One of the hardest decisions for any entrepreneur to make is when, and if, it is time to start their own company. The decision can cause so muchMany would-be entrepreneurs dream of success but never start, because they have no idea how to succeed and are intimidated by the likelihood of failure. This critical decision rests on myriad factors, including individual sensitivities to risk, about which much has been written in the academic theater.
It can take many years for a company to gain access to venture capital funding, and, in the meantime, salaries don’t come in and fees pile up. In many markets, debts are not forgiven in bankruptcy and can follow you for the rest of your life. In other places, bankruptcy can even be illegal.[1] In many markets, failure can be a lifelong black mark on careers. As the New York Times once wrote about Europe’s entrepreneurial ecosystem, “Failure is regarded as a personal tragedy.”[2] Failure is much more financially and personally painful at the Frontier. Accordingly, it is not flaunted as a battle scar, but hidden as a blemish.
However, times are changing, and those on the front lines of that change are entrepreneurs themselves, who are helping to shift the psychology and narrative of risk.
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