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"Laban o Bawi": Entrepreneurial Reasons behind venture business

after failure

Peñalosa, Aalijah

Aguillon, Angelicka

Cabais, Lovely

Gallego, Nelia

Guzman, Katherine

Hermosa, Catlyn

Mayol, Abegail

Padre-e, Angie

Tabalbag, Jillian

Basul, Jerico

Jorigue, Conrado

Masangkay, Gabriel

Masola, Joseph

Palmes, Rafael

Ms. Grace Anne Piol, LPT

Inquiry, Investigation and Immersion Teacher

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Review of Related Literature

The objective of this part is to highlight the entrepreneurial reasons

behind business ventures after their failure cited by literatures as

explaining the entrepreneurs’ reasons and those business venture after

failures. The review explains the different perspective under which

business failure have been discussed. Moreover, this primary aim if this

review of related literature is to understand failure from the perspective of

entrepreneurs who experienced it.

Reasons behind venture business

(Abbhirami 2017) business is the act of making strategies

and plan that turns into action. Methods of the implementation can

change but the aim that the entrepreneurs wants to achieved remains the

same Method of implementation cannot be defined. Since there is no

defined method of implementation, it creates multiple causes for a venture

failure. So an entrepreneur tends to start another business after the

failure. It states here that making plans and strategies about business

because you can control it weather it can change it because there are

many ways to make plans but the purpose of what the entrepreneurs want
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to achieved are stay the same because of that the entrepreneurs come up

with the thought to start a new business.

According to Mehralizadeh, Yadollah & Sajady (2005) the

failure entrepreneurs purpose of read the subsequent problems were vital

effects on their weak performance and failure their business: weak

managing technical skills, money problems, designing and organizing of

their business, economic problems, informal problems, weak managing

abstract skills, personnel skills, education and low coaching, and weak

human relation. from the eminent entrepreneurs purpose of read the

subsequent problems were vital effects on their high performance in their

business: appropriate managing technical skills, choosing acceptable

personnel with relevant skills, education and paying additional attention to

personnel coaching, application of management abstract skills, money

problems, higher human relation, acknowledge the economic scenario,

designing and organizing of their business and informal problems.

Entrepreneurship is a wide phenomenon, it cannot be tightened

in iron borders of industry, business or services, and neither can it be

knotted in profit or not for profit activities. Entrepreneurship is doing

anything for anything and by anyone. The entrepreneurship is in all type of

new person, with assumption of uncertainty, risk, and in want of success.

(Mathur, 2014) observed that entrepreneur develops new idea and take
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risk of setting up an or service to satisfy customer needs. (Gavin cassar,

2007) substantial recall bias was observed in the career reasons of

entrepreneurs with the reported importance of self-realization and financial

success, as explanations for entering the venturing activity, being

significantly lower when responses were obtained once the venture was

operational. (Marcus Holgersson, 2013) also stated that managers make a

number of strategic choices when trying to capture returns from innovation

investments, including why appropriation strategic choices that depend

among other things on firm size. Despite the negative consequences,

failure can also present tremendous learning opportunities for the

entrepreneur (Cope, 2011) It can, for example, lead to the development of

entrepreneurial skills which can be used to develop subsequent

businesses. It can impact an entrepreneur’s motivation and decision-

making in such a way, for example, that he or she may be put off starting

a venture again, or, conversely, may become more determined to have a

successful venture (Cardon et. al., 2007). According to the results it

indicates that the decision of the start is positive in relation to the

proactiveness and risks taking part of an entrepreneurial orientation and

the age of leading entrepreneur and negatively related to the education of

the leading entrepreneur. As predicted, the change of entrepreneurial

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orientation is not a factor in initiating a decision. Therefore, it is said that

being positive motivates the entrepreneur to start a business venture.

Business failure

Failure is typically conceived of as a distinct of event such as in

exercising an option ( McGrath 2005) business failure may actually be

fruitfully viewed as a process that unfolds. Overtime. meaning, recovering

and learning from failure may also take time and viewed as process as

argued by the grief recovery literature.

According to (Shonesy, Linda and Gulbro, 2014) Much has been

written within the literature relating to reasons for little business failure,

resulting in confusion concerning those studies, because it is usually

tough to outline failure. There are fewer studies citing reasons for little firm

success. Factors citing reasons for failure may additionally seem as

factors touching success in line with Gaskill, VanAuken, and Manning

(1993). Therefore, this review of the literature can focus on reasons for

little business success, which might successively conjointly infer reasons

for failure for people who have an interest in this topic. 3 classes for

achievement emerge during this review. they're strategic problems,

demographics, and owner characteristics. However, there seems to be

nobody set of reliable variables which will continuously systematically

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promote success, due to the variations that exist at intervals every

individual little firm, together with owner/manager variations.

