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Small business in a time of crisis: A five stage model of business grief

Authors:
  • Atlantic Technological University (ATU)

Abstract and Figures

In this paper we examine the implications that a crisis such as that created by COVID-19 has for the psychological well-being of small business owners. We use the psychological literature on grief, specifically, the Kübler-Ross (1969) Five Stage Model of Grief to examine the impacts. Our review of the literature indicates that although there are critics of a stage based approach there are also advocates for the use of stages to help us frame and understand the manifestations of grief. Data was collected from forty small business owners based in Ireland. Data was collected five times over a period of six months (March-September 2020). The outcome is a five-stage model of business grief. The findings provide insights into the emotional relationship between an owner and their small business. We propose that a business closure can cause small business owners to grieve in a manner that aligns with a series of stages and that these stages can be modelled and illustrated.
Content may be subject to copyright.
Journal of Business Venturing Insights 16 (2021) e00282
2352-6734/© 2021 The Authors. Published by Elsevier Inc. This is an open access article under the CC BY license
(http://creativecommons.org/licenses/by/4.0/).
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journal homepage: www.elsevier.com/locate/jbvi
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5Department of Business, Letterkenny Institute of Technology, Port Road, Letterkenny, Donegal, F92 FC93, Ireland
6Department of Global Business and Enterprise, University of Ulster, Magee Campus, Derry BT48 7JL, United Kingdom
7School of Psychology, Queens University Belfast, University Road, Belfast BT7 1NN, United Kingdom
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Keywords:
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1. Introduction
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Journal of Business Venturing Insights 16 (2021) e00282
2
S. Stephens et al.
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2. Small business owners failure, crisis and grief
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3. Theoretical framework
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/<9 SJ9 GH5;9G C: ;F=9: 5F9 89B=5@ 5B;9F 65F;5=B=B; 89DF9GG=CB 5B8 5779DH5B79 G K=H< 5BM GH5;965G98 AC89@ H<9F9 5F9 @=A=H5
H=CBG $CK9J9F =H =G =ADCFH5BH HC BCH9 H<5H H<9 SJ9 GH5;9G 5F9 DF9G9BH98 5G 5 GHFI7HIF98 ;I=89 5B8 H<5H G=B79 =HG CF=;=B5@ DI6@=75H=CB 5
G9F=9G C: J5F=5H=CBG =B H<9 BIA69F G9EI9B79 5B8 B5A=B; C: H<9 GH5;9G <5J9 699B DFCDCG98 CFF 5GH=@@C 9H 5@ 
'I7N9KG?= .7<97? 5B8 '=B=7?=  %B 588=H=CB H<9F9 =G BC @CB;9F 5B 5GGIADH=CB H<5H H<9 GH5;9G 5F9 7<FCBC@C;=75@ BCF =G H<9
HF5BG=H=CB 69HK99B GH5;9G 5GGIA98 HC 69 @=B95F /<=G GI;;9GHG H<5H 9J9B H<CI;< 5B =B8=J=8I5@ 5 GA5@@ 6IG=B9GG CKB9F K<C 9LD9F=
9B79G 9ACH=CBG =B7@I8=B; @CGG CF ;F=9: 8I9 HC 5 H9ADCF5FM 6IG=B9GG 7@CGIF9 A5M BCH 9BH9F 957< C: H<9 GH5;9G CF H<9 AC89@ 6IH F5H<9F
H<9M 7CI@8 ACJ9 =BHC CB9 GH5;9 5B8 H<9B F9J9FH 657? =BHC H<9 DF9J=CIG GH5;9 /<9F9:CF9 =B H<9 7CBH9LH C: H<=G GHI8M K9 A5?9 HKC :IB
85A9BH5@ 5GGIADH=CBG SFGH BCH 9J9FM GA5@@ 6IG=B9GG CKB9F K<C 9LD9F=9B79G ;F=9: 5G 5 F9GI@H C: 5 6IG=B9GG 7@CGIF9 K=@@ 9@=7=H F9
GDCBG9G 5@=;B98 K=H< 5@@ SJ9 GH5;9G 5B8 G97CB8 =B H<9=F 9LD9F=9B79 A5M BCH 69 =B 5 GD97=S7 G9EI9B79 /<=G =G 6975IG9 K9 AIGH 5G
GIA9 H<5H H<9 F957H=CB HC 5B8 9LD9F=9B79 C: 5 6IG=B9GG @CGG K=@@ 69 IB=EI9 HC H<9 =B8=J=8I5@ 9LD9F=9B79 !57< =B8=J=8I5@ 5B8 957< GA5@@
6IG=B9GG CKB9F K=@@ F957H 8=::9F9BH@M HC 7<5B;9 5B8 BCH 5@@ K=@@ 9LD9F=9B79 5@@ SJ9 GH5;9G CF H<9 GH5;9G CJ9F H<9 G5A9 D9F=C8 C: H=A9
CF H<9 GH5;9G =B 5 DF9G7F=698 G9EI9B79 /<9 ?9M CIH7CA9 C: CIF GHI8M =G H<9 DFCDCG5@ C: 5 GH5;965G98 AC89@ C: 6IG=B9GG ;F=9: 29 8C
H<=G HC GIDDCFH CIF DFCDCG=H=CB H<5H 5 6IG=B9GG 7@CGIF9 75B 75IG9 GA5@@ 6IG=B9GG CKB9FG HC ;F=9J9 =B 5 A5BB9F H<5H 5@=;BG K=H< 5 G9F=9G
Journal of Business Venturing Insights 16 (2021) e00282
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S. Stephens et al.
C: GH5;9G H<5H 75B 69 AC89@@98 5B8 =@@IGHF5H98 %B H<9 B9LH G97H=CB C: CIF D5D9F K9 DF9G9BH CIF A9H<C8 5B8 5DDFC57< HC 85H5 7C@@97H=CB
5B8 5B5@MG=G
4. Methodology
/<9 BCJ9@HM C: CIF GHI8M =G 65G98 CB H<9 :57H H<5H K9 7C@@97H98 85H5 H<FCI;< GHFI7HIF98 =BH9FJ=9KG K=H< GA5@@ 6IG=B9GG CKB9FG
B   SJ9 H=A9G CJ9F 5 D9F=C8 C: G=L ACBH<G 5B8 8IF=B; 5 IB=EI9 G9H C: 7=F7IAGH5B79G %B HCH5@  GHFI7HIF98 =BH9FJ=9KG HCC?
