Research on entrepreneurship focuses predominantly on success which ignores the high failure rate of new ventures and precludes a holistic view of the entrepreneurial process. The current study addresses failure by asking three research questions: how do entrepreneurs experience failure, how do they cope with it, and what do they learn from it? Rich interview data is analyzed using multiple frameworks from the literature. Findings suggest that more coping and learning occurs in the economic aspect of failed entrepreneurs' lives in comparison to the social, psychological and physiological aspects. Findings also provide a proposition for testing in future research: Type of coping engaged in by failing entrepreneurs is related to the kind of learning experienced through failure.

This paper implements a qualitative, narrative approach to investigate entrepreneurs' personal experience of stigma associated with venture failure. Findings draw on the lived experience of 12 entrepreneurs and tell a collective story of how stigma affects entrepreneurs, shapes their actions, and engenders outcomes for them and their ventures. The story covers three episodes of entrepreneurs anticipating, meeting, and then transforming venture failure. Overall the paper shifts the focus of stigma research from the socio-cultural perspective pervading research to date, to micro level processes underlying socio-cultural trends. Findings offer unexpected insights into failure stigmatization. First, findings suggest stigmatization is best viewed as a process that unfolds over time rather than a label. Second, this process begins before, not after, failure and contributes to venture demise. Third, there is a positive ending to the collective story in that stigmatization ultimately triggers epiphanies or deep personal insights which transform entrepreneurs' view of failure from a very negative to a positive life experience. This transformation results in entrepreneurs distributing learning from failure to the founding of future ventures, even when ventures are not their own.

This article explores the emotional and psychological functioning of entrepreneurs after venture failure. Accordingly, it investigates the extent to which entrepreneurs exhibit resilience, defined by psychologists as stability in functioning over time, despite experiencing a traumatic event. Entrepreneurial resilience is rarely investigated in the context of failure despite it being a debilitating experience. Our exploration is critical to venture creation as resilience plays a key role in re-entry into entrepreneurship. A qualitative, narrative research design reveals how 11 entrepreneurs functioned after failure. The majority of entrepreneurs show resilience; that is, they exhibit stable levels of functioning. This stability is different from the disruptions in functioning that psychologists label as ‘recovery’ from a severe event. Our findings, therefore, challenge the assumption that recovery is required after venture failure. Implications for re-entry into entrepreneurship and learning from, and coping with, failure are explored.

Coercion is as normal a part of life as is exchange; what matters is not its presence or magnitude but rather its structure and form. Violence can take the form of predation; it then results in mere redistribution. But violence can be rendered socially productive; it can be employed to defend property rights, thereby strengthening the incentives to engage in productive activity. To explore how violence can be rendered a source of increased welfare, we develop a model of a stateless society and then introduce a specialist in violence. Using the model and case materials, we explore the conditions under which the specialist will utilize her coercive capabilities not to engage in predation but rather to strengthen the incentives to engage in productive effort.