Failure Experiences of Entrepreneurs: Causes and Learning Outcomes

This study examines the prevalence of causes of business failure and learning outcomes result from the failure experience of the entrepreneurs. The data of the study were collected through interviews with 13 entrepreneurs who closed their businesses after operating at least 3 years. The thematic analysis of the interview notes revealed that the largest proportion of mature business failures was explained by the integrative approach which includes both individual/organizational (internal) and environmental (external) factors. The data identified three main outcomes in the process of entrepreneurial learning: recognizing of opportunities, exploitation of opportunities and interpersonal relations.