In additional your business can fail if you exhibit poor

management skills, which can be evident in many forms. You will struggle

as a leader if you don’t have enough experience making management

decisions, supervising a staff, or the vision to lead your organization.

Perhaps your leadership team is not in agreement on how the business

should be run. You and your leaders may be arguing with each other

publicly, or contradicting each other’s instructions to the staff. When

problems requiring strong leadership occur, you may be reluctant to take

charge and resolve the issues while your business continues to slip

toward failure. "I want people to be afraid of how much they love me."

(Scott, 2014)

However, the worst part about a failing business is that the

entrepreneur is unaware of it happening until it is often too late. It makes

sense because if the entrepreneur really knew what he was doing wrong,

he might have been able to save the business. Some entrepreneurs live in

a land of denial while others are unaware of their mistakes. I recommend

you read Failing Forward: Turning Mistakes into Stepping Stones for

Success, a great book about going from mistakes to success. and One

thing for sure, a business almost always fails because of the entrepreneur.
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“It’s not the plan that is important, it’s the planning.” (Dr. Graeme, 2004)

Otherwise failure in entrepreneurship coupled with our limited

understanding of entrepreneurs’ experience of venture failure, their

resilience, and learning from this experience that laid the foundation for

this thesis. Business venture after failure Businesses can be a vehicle for

both entrepreneurs introducing new products and processes that change

the industry and for people who simply run and own a business for a living

(Wennekers and Thurik, 1999) it is also a source of employment and

income. (Eric T. Wagner, 1909) Business failure refers to a company

ceasing operations following its inability to make a profit or to bring in

enough revenue to cover its expenses. A profitable business can fail if it

does not generate adequate cash flow to meet expenses.

According to the empirical findings that good business attitude

toward the business failure could be learn through experience of being an

entrepreneur. The results suggest that previous start up experience is

strongly associated with a more positive attitude towards failure.

Moreover, it also implies that the experience from closing a business

because of the poor performance reasons is a highly important source of

study while closing because more reasons do not lead to the same

results.
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This studies contains information, ideas and evidences related to

the topic about the reasons behind venture business after failure. It also

states here that in business we cannot avoid to experience failure that

leads to bankruptcy, some of them lose hope but the others have an

entrepreneurial spirit. That they don't want to give up because of the

reasons that motivates them to continue it and to start a new business that

urge them to work hard and do well so the mistakes that they did in the

past are being avoided. It also indicates here why the business encounter

failure but there are many ways to avoid experience this.one of this is

because of having a negative thinking that you always think weather your

business will be successful or not but taking risk is important because you

know how to be a good entrepreneur because you need to trust yourself

that you can do it.

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Title Author Year Locale Conclusion

failure is an
experience that
Reasons behind we get in our life
but with this we
venture Abbhirami 2017 USA can learn to start
a new and to
business learned from the
mistake that we
(Mayol) do .
learning from
mistake will lead
us to become a
better person
especially in the
business world
encountering
this kind of
Business failure Mcgrath 2005 Saudi situation will
Arabia learn us how to
(Jorigue) cope up with a
problem like
failure so we
need to have a
positive mind in
terms of this
Entrepreneurs' Diamanto Lund The paper
provides an
attitudes Politis and University,
2004 insights regard
towards failure: Jonas Lund, to the attitudes
towards
An experiential Gabrielsso Sweden
business failure
learning n that could be
learned through
approach
entrepreneur's
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(Padre-e) life and work.

The paper
provides the
examination of
the role of
entrepreneurial
orientation their
reasons and the
decision to start.
Entrepreneurial Fredric
the study
orientation and Kropp, Noel Adelaide, examine the
interrelationships
international J. Lindsay 2008 Australia
among three
entrepreneurial and Aviv elements of an
entrepreneurial
business Shoham
orientation such
venture startup. as
proactiveness,
(Penalosa)
innovativeness,
and risk-taking,
age and
education of the
entrepreneur,
and the
international
entrepreneurial
business venture
start-up
decision.
Being an
effective leader
Reasons behind
is not an easy
business Michael 2014 task because a
person needs to
venture Scott
take a huge
(Hermosa) responsibility for
managing a
company.
Leaders will find
a lot of external
and internal
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pressures. If
anything goes
wrong, you know
who takes the
heat.
To be successful
in sustainable
business
practices often
requires
entrepreneurship
and innovation.
Los This chapter
Business failure Eric T. 1909 angeles provides an
(Tabalbag) Wagner california overview of
entrepreneurship
and innovation
as it relates to
sustainable
business. The
discussion is
most relevant to
sustainable
businesses
focused on
offering new
products and
services in
response to
societal
concerns.
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