D@579 69HK99B )5F7< 5B8 .9DH9A69F  IF=B; H<=G @CB;=HI8=B5@ GHI8M H<9 GA5@@ 6IG=B9GG CKB9FG :5798 5 F5B;9 C: IB=EI9 7<5@
@9B;9G /<9 =ADCG=H=CB C: 6IG=B9GG F9GHF=7H=CBG 5G 5 F9GI@H C: H<9 +1%  D5B89A=7 G5K A5BM 6IG=B9GG9G =B7@I8=B; H<CG9 =B H<=G
GHI8M 7@CG9 H<9B D5FH=5@@M F9CD9B =B A5BM 75G9G K=H< 5 G=;B=:=75BH@M 8=::9F9BH 6IG=B9GG AC89@ 5B8 CD9F5H=B; GMGH9A F=H9F=CB G5A
D@=B; K5G 7<CG9B 5B8 5@@ H<9 D5FH=7=D5BHG  <58 9LD9F=9B798 6IG=B9GG 7@CGIF9 8I9 HC H<9 +1%  F9GHF=7H=CBG  <58 F9GH5FH98
GI779GG:I@@M 5B8  9LD97H98 HC 7CBH=BI9 =B 6IG=B9GG 8IF=B; H<9 F9A5=B89F C:  /<9 IB=H C: 5B5@MG=G =G 5B =B8=J=8I5@ K<C <58 9L
D9F=9B798 5 6IG=B9GG 7@CGIF9:5=@IF9 5B8 <58 GI6G9EI9BH@M 7CBH=BI98 H<9=F 9BHF9DF9B9IF=5@ >CIFB9M I9 HC H<9 G9BG=H=J9 B5HIF9 C: H<9
HCD=7 5B8 H=A9 7CBGHF5=BHG A5BM DCH9BH=5@ D5FH=7=D5BHG 897@=B98 HC D5FH=7=D5H9  DFCS@9 C: H<9 D5FH=7=D5BHG =G DFCJ=898 =B 5DD9B8=L 
/<9 GHFI7HIF98 =BH9FJ=9KG K9F9 7CB8I7H98 5H SJ9 DC=BHG =B H=A9 5B8 HCC? D@579 K<=@9 8=::9F9BH @9J9@G C: 97CBCA=7 5B8 GC7=5@ 57H=J=HM
69=B; D9FA=HH98 D@95G9 F9:9F HC 5DD9B8=L  /<9 =BH9FJ=9KG K9F9 7CB8I7H98 CB@=B9 J=5 ). /95AG CF 4CCA /<9 GA5@@ 6IG=B9GG CKB
9FG K9F9 5@@ 65G98 =B %F9@5B8 /<9 =BH9FJ=9KG @5GH98 CB 5J9F5;9  A=B /<9 GHFI7HIF98 =BH9FJ=9KG 69;5B K=H< 5 G9F=9G C: G<CFH CD9B
9B898 EI9GH=CBG H<5H 9LD@CF98 H<9 GA5@@ 6IG=B9GG CKB9FG 9LD9F=9B79 C: H<9 7F=G=G  GIAA5FM C: H<9 ?9M H<9A9G H<5H 9A9F;98 =G DF9
G9BH98 5H H<9 GH5FH C: G97H=CB :=B8=B;G HC DFCJ=89 5 7CBH9LH HC H<9 A5=B SB8=B;G K<=7< K9F9 ;9B9F5H98 6M 5 G9F=9G F5B?CF89F EI9G
H=CBG @=B?98 HC H<9 SJ9 GH5;9G 5DD9B8=L  G D5FH=7=D5BHG K9F9 F97CF898 5H SJ9 G9D5F5H9 GH5;9G 5 G9F=9G C: CB9K5MF9D95H98
A95GIF9G 5B5@MG=G C: J5F=5B79 *+1 K=H< DCGH <C7 7CAD5F=GCBG 5G DFCDCG98 6M "=9@8  K9F9 75FF=98 CIH IG=B; %)
.,..J HC 9L5A=B9 DCH9BH=5@ J5F=5H=CBG CB 957< C: H<9 SJ9 'R6@9F-CGG 8=A9BG=CBG  9B=5@ B;9F 5F;5=B=B; 9DF9GG=CB 5B8 7
79DH5B79 5H H<9 8=::9F9BH H=A9 DC=BHG %B 588=H=CB 7CFF9@5H=CBG K9F9 75FF=98 CIH 69HK99B H<9 SJ9 'R6@9F-CGG 8=A9BG=CBG 5H 957< H=A9
DC=BH K=H< D5FH=7=D5BHG ;9B89F 5;9 5B8 BIA69F C: M95FG =B 6IG=B9GG
5. Findings
/<9 =AD57H H<5H 5 H9ADCF5FM 6IG=B9GG 7@CGIF9 GI7< 5G H<5H 7F95H98 6M +1%  <5G CB GA5@@ 6IG=B9GG CKB9FG ;9B9F5H9G 5 F5B;9 C:
F9GDCBG9G /<9 CD9B9B898 EI9GH=CBG 75DHIF9 5 G=AD@=GH=7 D=7HIF9 C: H<9 9BHF9DF9B9IFG 9LD9F=9B79G H<9F9 K5G =B=H=5@ G<C7? 5 D9F=C8
C: F9T97H=CB 5 G9BG9 C: :FIGHF5H=CB 5B8 H<9B F9@=9: 5H H<9 56=@=HM HC F9GH5FH %B 588=H=CB H<9 GA5@@ 6IG=B9GG CKB9FG F9DCFH98 <CK H<9=F
6IG=B9GG =G 5 ?9M D5FH C: H<9=F =89BH=HM $CK9J9F A5BM C: H<9 GA5@@ 6IG=B9GG CKB9FG 5@GC F9DCFH98 <CK H<9 7@CGIF9 <58 5@@CK98 H<9A
HC 69B9SH :FCA 5 D9F=C8 C: F9T97H=CB K<=7< =B A5BM 75G9G :57=@=H5H98 5 G=;B=:=75BH F95GG9GGA9BH C: KCF?@=:9 65@5B79 5B8CF H<9 CD9F
5H=CB C: H<9=F 6IG=B9GG AC89@ "CF H<9 GA5@@ 6IG=B9GG CKB9FG H<9 5DDF5=G5@ C: H<9 G=HI5H=CB K5G 5B =H9F5H=J9 DFC79GG @H<CI;< H<9
GA5@@ 6IG=B9GG CKB9FG 9LD9F=9B798 5 G=;B=:=75BH @9J9@ C: DGM7<C@C;=75@ GHF9GG CJ9F H=A9 H<9M 5779DH98 H<9 7<5B;98 7=F7IAGH5B79G 5B8
:C7IG98 CB 7CBH=BI5H=CB
CBH5=B98 =B /56@9  5F9 H<9 A95BG 5B8 GH5B85F8 89J=5H=CBG :CF 957< C: H<9 :57HCFG 5H 957< C: H<9 SJ9 GH5;9G 5@CB; K=H< D5=FK=G9
7CAD5F=GCB CB:9FFCB= H9GHG %BG9FH /56@9  "CF Denial H<9F9 K5G 5 G=;B=:=75BH 9::97H :CF H=A9 2=@?G(5A685   " 
   D   D5FH=5@ 9H5 GEI5F98   /<9F9 K5G 5 G@=;<H 6IH G=;B=:=75BH F=G9 8IF=B; H<9 B95F9B8 @C7?8CKB D<5G9 /=A9
 CB 7@CG9F =BGD97H=CB G99 /56@9  5B8 "=;  =H K5G 7@95F H<5H D5FH=7=D5BHG K9F9 ACF9 @=?9@M HC 9LD9F=9B79 89B=5@ 5FCIB8 H<9=F 6IG=
B9GG G=HI5H=CBG 5H H<9 GH5FH C: H<9 @C7?8CKB 7CAD5F98 HC B95F 9B8 C: @C7?8CKB +J9F5@@ H<9 GA5@@ 6IG=B9GG CKB9FG 5F9 @9GG =B 89B=5@
56CIH H<9 G=HI5H=CB CJ9F H=A9 %BG9FH "=; 
Anger K5G 5@GC F9DCFH98 5G 5 G=;B=:=75BH 9::97H CJ9F H<9 D9F=C8 2=@?G(5A685   "     D   D5FH=5@ 9H5
GEI5F98   +J9F5@@ H<9 D5FH=7=D5BHG F9DCFH98 <=;<9F 9LD9F=9B79G C: 5B;9F 5FCIB8 H<9=F 6IG=B9GG G=HI5H=CB 5H H<9 GH5FH C: @C7?
8CKB G99 /56@9  5B8 "=;  5B8 9GD97=5@@M 8IF=B; .H5;9  $CK9J9F :99@=B;G C: 5B;9F 897F95G98 5G H<9 @C7?8CKB DFC;F9GG98 %B
G9FH "=; 
Bargaining F9DCFH98 5 G=;B=:=75BH 9::97H CJ9F H=A9 2=@?G(5A685   "     D   D5FH=5@ 9H5 GEI5F98  
/<9F9 K5G 5 <=;<9F F5H9 C: 65F;5=B=B; 5H H<9 GH5FH C: H<9 @C7?8CKB K=H< 5 ;F58I5@ 897F95G9 CJ9F H<9 @5HH9F GH5;9G 9GD97=5@@M /=A9 
C: H<9 @C7?8CKB G99 /56@9  5B8 "=;  %BG9FH "=; 
Depression CJ9F H=A9 K5G F9DCFH98 HC 8=::9F G=;B=:=75BH@M CJ9F5@@ 2=@?G(5A685   "     D   D5FH=5@ 9H5
GEI5F98   )CF9 GD97=:=75@@M 5H H<9 GH5FH C: H<9 @C7?8CKB D9F=C8 H<9 GA5@@ 6IG=B9GG CKB9FG ;9B9F5@@M <5J9 5 ACF9 :5JCIF56@9
Table 1
.IAA5FM .H5H=GH=7G :CF 957< :57HCF
/=A9
9B=5@ B;9F 5F;5=B=B; 9DF9GG=CB 779DH5B79
) . , ) . , ) . , ) . , ) . ,
  Y[     Y   XYZ   X
  Y   YZ[   YZ[   W   WYZ[
  WXZ   X   WXZ   W   X
  Y[   X   XY   W   X
  WZ   X   X   W   X
*CH9 ,  D5=FK=G9 7CAD5F=GCB CB:9FFCB= H9GHG   /=A9    /=A9    /=A9    /=A9    /=A9 
Journal of Business Venturing Insights 16 (2021) e00282
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S. Stephens et al.
