89.
JohnO.P. & GrossJ.J. (2004). Healthy and unhealthy emotion regulation: Personality processes, individual differences, and life span development. Journal of Personality, 72(6), 1301–1334.
90.
JokisaariM. (2003). Regret appraisals, age, and subjective well–being. Journal of Research in Personality, 37(6), 487–503.
91.
KallebergA.L. & LeichtK.T. (1991). Gender and organizational performance: Determinants of small business survival and success. Academy of Management Journal, 34(1), 136–161.
92.
KautonenT., DownS., & MinnitiM. (2014). Ageing and entrepreneurial preferences. Small Business Economics, 42, 579–594.
93.
KennedyQ., MatherM., & CarstensenL.L. (2004). The role of motivation in the age–related positivity effect in autobiographical memory. Psychological Science, 15(3), 208–214.
94.
Kryla–LighthallN. & MatherM. (2009). The role of cognitive control in older adults’ emotional well–being. In BengstonV.L., GansD., PulneyN., & SilversteinM. (Eds.), Handbook of theories of aging. New York: Springer.
LachmanM.E. (2001). Handbook of midlife development. New York: John Wiley.
97.
LamS.S.K., NgT.W.H., & FeldmanD.C. (2012). The relationship between external job mobility and salary attainment across career stages. Journal of Vocational Behavior, 80(1), 129–136.
98.
LangowitzN. & MinnitiM. (2007). The entrepreneurial propensity of women. Entrepreneurship Theory and Practice, 31(3), 341–364.
99.
LechlerT. (2001). Social interaction: A determinant of entrepreneurial team venture success. Small Business Economics, 16(4), 263–278.
100.
LeeS.–H., PengM.W., & BarneyJ.B. (2007). Bankruptcy law and entrepreneurship development: A real options perspective. Academy of Management Review, 32(1), 257–272.
101.
LevesqueM. & MinnitiM. (2006). The effect of aging on entrepreneurial behavior. Journal of Business Venturing, 21(2), 177–194.
102.
LevesqueM., ShepherdD.A., & DouglasE.J. (2002). Employment or self–employment: A dynamic utility–maximizing model. Journal of Business Venturing, 17(3), 189–210.
103.
LevineR., GillmanM.–J., & ReisH. (1982). Individual differences for sex differences in achievement attributions?Sex Roles, 8(4), 455–466.
104.
LevinsonD.J. (1978). The seasons of a man's life. New York: Random House LLC.
105.
LevinsonD.J. (1986). A conception of adult development. American Psychologist, 41(1), 3–13.
106.
LevinsonD.J., DarrowC.M., KleinE.B., LevinsonM.H., & McKeeB. (1974). The psychosocial development of men in early adulthood and the mid–life transition. Life History Research in Psychopathology, 3(1), 243–248.
107.
LevinsonD.J., DarrowC.N., KleinE.B., LevinsonM.H., & McKeeB. (1978). The seasons of a man's life. New York: Random House LLC.
108.
LewisK., HarrisC., MorrisonR., HoM., JawaharI.M., & Al ArissA. (2015). The entrepreneurship–motherhood nexus: A longitudinal investigation from a boundaryless career perspective. Career Development International, 20(1), 21–37.
109.
LuginbuhlJ.E.R., CroweD.H., & KahanJ.P. (1975). Causal attribution for success and failure. Journal of Personality and Social Psychology, 31(1), 86–93.
110.
MartinsL.L., EddlestonK.A., & VeigaJ.F. (2002). Moderators of the relationship between work–family conflict and career satisfaction. Academy of Management Journal, 45(2), 399–409.
111.
MatherM. & JohnsonM.K. (2000). Choice–supportive source monitoring: Do our decisions seem better to us as we age?Psychology and Aging, 15(4), 596–606.
112.
McGrathR.G. (1999). Falling forward: Real options reasoning and entrepreneurial failure. Academy of Management Review, 24(1), 13–30.
113.
MillerD. & ShamsieJ. (2001). Learning across the life cycle: Experimentation and performance among the Hollywood studio heads. Strategic Management Journal, 22(8), 725–745.
