Influencing entrepreneurial resilience to create sustainable business ventures

Abstract

Entrepreneurial resilience has been described as a complex, multidimensional construct which is difficult to define and measure. Literature has identified three factors that influence entrepreneurial resilience namely resourcefulness, hardiness and optimism. However, there is very little empirical research evidence to support these factors. This study aims to understand the meaning of entrepreneurial resilience, establish its key influencing factors and identify mechanisms to harness and nurture entrepreneurial resilience to create sustainable business ventures. The primary data collection method was semi-structured interviews. A total of 16 interviews were conducted with founding entrepreneurs who have been in business for a few years. Data was analysed manually through listening to interview audio recordings and making summary notes in Microsoft excel from which themes were derived. Entrepreneurs’ self-factors and venture factors emerged as the two main groups of factors driving entrepreneurial resilience. Entrepreneur self-factors comprised of passion, personality traits, support systems (friends and family), vision, belief system and a network whilst venture factors included support systems (employees), financial resources and structures of the venture. An “Entrepreneurial Resilience Influencers Model” was developed, which integrates the key factors affecting entrepreneurial resilience and assists entrepreneurs to influence, harness and nurture their resilience to create sustainable business ventures.