Table 2
)C89@ -9GI@HG :CF 957< :57HCF
)C89@
"57HCFG
395FG =B IG=B9GG ;9 #9B89F
/=A9  Denial   -.452**
Anger   
Bargaining   -.356*
Depression -.324*  -.346*
Acceptance   
/=A9  Denial  .391* 
Anger   
Bargaining .430** .400* 
Depression   
Acceptance   
/=A9  Denial   
Anger   
Bargaining   
Depression   
Acceptance   
/=A9  Denial -.468**  
Anger   
Bargaining   
Depression   
Acceptance -.415**  .347*
/=A9  Denial   
Anger   
Bargaining   
Depression   
Acceptance   .347*
Note  CFF9@5H=CB =G G=;B=:=75BH 5H H<9   CFF9@5H=CB =G G=;B=:=75BH 5H H<9 
Fig. 1. 9B=5@ CJ9F H=A9
Fig. 2. B;9F CJ9F H=A9
ACC8 $CK9J9F H<9=F ACC8 =B ;9B9F5@ 6975A9 @9GG DCG=H=J9 5B8 GH5M98 7CBG=GH9BH CJ9F H<9 F9GH C: @C7?8CKB G99 /56@9  5B8 "=;
 %BG9FH "=; 
Acceptance K5G 5@GC :CIB8 HC 69 G=;B=:=75BH CJ9F H=A9 2=@?G(5A685   "     D   D5FH=5@ 9H5 GEI5F98 
 %BH9F9GH=B;@M H<9 D5FH=7=D5BHG 9LD9F=9B79 C: 5779DH=B; K5G @9GG :5JCIF56@9 5H H<9 GH5FH <CK9J9F 5H H<9 G97CB8 GH5;9 /=A9 
H<9M K9F9 ACF9 5779DH=B; C: H<9 G=HI5H=CB $CK9J9F 5779DH5B79 69;5B HC 897@=B9 ;F58I5@@M 69HK99B GH5;9  5B8 GH5;9  G99 /56@9 
5B8 "=;  %BG9FH "=; 
Journal of Business Venturing Insights 16 (2021) e00282
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Fig. 3. 5F;5=B=B; CJ9F H=A9
Fig. 4. 9DF9GG=CB CJ9F H=A9
Fig. 5. 779DH5B79 CJ9F H=A9
H H<9 SFGH GH5;9 /=A9  H<9 BIA69F C: M95FG =B 6IG=B9GG K5G F9@5H98 HC H<9 D5FH=7=D5BHG ACC8 Depression %B ;9B9F5@ H<9 D5FH=7
=D5BHG K<C <58 GD9BH 5 @CB;9F H=A9 =B 6IG=B9GG K5G G=;B=:=75BH@M B9;5H=J9@M F9@5H98 HC 5 B9;5H=J9 ACC8 GH5H9 F   D   *C
CH<9F G=;B=:=75BH F9@5H=CBG<=DG K9F9 F9DCFH98 69HK99B M95FG =B 6IG=B9GG 5B8 CH<9F AC89@ :57HCFG G99 /56@9  $CK9J9F ;9B89F K5G
F9@5H98 HC 89B=5@ 65F;5=B=B; 5B8 89DF9GG=CB /<9 A5@9 D5FH=7=D5BHG K9F9 G=;B=:=75BH@M G@=;<H@M @9GG @=?9@M HC 9LD9F=9B79 :99@=B;G C: 89
B=5@ F   D   65F;5=B ACF9 F   D   CF <5J9 5 B9;5H=J9 ACC8 F   D   H<5B :9A5@9G G99 /56@9
 *C CH<9F G=;B=:=75BH F9@5H=CBG<=DG K9F9 F9DCFH98 :CF ;9B89F %BG9FH /56@9 
%B H<9 GH5;9 /=A9  H<9 BIA69F C: M95FG =B 6IG=B9GG F9DCFH98 6M D5FH=7=D5BHG K5G G=;B=:=75BH@M F9@5H98 HC bargaining 5DDFC57<9G F
  D   $CK9J9F BC CH<9F G=;B=:=75BH F9@5H=CBG<=D K5G F9DCFH98 G99 /56@9  %BH9F9GH=B;@M H<9 5;9 C: H<9 D5FH=7=D5BHG K5G
G=;B=:=75BH@M F9@5H98 HC 6CH< 89B=5@ 5B8 65F;5=B=B; K=H< C@89F D5FH=7=D5BHG G@=;<H@M ACF9 @=?9@M HC 9LD9F=9B79 ;F95H9F @9J9@G C: 89B=5@
F   D   5B8 8=GD@5M ACF9 9J=89B79 C: 65F;5=B=B; F   D   57?;FCIB8 =B8=75HCFG K9F9 BCH G=;B=:=75BH@M F9
@5H98 HC 5BM CH<9F AC89@ :57HCFG /<9F9 K9F9 BC G=;B=:=75BH F9@5H=CBG<=DG F9DCFH98 =B H<9 H<=F8 GH5;9 /=A9  $CK9J9F H<9F9 K9F9
G9J9F5@ G=;B=:=75BH F9@5H=CBG<=DG F9DCFH98 5H H<9 :CIFH< GH5;9 /=A9  /<9 BIA69F C: M95FG H<9 D5FH=7=D5BH K5G =B 6IG=B9GG K5G B9;5
H=J9@M G=;B=:=75BH@M F9@5H98 HC H<9=F @9J9@ C: 89B=5@ F   D   5B8 5779DH5B79 F   D   /<=G A5M GI;;9GH H<5H
H<CG9 K<C <5J9 699B =B 6IG=B9GG @CB;9F 5F9 @9GG @=?9@M HC 69 89B=5@ 56CIH H<9=F 6IG=B9GG G=HI5H=CB 6IH 5@GC @9GG @=?9@M HC 5779DH H<9 ;F5J
=HM C: H<9 G=HI5H=CB %B 588=H=CB ;9B89F K5G 5@GC F9@5H98 K95?@M K=H< H<9 D5FH=7=D5BHG @9J9@ C: 5779DH5B79 C: H<9 G=HI5H=CB GI;;9GH=B;
H<5H A5@9G 5F9 ACF9 @=?9@M HC 69 5779DH=B; C: H<9=F 6IG=B9GG G=HI5H=CB H<5B :9A5@9G F   D   @@ CH<9F F9@5H=CBG<=DG K9F9 F9
DCFH98 5G BCBG=;B=:=75BH "CF H<9 S:H< GH5;9 /=A9  CB@M CB9 G=;B=:=75BH F9@5H=CBG<=D K5G F9DCFH98 G=;B=:=75BH /<9 A5@9G =B ;9B9F5@
Journal of Business Venturing Insights 16 (2021) e00282
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Fig. 6.  SJ9 GH5;9 AC89@ C: 6IG=B9GG ;F=9:
:99@=B; K9F9 ACF9 5779DH=B; C: H<9=F 7IFF9BH 6IG=B9GG G=HI5H=CB =B 7CAD5F=GCB HC :9A5@9G F   D   %H =G =BH9F9GH=B; HC BCH9
5H H<9 9B8 C: H<9 @C7?8CKB D<5G9 657?;FCIB8 =B8=75HCFG GI7< 5G M95FG =B 6IG=B9GG 5;9 5B8 ;9B89F <58 @=HH@9 GH5H=GH=75@ G=;B=:=75B79
F9;5F8=B; H<9 5HH=HI8=B5@ 5B8 9ACH=CB5@ :99@G C: H<9 6IG=B9GG CKB9F G99 /56@9 
6. Discussion and emergent model of business grief
0B89FGH5B8=B; H<9 F9GDCBG9 C: GA5@@ 6IG=B9GG CKB9FG HC H<9 +1%  D5B89A=7 A5M 69 J=9K98 H<FCI;< H<9 @9BG C: H<9 'R6@9F
-CGG  AC89@ C: #F=9: /<9 5DD@=75H=CB C: H<9 AC89@ =B H<=G GHI8M <5G 5=898 CIF IB89FGH5B8=B; C: <CK GA5@@ 6IG=B9GG CKB9FG 5F9