MillsM. (2011). Introducing survival and event history analysis. London.: Sage Publications.
116.
MinnitiM. & BygraveW. (2001). A dynamic model of entrepreneurial learning. Entrepreneurship Theory and Practice, 25(3), 5–16.
117.
MoritaJ.G., LeeT.W., & MowdayR.T. (1993). The regression–analog to survival analysis: A selected application to turnover research. Academy of Management Journal, 36(6), 1430–1464.
118.
NewtonN., TorgesC., & StewartA. (2012). Women's regrets about their lives: Cohort differences in correlates and contents. Sex Roles, 66(7–8), 530–543.
119.
NgT.W.H. & FeldmanD.C. (2007). The school–to–work transition: A role identity perspective. Journal of Vocational Behavior, 71(1), 114–134.
120.
NordqvistM., WennbergK., BaùM., & HellerstedtK. (2013). An entrepreneurial process perspective on succession in family firms. Small Business Economics, 40(4), 1087–1122.
121.
OrnsteinS. & IsabellaL. (1990). Age vs stage models of career attitudes of women—A partial replication and extension. Journal of Vocational Behavior, 36(1), 1–19.
122.
OsborneJ.W. (2015). Curvilinear effects in logistic regression. In OsborneJ.W. (Ed.), Best practices in logistic regression. Thousand Oaks, CA: Sage Publications.
123.
ParkerS.C. (2004). The economics of self–employment and entrepreneurship. Cambridge: Cambridge University Press.
124.
ParkerS.C. (2009). The economics of entrepreneurship. Cambridge: Cambridge University Press.
125.
ParkerS.C. (2013). Do serial entrepreneurs run successively better–performing businesses?Journal of Business Venturing, 28(5), 652–666.
126.
Plehn–DujowichJ. (2010). A theory of serial entrepreneurship. Small Business Economics, 35(4), 377–398.
127.
PowellG.N. & GravesL.M. (2003). Women and men in management. Thousand Oaks, CA: Sage Publications.
128.
PowellG.N. & MainieroL.A. (1992). Cross–currents in the river of time—Conceptualizing the complexities of womens careers. Journal of Management, 18(2), 215–237.
129.
PraagC.v. & OphemH.V. (1995). Determinants of willingness and opportunity to start as an entrepreneur. Kyklos, 48(4), 513–540.
130.
QuinnJ.F. (1980). Labor–force participation patterns of older self–employed workers. Social Security Bulletin, 43(4), 17–28.
ReesH. & ShahA. (1986). An empirical analysis of self–employment in the UK. Journal of Applied Econometrics, 1(1), 95–108.
133.
ReynoldsP.D., CarterN.M., GartnerW.B., & GreeneP.G. (2004). The prevalence of nascent entrepreneurs in the United States: Evidence from the panel study of entrepreneurial dynamics. Small Business Economics, 23(4), 263–284.
134.
RobertsT.–A. & Nolen–HoeksemaS. (1989). Sex differences in reactions to evaluative feedback. Sex Roles, 21(11–12), 725–747.
135.
RonstadtR. (1982). Does entrepreneurial career path really matter. Paper presented at the Babson College Entrepreneurship Research Conference, Wellesley, MA.
136.
RosaP. & ScottM. (1996). Has firm level analysis reached its limits? Time for a rethink. International Small Business Journal, 14(4), 81–89.
137.
RossC.E. & MirowskyJ. (2008). Age and the balance of emotions. Social Science & Medicine, 66(12), 2391–2400.
138.
RoystonP. & LambertP.C. (2011). Flexible parametric survival analysis using Stata: Beyond the Cox model. College Station, TX: Stata Press.
139.
RudermanM.N., OhlottP.J., PanzerK., & KingS.N. (2002). Benefits of multiple roles for managerial women. Academy of Management Journal, 45(2), 369–386.
140.
SarasvathyS.D., MenonA.R., & KuechleG. (2013). Failing firms and successful entrepreneurs: Serial entrepreneurship as a temporal portfolio. Small Business Economics, 40(2), 417–434.
141.
