FAILURE – A BACKGROUND PROBLEM OF THE ENTREPRENEURIAL ECOSYSTEM
FAILURE – A BACKGROUND PROBLEM OF THE ENTREPRENEURIAL ECOSYSTEM

Summary/Abstract: The authors start from the idea that failure in business is an effect generated by numerous factors. It is a form of causal determinism. The article identifies these possible factors that lead towards the failure of businesses, and the forms that failure undertakes. It is also highlighted the action of fear of failure upon the decisions of the entrepreneur. The whole mistakes by which failure is explained, leads towards processes of learning or self-learning that reduce the risk when continuing the business. In the paper there is less insistence upon the circumstances, such as a crisis, the change of global economic setting, etc. The analysis focuses mainly upon the internal factors of business (adjustment, leadership, business plan, emotions, etc.). In the end of the article, the authors analyse the main obstacles that Romanian entrepreneurs confront with at the outset. The transition of the business from one stage to another is modelled my Markov chains.

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