7CD=B; K=H< H<9 H9ADCF5FM 7@CGIF9 7<5B;9G =B H<9=F 6IG=B9GG AC89@ 5B8 H<9 DCH9BH=5@ C: D9FA5B9BH @CGG C: 5@@ CF 5 DFCDCFH=CB C: H<9=F
6IG=B9GG %*.!-/ "=; 
"=;  =@@IGHF5H9G H<5H H<9 GH5;9G DFCDCG98 6M 'R6@9F-CGG  5F9 D9F<5DG 69HH9F IB89FGHCC8 5G H<9 ?9M 9@9A9BHG C: 6IG=B9GG
;F=9: /<9 9@9A9BHG 8C BCH 5DD95F 7<FCBC@C;=75@@M BCF 75B H<9 HF5BG=H=CB 69 5GGIA98 HC 69 @=B95F %BGH958 CIF SB8=B;G =B8=75H9 H<5H
H<9 9@9A9BHG 9L=GH 5H 8=::9F9BH @9J9@G 5B8 5H 8=::9F9BH DC=BHG =B H=A9 8IF=B; H<9 ;F=9J=B; DFC79GG /<9 DF9J5@9B79 C: 957< 9@9A9BH
7<5B;9G CJ9F H=A9 6IH BCH =B G9EI9B79 5G DFCDCG98 6M H<9 CF=;=B5@ AC89@ /<9F9:CF9 957< 8=A9BG=CB G<CI@8 69 A95GIF98 5B8 IB
89FGHCC8 :FCA 5 @CB;=HI8=B5@ D9FG9D7H=J9 /<=G SB8=B; =G GIDDCFH98 6M GHI8=9G CB H<9 IG9 C: GH5;965G98 AC89@G C: ;F=9: $C@@5B8 5B8
*9=A9M9F F99B ,5F?9G .<95F .HFC969 9H 5@  29 DFCDCG9 H<5H H<9 =AD57H C: 5 6IG=B9GG 7@CGIF9
G<CI@8 69 GHI8=98 IG=B; H<9 SJ9 9@9A9BHG 6IH 5H 5 G9F=9G C: H=A9 =BH9FJ5@G  K99?G =B CF89F HC AC89@ 6IG=B9GG ;F=9: 2<5H :C@
@CKG =G 5 8=G7IGG=CB C: H<9 SJ9 GH5;9G 5B8 5B =B=H=5@ 5GG9GGA9BH C: <CK H<9M F9@5H9 HC H<9 GHI8M C: ;F=9: =B 5 GA5@@ 6IG=B9GG G9HH=B;
Stage 1 Denial: GA5@@ 6IG=B9GG CKB9FG 5F9 F9G=@=9BH 5B8 577IGHCA98 HC 7<5B;9 ACF9 GC :CF H<CG9 K<C 5F9 =B 6IG=B9GG @CB;9F
/<9 85H9 =B8=75H9G H<5H H<9F9 =G IB@=?9@M HC 69 5B 9LH9B898 95F@M GH5;9 7<5F57H9F=G98 6M 89B=5@ %BGH958 H<9 GA5@@ 6IG=B9GG CKB9F =G
@=?9@M HC :C7IG CB =AA98=57M C: H<9 G=HI5H=CB /<9F9 K=@@ 69 5 G9F=9G C: B979GG5FM GH9DG HC 69 H5?9B =9 G97IF=B; :57=@=H=9G 9BGIF=B;
GH5:: 75B 5779GG GC7=5@ K9@:5F9 DFCJ=G=CB F957<=B; 5;F99A9BH K=H< SB5B7=5@ =BGH=HIH=CBG CB 7F98=H 9H7 $CK9J9F K9 KCI@8 75IH=CB
H<5H 89B=5@ A5M C77IF CF F97IF 5G 5 B9K F95@=HM 9A9F;9G %B8998 =B H<=G GHI8M H<9F9 K5G 5B =B7F95G9 =B 89B=5@ 8IF=B; H=A9 D9F=C8
 5G GA5@@ 6IG=B9GG CKB9FG <58 HC 56GCF6 H<9 B9K BCFA5@ 5B8 895@ K=H< 5B 9LH9B898 D9F=C8 C: F9GHF=7H=CBG 29 GI;;9GH H<5H H<9
@9J9@ C: 89B=5@ K=@@ TI7HI5H9 5B8 A5M 9J9B =B7F95G9 5G H<9 GA5@@ 6IG=B9GG CKB9F GH5FHG HC F95@=G9 H<9 @CB;H9FA =AD@=75H=CBG C: H<9
7<5B;9G HC H<9=F 6IG=B9GG DCFH:C@=C 5B8CF AC89@
Stage 2 Anger: H H<=G DC=BH CIF 85H5 =B8=75H9G H<5H 5 GA5@@ 6IG=B9GG CKB9F K=@@ GH5FH HC 89J9@CD :99@=B;G C: 5B;9F /<9 5B;9F =G H<9
7IAI@5H=CB C: GHF9GG9G 75IG98 6M IB79FH5=BHM 5B8 F9GDCBG=6=@=H=9G "CF GA5@@ 6IG=B9GG CKB9FG H<9 5B;9F K=@@ 89F=J9 :FCA 5 @57? C: 57
7IF5H9 =B:CFA5H=CB 6IF95I7F5H=7 89@5MG 5B8 =BH9BG=HM C: =BH9F57H=CBG K=H< SB5B7=5@ =BGH=HIH=CBG @H<CI;< H<9 5B;9F A5M A5B=:9GH =H
G9@: =B H<9 KCF?D@579 =H =G IB@=?9@M HC 69 :C7IG98 5H GH5:: CF GIDD@=9FG $CK9J9F H<9 =B=H=5@ <=;< @9J9@G C: 5B;9F 5F9 @=?9@M HC 8=A=B=G< 5G
H<9 GA5@@ 6IG=B9GG CKB9F :C7IG9G CB B9K CDDCFHIB=H=9G 29 GI;;9GH H<5H H<9 @9J9@ C: 5B;9F K=@@ 897F95G9 CJ9F H=A9 CB@M =B7F95G=B;
5;5=B =: H<9F9 =G 5 G=;B=:=75BH =B7F95G9 =B F9GHF=7H=CBG
Stage 3 Bargaining: =B H<=G GH5;9 H<9 GA5@@ 6IG=B9GG CKB9F 69;=BG HC B9;CH=5H9 H<9=F 7IFF9BH G=HI5H=CB 9=H<9F K=H< D9FGCBG =B
5IH<CF=HM CH<9F 6IG=B9GG CKB9FG CF :5A=@M A9A69FG %FF9GD97H=J9 C: <CK F95@=GH=75@@M H<9 GA5@@ 6IG=B9GG CKB9FG H<=B?G 65F;5=B=B;
=G @=?9@M HC GI77998 =H H<9 DFC79GG C: D@5BB=B; 5B8 IB89FH5?=B; H<5H DFCJ=89G H<9 GA5@@ 6IG=B9GG CKB9F K=H< 5B 5DDFCDF=5H9 8=GHF57
H=CB /<9 DFC79GG K=@@ <9@D 89J9@CD 5B 5DDFCDF=5H9 A9GG5;9 HC DFCJ=89 HC :5A=@M GH5:: 5B8 7IGHCA9FG %B 588=H=CB H<=G DFC79GG 5@
@CKG H<9 GA5@@ 6IG=B9GG CKB9F HC F9G9H H<9=F 75F99F6IG=B9GG ;C5@G 29 GI;;9GH H<5H H<9 @9J9@ C: 65F;5=B=B; K=@@ 69 5H =HG <=;<9GH
5:H9F H<9 @9J9@ C: 5B;9F GH5FHG HC GI6G=89 5B8 K=@@ D@5H95I IBH=@ GI7< H=A9 5G 5 GIGH5=B98 D9F=C8 C: BCFA5@=HM C77IFG
Stage 4 Depression: GA5@@ 6IG=B9GG CKB9F K<C 9BH9F H<=G GH5;9 :99@ 5 G9BG9 C: 89GD5=F @CGG F9;F9H <CD9@9GGB9GG G58B9GG F9GI@H
=B; =B @=A=H98 9BH<IG=5GA HC 9B;5;9 =B 57H=CB7<5B;9 /<=G K=@@ GH5;9 K=@@ C77IF 5G H<9M F95@=G9 H<5H H<9=F :CFA9F 6IG=B9GG AC89@ =G
BC @CB;9F F9@9J5BH 5B8CF CD9F5H=CB5@ 9DF9GG=CB A5M 5@GC C77IF 8I9 HC 5 F98I798 HIFBCJ9F 5B8 D@5BB=B; IB79FH5=BH=9G 29 GI;
Journal of Business Venturing Insights 16 (2021) e00282
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S. Stephens et al.