SchacterD.L. (2001). The seven sins of memory: How the mind forgets and remembers. New York: Houghton Mifflin.
142.
ScheinE.H. (1978). Career dynamics: Matching individual and organizational needs (Vol. 24). Reading, MA: Addison–Wesley.
143.
SchjoedtL., MonsenE., PearsonA., BarnettT., & ChrismanJ.J. (2013). New venture and family business teams: Understanding team formation, composition, behaviors, and performance. Entrepreneurship Theory and Practice, 37(1), 1–15.
144.
SchneerJ.A. & ReitmanF. (1995). The impact of gender as managerial careers unfold. Journal of Vocational Behavior, 47(3), 290–315.
145.
SchutjensV. & StamF. (2006). Starting anew: Entrepreneurial intentions and realizations subsequent to business closure. ERIM Report Series Research in Management No. ERS–2006–015–ORG. Rotterdam, the Netherlands: Erasmus Research Institute of Management.
146.
ShaneS. (2009). Why encouraging more people to become entrepreneurs is bad public policy. Small Business Economics, 33(2), 141–149.
147.
ShepherdD.A. (2003). Learning from business failure: Propositions of grief recovery for the self–employed. Academy of Management Review, 28(2), 318–328.
148.
ShepherdD.A. (2009). Grief recovery from a loss of a family business: A multi– and meso–level theory. Journal of Business Venturing, 24(1), 81–97.
149.
ShepherdD.A., CovinJ.G., & KuratkoD.F. (2009). Project failure from corporate entrepreneurship: Managing the grief process. Journal of Business Venturing, 24(6), 588–600.
150.
ShepherdD.A., DouglasE.J., & ShanleyM. (2000). New venture survival: Ignorance, external shocks, and risk reduction strategies. Journal of Business Venturing, 15(5), 393–410.
151.
SinghR. & GreenhausJ.H. (2004). The relation between career decision–making strategies and person–job fit: A study of job changers. Journal of Vocational Behavior, 64(1), 198–221.
152.
SinghR.P. & RonchJ.L. (2011). Changing entrepreneurial cognitive processes with age: A conceptual discussion based on neuroscience. Journal of Marketing Development and Competitiveness, 5(6), 94–103.
153.
SlocumJ.W. & CronW.L. (1985). Job attitudes and performance during three career stages. Journal of Vocational Behavior, 26(2), 126–145.
154.
SonnenfeldJ. & KotterJ.P. (1982). The maturation of career theory. Human Relations, 35(1), 19–46.
155.
SorensenJ.B. & FassiottoM.A. (2011). Organizations as fonts of entrepreneurship. Organization Science, 22(5), 1322–1331.
StamE., AudretschD.B., & MeijaardJ. (2009). Renascent entrepreneurship. New York: Springer.
158.
StaudingerU.M. (2001). Life reflection: A social–cognitive analysis of life review. Review of General Psychology, 5(2), 148–160.
159.
StewartA.J. & VandewaterE.A. (1999). “If I had it to do over again…”: Midlife review, midcourse corrections, and women's well–being in midlife. Journal of Personality and Social Psychology, 76(2), 270–283.
160.
StokesD. & BlackburnR. (2002). Learning the hard way: The lessons of owner–managers who have closed their businesses. Journal of Small Business and Enterprise Development, 9(1), 17–27.
161.
StrohL.K. & ReillyA.H. (1999). Gender and careers: Present experiences and emerging trends. In G.N. Powell (Ed.), Handbook of gender and work (pp. 307–324). Thousand Oaks, CA: Sage Publications.
162.
SturgesJ. (1999). What it means to succeed: Personal conceptions of career success held by male and female managers at different ages. British Journal of Management, 10(3), 239–252.
163.
SuperD.E. (1957). The psychology of careers (Vol. 195). New York: Harper & Row.
164.
ToussaintL.L., WilliamsD.R., MusickM.A., & EversonS.A. (2001). Forgiveness and health: Age differences in a US probability sample. Journal of Adult Development, 8(4), 249–257.
165.
UcbasaranD., AlsosG.A., WestheadP., & WrightM. (2008). Habitual entrepreneurs. Foundations and Trends in Entrepreneurship, 4(4), 309–450.
