Business Failure and Restart Entrepreneurship
Particularly in an uncertain world, many young start-ups and small businesses experience business failure. However, business failure does not mean the end for any entrepreneurial dream. After reflecting, sense-making and adapting core strategies, those business can come back and restart. But what does business failure mean for subsequent business activities? How and under which conditions does the business model change during the process of experiencing business failure and restart entrepreneurship in the long run? Which dynamic mechanisms enhance changes or adaptations of strategic behavior in the business model? Why do some entrepreneurs fail and some succeed in the long-run? According to literature, failed entrepreneurs are facing a tremendous learning experience. However, only very few studies focus on the long-term entrepreneur-related consequences of failure and even less work is available on entrepreneurs who decide to restart.