;9GH H<5H H<9 @9J9@ C: 89DF9GG=CB 5@H<CI;< AC89F5H9 K=@@ F9A5=B :CF D9F=C8 C: H=A9 5B8 CB@M GH5FH HC 8=GG=D5H9 5G H<9 GA5@@ CKB9F
C6G9FJ9G H<9=F D99FG @C75@ 97CBCAM 5B8 GC7=9HM 5779DH 5B8 89J9@CD =B H<9 B9K BCFA5@
Stage 5 Acceptance: 779DH5B79 =G H<9 SB5@ GH5;9 .A5@@ 6IG=B9GG CKB9FG K=@@ <5J9 B5J=;5H98 5 D9F=C8 C: IB79FH5=BHM 7<5F57
H9F=G98 6M ;F=9: A5B=:9GH98 =B 8=::9F9BH 5B8 IBIGI5@ 69<5J=CIF D5HH9FBG /<9M K=@@ BCK <5J9 8=::9F9BH 6IG=B9GG 57H=J=H=9G H<9 85=@M
CD9F5H=CB C: H<9=F 6IG=B9GG K=@@ 69 7<5B;98 /<9 :C7IG C: H<9 GA5@@ 6IG=B9GG CKB9F K=@@ 69 CB :IHIF9 57H=J=HM 5B8 H<CI;<HG C: DF9J=
CIG 6IG=B9GG 57H=J=HM K=@@ CB@M C77IF C775G=CB5@@M 29 GI;;9GH H<5H 5779DH5B79 =G 5 8=GH=B;I=G<56@9 SB5@ GH5;9 5B8 H<5H 5BM F9;F9G
G=CB KCI@8 CB@M C77IF 5G 5 F9GI@H C: 5BCH<9F G<C7? 5B8 5G GI7< F9GI@H =B H<9 GH5FH C: 5 B9K DFC79GG C: ;F=9:
7. Implications for practice
/<9 GA5@@ 6IG=B9GG CKB9FG 9LD9F=9B798 5 G=;B=:=75BH @9J9@ C: DGM7<C@C;=75@ GHF9GG 6IH H<9M 5@GC 8=GD@5M98 F9G=@=9B79 5B8 CJ9F H=A9
5779DH98 H<9 7<5B;98 7=F7IAGH5B79G 5B8 :C7IG98 CB 7CBH=BI5H=CB /<=G GIDDCFHG 9J=89B79 =B H<9 9LH5BH @=H9F5HIF9 C: H<9 F9G=@=9B79 C:
GA5@@ 6IG=B9GG CKB9FG 0765G5F5B 9H 5@ &9B?=BG 9H 5@ )IQCN 9H 5@ .H9D<9BG 9H 5@  %ADCFH5BH@M =H 5@GC 75D
HIF9G 5B 9BHF9DF9B9IFG 5;=@=HM 5B8 56=@=HM HC F97F95H9 5B 9L=GH=B; 6IG=B9GG AC89@ 5B8CF 7F95H9 B9K G9FJ=79 5B8 DFC8I7H C::9F=B;G
.<9D<9F8 CD9 .=B;< 9H 5@ A5B?K5<AC5< 9H 5@ $9;5FHM 9H 5@  /<9 F9GHF=7H=CBG =ADCG98 5
6F95?CB H<9 GA5@@ 6IG=B9GG CKB9FG /<9 GA5@@ 6IG=B9GG CKB9FG K9F9 =AD57H98 :CF 8=::9F9BH D9F=C8G C: H=A9 5B8 =B 8=::9F9BH K5MG
5B8 5G 5 7CBG9EI9B79 B99898 8=::9F9BH HMD9G C: GIDDCFHG 5H 8=::9F9BH GH5;9G C: H<9 7F=G=G 9GD=H9 H<9 69GH 9::CFHG C: ;CJ9FBA9BH 5B8
<95@H< 5;9B7=9G H<9 +1%  F9GHF=7H=CBG 7CBH=BI9 5B8 H<9 @CB;H9FA =AD57HG 5F9 CB@M GH5FH=B; HC A5B=:9GH H<9AG9@J9G DDFCDF=5H9
GIDDCFH GMGH9AG 5F9 7CAD@9L HC 89G=;B 5B8 89@=J9F FCKB 9H 5@  (=;ICF= 5B8 ,=HHN ,5D58CDCI@CG 9H 5@  .A5@@
6IG=B9GG CKB9FG K<C <5J9 699B =AD57H98 6M +1%  B998 GIDDCFHG :CF H<9=F 6IG=B9GG 5B8 :CF H<9AG9@J9G .CA9 C: H<9 GA5@@ 6IG=
B9GG CKB9FG :9@H ACF9 GIDDCFH98 H<5B CH<9FG GCA9 K9F9 69HH9F 56@9 HC 585DH !BHF9DF9B9IFG 5B8 GA5@@ 6IG=B9GG CKB9FG 75BBCH 69
H<CI;<H C: 5G 5 <CAC;9B9CIG ;FCID 8IF=B; 7F=G=G 9D=GC89G
8. Conclusion
+IF SB8=B;G 5=8 CIF 9A9F;9BH IB89FGH5B8=B; C: H<9 =AD57H H<5H 5 7@CGIF9 75B <5J9 CB 5B H<9 D9FGCB5@ :5A=@M 5B8 DFC:9GG=CB5@ @=:9
C: GA5@@ 6IG=B9GG CKB9FG /<9 9J=89B79 DF9G9BH98 =B H<=G D5D9F =B8=75H9G H<5H H<9 =AD57HG C: 5 6IG=B9GG 7@CGIF9 9J9B H9ADCF5FM K=@@
<5J9 5 G=;B=:=75BH DGM7<C@C;=75@ =AD57H CB GA5@@ 6IG=B9GG CKB9FG 29 GI;;9GH H<5H 5 6IG=B9GG 7@CGIF9 75B 75IG9 GA5@@ 6IG=B9GG CKB9FG
HC ;F=9J9 =B 5 A5BB9F H<5H 75B 69 AC89@@98 5B8 =@@IGHF5H98 29 <5J9 <=;<@=;<H98 H<9 7CBH=BI98 F9@9J5B79 C: 5 GH5;965G98 5DDFC57< HC
H<9 GHI8M C: ;F=9: =B 5 F5B;9 C: 7=F7IAGH5B79G 5B8 G9HH=B;G 29 57?BCK@98;=B; H<9 @=A=H5H=CBG C: CIF GHI8M +IF G5AD@9 G=N9 =G GA5@@
5B8 5 ;F95H9F BIA69F C: F9GDCB89BHG KCI@8 588 588=H=CB5@ D9FGD97H=J9 $CK9J9F H<9 85H5 K5G 7C@@97H98 8IF=B; 5 D9F=C8 C: ;F95H
7<5B;9 :CF H<9 GA5@@ 6IG=B9GG CKB9FG /<9=F 5J5=@56=@=HM HC D5FH=7=D5H9 =B CIF GHI8M K5G 9LHF9A9@M @=A=H98 29 69@=9J9 H<5H H<9F9 =G 5
B998 :CF F9G95F7< H<5H 9LD@CF9G H<9 HMD9G C: 6F95?G 6CH< =ADCG98 5B8 JC@IBH5FM H<5H C77IF 8IF=B; 5B 9BHF9DF9B9IF=5@ >CIFB9M
Credit author statement
.=ACB .H9D<9BG CB79DHI5@=N5H=CB %BJ9GH=;5H=CB 5B8 2F=H=B;<F=G )7(5I;<@=B CB79DHI5@=N5H=CB "CFA5@ 5B5@MG=G 5B8 1=GI5@
=N5H=CB'5HF=B5 )7(5I;<@=B CB79DHI5@=N5H=CB 5B8 2F=H=B; @@ D9FGCBG K<C A99H 5IH<CFG<=D 7F=H9F=5 5F9 @=GH98 5G 5IH<CFG 5B8 5@@ 5I
H<CFG 79FH=:M H<5H H<9M <5J9 D5FH=7=D5H98 GI:S7=9BH@M =B H<9 KCF? HC H5?9 DI6@=7 F9GDCBG=6=@=HM :CF H<9 7CBH9BH =B7@I8=B; D5FH=7=D5H=CB
=B H<9 7CB79DH 89G=;B 5B5@MG=G KF=H=B; CF F9J=G=CB C: H<9 A5BIG7F=DH "IFH<9FACF9 957< 5IH<CF 79FH=S9G H<5H H<=G A5H9F=5@ CF G=A=@5F
A5H9F=5@ <5G BCH 699B 5B8 K=@@ BCH 69 GI6A=HH98 HC CF DI6@=G<98 =B 5BM CH<9F DI6@=75H=CB
Funding
/<=G F9G95F7< F979=J98 BC 9LH9FB5@ :IB8=B;
Declaration of competing interest
/<9 5IH<CFG 897@5F9 H<5H H<9M <5J9 BC ?BCKB 7CAD9H=B; SB5B7=5@ =BH9F9GHG CF D9FGCB5@ F9@5H=CBG<=DG H<5H 7CI@8 <5J9 5DD95F98 HC
=BTI9B79 H<9 KCF? F9DCFH98 =B H<=G D5D9F
Acknowledgment
H<9 5IH<CFG K=G< HC 57?BCK@98;9 H<9 =BJ5@I56@9 7CBHF=6IH=CB C: H<9 5GGC7=5H9 98=HCF 5B8 H<9 F9J=9K9F /<9=F ;I=85B79 5B8 F97CA