UcbasaranD., WrightM., & WestheadP. (2003). A longitudinal study of habitual entrepreneurs: Starters and acquirers. Entrepreneurship & Regional Development, 15(3), 207–228.
168.
ValliereD. & PetersonR. (2009). Entrepreneurship and economic growth: Evidence from emerging and developed countries. Entrepreneurship & Regional Development, 21(5–6), 459–480.
169.
VästfjällD., PetersE., & BjälkebringP. (2011). The experience and regulation of regret across the adult life span. In NyklicekI., VingerhoetsA., & ZeelenbergM. (Eds.), Emotion regulation and well–being (pp. 165–180). New York: Springer.
170.
VenkataramanS. (1997). The distinctive domain of entrepreneurship research. Advances in Entrepreneurship, Firm Emergence and Growth, 3(1), 119–138.
171.
VerheulI., UhlanerL., & ThurikR. (2005). Business accomplishments, gender and entrepreneurial self–image. Journal of Business Venturing, 20(4), 483–518.
172.
WagnerJ. (2005). Nascent and infant entrepreneurs in Germany: Evidence form the regional entrepreneurship monitor (REM). Bonn, Germany: Institute for the Study of Labor.
173.
WebsterB. & WalkerB. (2005). Smart training for the older entrepreneur. Paper presented at the International Council of Small Business World Conference, Melbourne, Australia.
174.
WeinerB. (1974). Achievement motivation and attribution theory. Morristown, NJ: General Learning Corporation.
175.
WennbergK., WiklundJ., DeTienneD.R., & CardonM.S. (2010). Reconceptualizing entrepreneurial exit: Divergent exit routes and their drivers. Journal of Business Venturing, 25(4), 361–375.
176.
WennbergK., WiklundJ., HellerstedtK., & NordqvistM. (2011). Implications of intra–family and external ownership transfer of family firms: Short–term and long–term performance differences. Strategic Entrepreneurship Journal, 5(4), 352–372.
177.
WestG.P. (2007). Collective cognition: When entrepreneurial teams, not individuals, make decisions. Entrepreneurship Theory and Practice, 31(1), 77–102.
178.
WestheadP., UcbasaranD., & WrightM. (2003). Differences between private firms owned by novice, serial and portfolio entrepreneurs: Implications for policy makers and practitioners. Regional Studies, 37(2), 187–200.
179.
WestheadP., UcbasaranD., WrightM., & BinksM. (2005). Novice, serial and portfolio entrepreneur behaviour and contributions. Small Business Economics, 25(2), 109–132.
180.
WestheadP. & WrightM. (1998). Novice, portfolio, and serial founders: Are they different?Journal of Business Venturing, 13(3), 173–204.
181.
WiklundJ., BakerT., & ShepherdD. (2010). The age–effect of financial indicators as buffers against the liability of newness. Journal of Business Venturing, 25(4), 423–437.
182.
WiklundJ., NordqvistM., HellerstedtK., & BirdM. (2013). Internal versus external ownership transition in family firms: An embeddedness perspective. Entrepreneurship Theory and Practice, 37(6), 1319–1340.
183.
WiklundJ. & ShepherdD.A. (2008). Portfolio entrepreneurship: Habitual and novice founders, new entry, and mode of organizing. Entrepreneurship Theory and Practice, 32(4), 701–725.
184.
WilliamsC.P. & SavickasM.L. (1990). Developmental tasks of career maintenance. Journal of Vocational Behavior, 36(2), 166–175.
185.
WrightM., RobbieK., & EnnewC. (1997). Venture capitalists and serial entrepreneurs. Journal of Business Venturing, 12(3), 227–249.
186.
WroschC., HeckhausenJ., & LachmanM.E. (2000). Primary and secondary control strategies for managing health and financial stress across adulthood. Psychology & Aging, 15(3), 387–399.
187.
XavierS.R., KellyD., KewJ., HerringtonM., & VorderwülbeckeA. (2012). Global entrepreneurship monitor. Available at http://www.gemconsortium.org/report, accessed 16 June, 2016.
