{"id":12623,"date":"2022-03-01T19:00:54","date_gmt":"2022-03-02T03:00:54","guid":{"rendered":"http:\/\/business.wsu.edu\/edividend\/?p=12623"},"modified":"2026-02-19T17:39:42","modified_gmt":"2026-02-20T01:39:42","slug":"entrepreneurs-storytelling","status":"publish","type":"post","link":"https:\/\/business.wsu.edu\/edividend\/2022\/03\/01\/entrepreneurs-storytelling\/","title":{"rendered":"Telling Your Story After a Business Failure Affects Future Success"},"content":{"rendered":"
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\"A
Storytelling helps entrepreneurs analyze what went wrong and move on.<\/figcaption><\/figure><\/div>\n\n\n

Entrepreneurs who experience a business failure benefit from sharing their stories with others, according to new research from the WSU Carson College of Business.<\/p>\n\n\n\n

In the study<\/a>, coauthored by WSU entrepreneurship professors Rohny Saylors<\/a>, Amrita Lahiri<\/a>, Benjamin Warnick<\/a>, and Grand Valley State University management professor Chandresh Baid, researchers looked at blog postings from entrepreneurs following failed business ventures. They examined how the shared stories helped entrepreneurs process their experiences and move forward in an article published in Entrepreneurship Theory and Practice.<\/em><\/p>\n\n\n\n

The findings add to researchers\u2019 understanding of entrepreneurship and reveal how talking or writing about an experience can help bring about a greater clarity of purpose.<\/p>\n\n\n\n

Similarly, the stories entrepreneurs tell shape who they become, Saylors says.<\/p>\n\n\n\n

\u201cThis changes not only how others see them, but also how they see themselves,\u201d he says. \u201cIf someone\u2019s goal is to continue working in startup companies, then it\u2019s valuable to encourage them to revise their ideas and avoid placing blame on things they cannot control.\u201d<\/p>\n\n\n

\n
\"Amrita
Amrita Lahiri<\/figcaption><\/figure><\/div>\n\n\n

While some follow the path of serial entrepreneurship\u2014starting one business after another until \u201csomething sticks\u201d\u2014the entrepreneurial path is not always linear, the researchers say. Some entrepreneurs choose to work in other organizations in the same industry, while others move on to different industries, temporarily work elsewhere, or take time off before eventually founding another business.<\/p>\n\n\n\n

\u201cThrough this study, we were able to explore a more nuanced view of entrepreneurship by connecting how entrepreneurs make sense of their failed business to their future career paths,\u201d says Lahiri.<\/p>\n\n\n\n

Responding to Failure: A Keystone Moment<\/h2>\n\n\n\n

The researchers studied 165 blog posts of entrepreneurs whose tech companies failed between 2014 and 2016. They found a business failure can often lead to an identity crisis for entrepreneurs, causing them to cast doubt on their chances of succeeding at future business ventures. Some entrepreneurs use storytelling and personal narratives to better understand why their idea failed and how they might refine or improve on it, the researchers say.<\/p>\n\n\n\n

This activity also applies to processing significant life events, according to the study\u2019s authors. A previous study in 2020<\/a> found that individuals who either wrote about or tape-recorded their worst life experiences reported improved life satisfaction and health compared to those who didn\u2019t share their experiences.<\/p>\n\n\n\n

\u201cThe stories entrepreneurs tell influences how well they thrive,\u201d says Lahiri. \u201cNot just from a professional standpoint, but also in regard to their mental well-being and self-identity.\u201d<\/p>\n\n\n\n

Clarifying the Path Forward<\/h2>\n\n\n\n

Although we often think of the lone entrepreneur grinding away day in and day out to make their dream a reality, entrepreneurial thinking is not just for startups, researchers say.<\/p>\n\n\n\n

Companies both large and small benefit from employees who have entrepreneurial mindsets. Those employees help drive innovation, recover faster after failures, and find solutions to organizational challenges.<\/p>\n\n\n\n

In addition to sharing both positive and negative entrepreneurial experiences, the researchers also suggest organizations encourage their employees to focus on what makes them excited about entrepreneurship, learn to identify what went wrong, and move on.<\/p>\n","protected":false},"excerpt":{"rendered":"

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