A9B85H=CBG <5J9 F9GI@H98 =B G=;B=:=75BH =ADFCJ9A9BHG HC H<=G D5D9F
Appendix 1. Participants
15F=56@9 (569@ * 
#9B89F )5@9  
"9A5@9  
;9  M95FG 
continued on next page
Journal of Business Venturing Insights 16 (2021) e00282
8
S. Stephens et al.
continued
15F=56@9 (569@ * 
 M95FG  
 M95FG  
 M95FG
!8I75H=CB B8  
$=;< !8  
IG=B9GG ;9  
  
  
  
  
.97HCF 77CAAC85H=CB  
,FC: .9FJ=79G 
$95@H<"=HB9GG  
-9H5=@  
"CC8  
@CGIF9 ,9F=C8  K99?G 
 K99?G 
 K99?G  
 K99?G  
Appendix 2. (5 stages of data collection)
Interview 1 K99? 69;=BB=B; )5F7< H< %B F9GDCBG9 HC H<9 9A9F;9B79 C: H<9 +1%  D5B89A=7 H<9 #CJ9FBA9BH C: %F9@5B8
#C% HCC? 5 F5B;9 C: B979GG5FM 5B8 IBDF97989BH98 57H=CBG  H=9F98 GMGH9A C: DI6@=7 <95@H< A95GIF9G K5G DFCDCG98 CB )5F7< H<
9B<5B798 CB )5F7< H< H< 5B8 9LH9B898 IBH=@ )5M H< @@ 6IG=B9GG K=H< H<9 9L79DH=CB C: 9GG9BH=5@ F9H5=@ K9F9 7@CG98 5B8 =B8=
J=8I5@G K9F9 5G?98 HC F9A5=B 5H <CA9
Interview 2 K99? 69;=BB=B; )5M H< H H<9 GH5FH C: )5M 5 -C58A5D :CF H<9 -9CD9B=B; C: IG=B9GG 5B8 .C7=9HM K5G DI6@=G<98
6M ;CJ9FBA9BH /<9 D@5B K5G 89J9@CD98 =B 7CBGI@H5H=CB K=H< H<9 *5H=CB5@ ,I6@=7 $95@H< !A9F;9B7M /95A 5B8 CIH@=B98 SJ9 D<5G9G
5B8 H<9 HF=;;9FG :CF DFC;F9GG :FCA CB9 D<5G9 HC H<9 B9LH %B8=75H=J9 85H9G K9F9 DFCJ=898
Interview 3 K99? 69;=BB=B; &IB9 H< ,<5G9  C: -9CD9B=B; A589 DFCJ=G=CB :CF J=G=HG HC <CIG9<C@8G 5B8 H<9 89J9@CDA9BH C:
F5B;9 C: GI6D@5BG 5B8 GIDDCFHG HC CD9B ID 6IG=B9GG K=H< 7CBG=89F5H=CB :CF G5:9HM C: GH5:: 5B8 7IGHCA9FG .A5@@ F9H5=@ CIH@9HG DI6@=7
@=6F5F=9G 5B8 A5FHG K<9F9 GC7=5@ 8=GH5B7=B; 7CI@8 69 C6G9FJ98 K9F9 D9FA=HH98 HC CD9B
Interview 4 K99? 69;=BB=B; &I@M H< CB9 K99? 5:H9F ,<5G9  C: -9CD9B=B; K=H< H<9 9L79DH=CB C: GCA9 @C75@ @C7?8CKBG
58I@H 98I75H=CB :57=@=H=9G 7<=@8A=B8=B; 5B8 5 F5B;9 C: 5A9B=H=9G F9CD9B98 %B 588=H=CB H<9 :C@@CK=B; 6IG=B9GG9G K9F9 5@@CK98 HC
F9CD9B GI6>97H HC GHF=7H ;I=89@=B9G 5B8 F98I798 BIA69FG $CH9@G <CGH9@G 75F5J5B D5F?G 5B8 <C@=85M D5F?G 5:PG 5B8 F9GH5IF5BHG
5B8 DI6G CD9F5H=B; 5G F9GH5IF5BHG %B 588=H=CB H<9 :C@@CK=B; F9CD9B98 7I@HIF5@ CIH@9HG 7=B9A5G @9=GIF9 :57=@=H=9G 6=B;C 5B8 D@579G
C: KCFG<=D K9F9 5@@CK98 HC CD9B
Interview 5 K99? 69;=BB=B; I; H< G5K H<9 58CDH=CB C: K<5H A5BM F9:9FF98 HC 5G H<9 New Normal. /<9F9 K9F9 H<F99 ?9M 9@9
A9BHG  H<9 F9CD9B=B; C: .7<CC@G  D9FA=GG=CB :CF @5F;9F GC7=5@ ;5H<9F=B;G  5B8 58J=79 CB 5 F9HIFB HC KCF? 57FCGG 5@@ G97HCFG %B
588=H=CB H<9F9 K5G 5 ;9B9F5@ 95G=B; C: F9GHF=7H=CBG 57FCGG H<9 G9FJ=79 G97HCF
Appendix 3. Structured Questions1
Denial and Isolation
C MCI SB8 =H 8=:S7I@H HC :C7IG CB 5BMH<=B; CH<9F H<5B MCIF @CGH 6IG=B9GG
C MCI H5?9 A95GIF9G HC 5JC=8 5BMH<=B; H<5H F9A=B8G MCI C: MCIF @CGH 6IG=B9GG
C MCI ;9H IDG9H 6M A9ACF=9G C: H<9 85=@M CD9F5H=CBG C: MCIF 6IG=B9GG
!J9F G=B79 AM 6IG=B9GG 7@CG98 =H =G <5F8 :CF A9 HC HFIGH D9CD@9
!J9F G=B79 AM 6IG=B9GG 7@CG98 =H =G <5F8 :CF A9 HC HFIGH H<9 ;CJ9FBA9BH
!J9F G=B79 AM 6IG=B9GG 7@CG98 =H =G <5F8 :CF A9 HC 7CBSB9 =B AM :5A=@M
Anger
C MCI <5J9 HFCI6@9 5779DH=B; H<9 7@CGIF9 C: MCIF 6IG=B9GG
C MCI GHFI;;@9 HC A5=BH5=B 5 FCIH=B9 CF 9B;5;9 =B GC7=5@ 57H=J=H=9G 5:H9F H<9 7@CGIF9
C MCI 697CA9 95G=@M =FF=H56@9 CF 5;=H5H98
C MCI :99@ 5B;FM 56CIH MCIF 6IG=B9GG 7@CG=B;
Bargaining
C MCI :99@ 8=G69@=9: CJ9F K<5H <5DD9B98
BGK9FG DFCJ=898 65G98 CB 5 DC=BH (=?9FH G75@9   *9J9F   -5F9@M   .CA9H=A9G   +:H9B   19FM +:H9B
Journal of Business Venturing Insights 16 (2021) e00282
9
S. Stephens et al.
C MCI :99@ GHIBB98 CF 85N98 CJ9F K<5H <5DD9B98
C MCI :99@ H<5H @=:9 =G 9ADHM K=H<CIH MCIF 6IG=B9GG
C MCI :99@ =GC@5H98 5 ;F95H 895@ C: H<9 H=A9
Depression
C MCI 9LD9F=9B79 9ACH=CB5@ D5=B CB 5 85=@M 65G=G
C MCI :99@ BIA6 CF 89H57<98 :FCA CH<9F D9CD@9 CF 57H=J=H=9G % CB79 9B>CM98
C MCI :99@ H<5H @=:9 =G A95B=B;@9GG 5B8 ACGH 57H=J=H=9G <5J9 BC DIFDCG9
C MCI :99@ H<5H MCI 7CI@8 <5J9 DF9J9BH98 MCIF 6IG=B9GG9G 7@CGIF9
Acceptance
% H<=B? H<=B;G K=@@ B9J9F 69 H<9 G5A9 5;5=B
% H<=B? AM 6IG=B9GG K=@@ BCH F97CJ9F 5B8 % K=@@ <5J9 HC GH5FH 5;5=B
% H<=B? H<5H % K=@@ F9CD9B AM 6IG=B9GG 5B8 69 GI779GG:I@ 5;5=B
% K=G< % <58 B9J9F GH5FH98 AM 6IG=B9GG
% K=G< % <58 G9H ID 5B CB@=B9 6IG=B9GG
% K=G< % K5G 5 ,3! KCF?9F
References
?D5B %& .CCDF5A5B=9B  'K5?   IHH=B;98;9 H97<BC@C;=9G :CF GA5@@ 6IG=B9GG 5B8 =BBCJ5H=CB =B H<9 9F5 C: +1%  ;@C65@ <95@H< D5B89A=7 & .A5@@
IG !BH9FDF9B    <HHDG8C=CF;
@CBGC   'C? . F9GG5B   +1%  5:H9FA5H< =AD57HG 5B8 <CGD=H5@=HM SFAG 5B =BH9FB5H=CB5@ D9FGD97H=J9 %BH & $CGD=H )5B5;  <HHDG8C=CF;
>=><A
A5B?K5<AC5< & CGC * BHK=;M9= %  /<9 9::97HG C: 6IG=B9GG :5=@IF9 9LD9F=9B79 CB GI779GG=J9 9BHF9DF9B9IF=5@ 9B;5;9A9BHG 5B 9JC@IH=CB5FM D<5G9
AC89@  #FCID  +F;5B=N5H=CB )5B5;9A9BH DD 
5;@=CB9  #=F5F8 # ,F=79 ) @5KGCB & .<=< ,  )C89FB 69F95J9A9BH 5 AC89@ :CF 7CAD@=75H98 ;F=9: =B H<9 8=;=H5@ 5;9 CB:9F9B79 CB $IA5B "57HCFG =B
CADIH=B; .MGH9AG    <HHDG8C=CF;
5FH=? 2 9FHF5B8 ) I@@9B 4 9H 5@  /<9 =AD57H C: +1%  CB GA5@@ 6IG=B9GG CIH7CA9G 5B8 9LD97H5H=CBG ,FC7 *5H@ 758 .7= 0B=H .H5H9G A 

@5I #  ,5FH=5@@M H9GH=B; 5 DFC79GG AC89@ :CF IB89FGH5B8=B; J=7H=A F9GDCBG9G HC 5B 5BH=7=D5H98 KCF?G=H9 7@CGIF9 & 1C75H 9<5J  
F99B (&  ,FC:9GG=CB5@G9LD9F=9B79G C: ;F=9: 7CIBG9@@=B; =AD@=75H=CBG :CF 6F=8;=B; H<9 ;5D 69HK99B F9G95F7< 5B8 DF57H=79 +A9;5 & 95H< M=B;  

5GH=@@C  "9FB5B89N 1 .5@@5B &)  /<9 G=L 9ACH=CB5@ GH5;9G C: CF;5B=N5H=CB5@ 7<5B;9 & +F;5B <5B;9 )5B5;  
CD9 &  !BHF9DF9B9IF=5@ @95FB=B; :FCA :5=@IF9 5B =BH9FDF9H5H=J9 D<9BCA9BC@C;=75@ 5B5@MG=G & IG 19BHIF  
CFF   !@=G569H< ?R6@9FFCGG 5B8 H<9 SJ9 GH5;9G AC89@ =B G9@97H98 GC7=5@ KCF? H9LH6CC?G %@@B9GG F=G=G (CGG "
CK@=B; ) FCKB - -C7<5   =8 MCI G5J9 GCA9 75G< :CF 5 F5=BM +1%  85M /<9 7F=G=G 5B8 .)!G %BH .A5@@ IG &  
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Journal of Business Venturing Insights 16 (2021) e00282
10
S. Stephens et al.
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... For some time now, research has been undertaken to comprehend the impact of crisis episodes on entrepreneurial activity (Stephens et al., 2021). Conceptually, crises represent undesirable and commonly unexpected events characterized by limited duration yet with diverse and ambiguous implications (Glaesser, 2006) that economically debilitate companies (Wenzel et al., 2020). ...
... Conceptually, crises represent undesirable and commonly unexpected events characterized by limited duration yet with diverse and ambiguous implications (Glaesser, 2006) that economically debilitate companies (Wenzel et al., 2020). Crucially, crises unfold through phases, leading to financial constraints and business closures influenced by the duration of exposure (Bartik et al., 2020), a fact that requires immediate adaptation strategies (Glaesser, 2006) and imposes significant economic and social repercussions on enterprises (Stephens et al., 2021). Although all the stages of a crisis are significant -pre-crisis, crisis moment, and post-crisis -few studies focus on the second phase, with the majority concentrating on the aftermath (Doern, 2021). ...
... MSEs, in particular, are disproportionately impacted due to their technological, administrative, operational, and human resource vulnerabilities (Bella-Elliott et al., 2021). The repercussions extend to suppliers and strategic partners (Stephens et al., 2021), pressures from customers (Bouças da Silva et al., 2021), as well as emotional and behavioral effects on entrepreneurs (Antwi et al., 2024). Paradoxically, despite these internal and external obstacles, MSEs are often believed to possess superior and more rapid adaptive capabilities, allowing them to explore market niches (Bourletidis, 2013) and replicate effective business practices (Wright et al., 2015). ...
... Há algum tempo, são desenvolvidos estudos voltados a compreender como a atividade empreendedora é impactada por episódios de crise (Stephens et al., 2021). Conceitualmente, as crises constituem um processo indesejado e comumente inesperado com duração limitada, todavia com desdobramentos variados e ambíguos (Glaesser, 2006) que fragilizam, economicamente, as empresas (Wenzel et al., 2020). ...
... Conceitualmente, as crises constituem um processo indesejado e comumente inesperado com duração limitada, todavia com desdobramentos variados e ambíguos (Glaesser, 2006) que fragilizam, economicamente, as empresas (Wenzel et al., 2020). Fundamentalmente, uma crise se desenvolve e evolui em fases, gera escassez de recursos financeiros e falência de empresas influenciadas pelo tempo de exposição (Bartik et al., 2020), fato que exige estratégias de adaptação imediatas (Glaesser, 2006) e impõe consequências econômico-sociais significativas aos negócios (Stephens et al., 2021). Embora os estágios de uma crise sejam significativos -pré-crise, momento da crise e pós-crise -poucos estudos se concentram no segundo e a maioria está preocupada com o terceiro (Doern, 2021). ...
... Configuradas como as principais vítimas de crises -ambientais, econômicas, sanitárias etc. -as MPE sofrem impactos desproporcionais, diante das suas fragilidades tecnológicas, administrativas, operacionais e humanas (Bella-Elliott et al., 2021). Em adição, evidenciam-se impactos junto aos fornecedores e parceiros estratégicos (Stephens et al., 2021), pressões dos clientes (Bouças da Silva et al., 2021), bem como efeitos emocionais, e comportamentais à vida da família e dos empreendedores (Antwi et al., 2024). Em contradição, mesmo enfrentando obstáculos internos e externos em busca de sobrevivência, há quem acredite que as MPE apresentem capacidade superior e mais célere de adaptação para explorar nichos mercadológicos (Bourletidis, 2013) e replicar melhores práticas empresariais (Wright et al., 2015). ...
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Objetivo: Identificar estratégias de micro e pequenas empresas do setor hoteleiro de São Luís do Maranhão para enfrentar os impactos da COVID-19. Metodologia/abordagem: Exploratória, transversal, descritiva e qualitativa, desenvolvida entre janeiro e agosto de 2021, junto a 12 micro e pequenas hospedagens. A coleta de dados utilizou um roteiro semiestruturado e as falas transcritas foram submetidas à análise de conteúdo. Originalidade/relevância: Diante da complexidade imposta pela COVID-19, a adaptação estratégica das micro e pequenas empresas hoteleiras emerge como crucial para enfrentar os desafios desencadeados pela crise sanitária global. Principais resultados: Os resultados mostram impactos diversos: dificuldades financeiras e, ao mesmo tempo, melhorias nas relações com stakeholders e no faturamento. As estratégias de crise variaram conforme os grupos envolvidos. Para colaboradores e clientes, destacaram-se promoções, gestão de custos, adoção de protocolos sanitários e demissões. Em relação a fornecedores e concorrentes, houve negociações e cooperação empresarial. Instituições de suporte foram cruciais, oferecendo subsídios e apoio técnico para a retomada. No pós-pandemia, aprendizados incluem protocolos sanitários, redução de custos, maior uso de canais virtuais e fortalecimento de parcerias na cadeia produtiva. Contribuições teóricas: Este estudo avançou, em relação ao de Gomes (2021), ao apresentar os achados sobre impactos e estratégias de enfrentamento da COVID-19 no setor hoteleiro pertencente a um destino brasileiro ainda não investigado anteriormente. Contribuições para a gestão: As contribuições da pesquisa denotam que as experiências na pandemia consolidaram o caráter educativo das crises nas alterações organizacionais que favoreçam a competitividade e auxiliem no enfrentamento de futuros contextos adversos.
... In the context of CBR, grief is characterized by feelings of perplexity, anger, and disappointment that consumers experience when their connections with brands dissolute or change unsatisfyingly. Despite intense effects, grief has mainly been studied in the context of organization failure (Stephens et al., 2021), and job loss (Ramsey, 2014) from an entrepreneurial and employee perspective in the management literature, with scant focus on consumers' feelings and viewpoints as shown in Table 1. ...
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Purpose The purpose of this study is to explore the consequences of brand grief resulting from the loss of strong consumer-brand relationships (CBR) and devise a typology of grieving consumers. The paper specifically attempts to understand the effect of brand grief stemming from the termination of CBR due to brand death and brand transgression in the context of product and human brand. Design/methodology/approach Considering the exploratory nature of this study, qualitative research methodology employing in-depth interviews from consumers of global products and human brands is employed. To derive further insights, the artifacts shared by the consumers were also analyzed. Findings The research identifies several notable consequences of brand grief, encompassing switching, avoidance, hoarding and diminution of trust. Furthermore, a typology is developed to better understand the diverse reactions to brand grief. This model categorizes grieving consumers into four distinct groups – switchers, evaders, amassers and skeptics – across the three stages of grief: onset, experience and acceptance. These findings are consistent across both product and human brands. Originality/value Grounded in theories of possessions, loss and recovery and symbolic interactionism across the salient stages from onset to the experiences and eventual acceptance of brand grief, this research delves into the under-examined consequences of brand grief within the marketing literature. Further, the proposed typologies illuminate the scantly understood behaviors of grieving consumers as they navigate the grieving process following CBR loss due to brand death and transgression.
... La pandemia de COVID-19 ha llevado a la pérdida de vidas y negocios, forzando a países a implementar medidas de contención e impactando la producción, la cadena de suministro y aumentando costos internacionales. Esto ha resultado en el cierre permanente de muchas empresas (Stephens et al., 2021). ...
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Resumen. El objetivo central de este artículo es identificar el motivo el motivo de los empresarios por el cual dejan de preocuparles la rentabilidad de sus microempresas. Realizando un estudio cuantitativo con el propósito de identificar que tan alto es el alcance o el porcentaje dicho de este propósito, otro factor es el impacto de las emociones en los empresarios ya que a exceso de estrés o de sentimiento encontrados la mayoría de los empresarios llegan a tener un bajo nivel de motivación. Palabras Claves: Crisis empresarial, afectación del COVID-19 en los empresarios, impacto de las emociones en el desinterés de los empresarios. Introducción. La ECOVID-IE segunda edición revela que el 86.6% de las 1,873,564 empresas en el país sufrieron afectaciones debido a la pandemia, mostrando una disminución de casi 7 puntos porcentuales desde la primera edición. Los servicios privados no financieros experimentaron la mayor proporción de cierres definitivos 24.92%, seguidos por el comercio 18.98% y las manufacturas 15% (INEGI, 2020). De los 4.9 millones de establecimientos, el EDN 2020 estimó que nacieron 619 443 establecimientos mientras que 1 010 857 cerraron sus puertas definitivamente. El EDN 2021 estimó que nacieron 1.2 millones y cerraron 1.6 millones, lo que significa que entre octubre 2020 y julio 2021, se incrementó la proporción de nacimientos y disminuyó la proporción de muertes en comparación con lo observado de mayo de 2019 a septiembre 2020 (INEGI, 2021). Las microempresas, generalmente gestionadas por sus dueños, son vitales en la generación de ingresos y empleo. A menudo son creadas por individuos sin experiencia en el desarrollo empresarial. Aunque son fundamentales para muchas familias, enfrentan desafíos que a veces resultan en fracasos. Sin embargo, tienen el potencial de convertirse en empresas más grandes de manera eficiente, pero los empresarios a veces no reconocen la importancia de su crecimiento (Zambrano et al., 2021). Las microempresas, manejadas por sus dueños, son fundamentales para ingresos y empleo. Aunque enfrentan desafíos y fracasos, tienen potencial de crecimiento eficiente hacia empresas más grandes, a veces no reconocido por los empresarios (Suutari et al., 2023). El objetivo principal de este artículo es identificar el motivo de los empresarios por el cual dejan de preocuparles la rentabilidad de sus microempresas.
... Mientras que, en función del tamaño de empresa, los de mayor afectación han sido los microempresarios (17). ...
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The world urgently requires exit strategies for the pandemic generated by COVID-19, it is an event that has generated a standstill at a social and economic level, accompanied by a breakdown of global public health, itself a contemporary catastrophe. This research aims to analyze the battery of exit strategies reported in the literature from the perspective of both the State and the private company. Considering the origin of the pandemic, its effects and economic perspective. This work was developed based on a literature review in scientific journals indexed in global and regional databases, under a non-experimental descriptive approach. Among the main results of this research, the need for joint and active State-Company participation was determined, as well as the opportunity to implement exit strategies successfully applied in other territories, but under the premise of adapting them to the national reality. Keywords: exit strategies, government, business, COVID-19. Resumen El mundo requiere con urgencia estrategias de salida para la pandemia generada por el COVID-19, es un evento que ha generado un parón a nivel social y económico, acompañado de una descomposición de la salud pública global, en sí una hecatombe contemporánea. Esta investigación tiene como objetivo analizar la batería de estrategias de salida reportadas en la literatura bajo una perspectiva tanto del Estado como de la empresa privada. Considerando el origen de la pandemia, sus efectos y perspectiva económica. Este trabajo se desarrolló en función de una revisión de literatura en revistas científicas indexadas en bases de datos mundiales y regionales, bajo un enfoque descriptivo no experimental. Entre los principales resultados de esta investigación se determinaron la necesidad de la participación conjunta y activa Estado-Empresa, así como la oportunidad de implementar estrategias de salida aplicadas exitosamente en otros territorios, pero bajo la premisa de adaptarlas a la realidad nacional. Palabras Clave: Estrategias de salida, Estado, Empresa, COVID-19.
... However, extreme negative emotions act as 12 a psychological barrier (Sandhu et al., 2011;Shinnar et al., 2012) that can inhibit entrepreneurial action (Cacciotti & Hayton, 2015), resulting in failure. Negative emotions detrimental to entrepreneurial tasks include grief (Jenkins et al., 2014;Stephens et al., 2021), doubt (Shepherd, 2003), and fear (Boudreaux et al., 2019;Cacciotti et al., 2020). Consequently, entrepreneurial survival may depend on an individual's ability to manage this emotional rollercoaster and deal with extreme emotions (De Cock et al., 2020), such as intense fear. ...
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While uncertainty has long been a subject of scholarly interest, research has largely neglected the responses of women entrepreneurs during times of uncertainty. Women entrepreneurs are disproportionately affected by uncertainty and subject to unique challenges which may be amplified in developing countries bound by culture and patriarchal social structures. Drawing on extent research showing the importance of psychological capital (that is self-efficacy, optimism, hope, and resilience) to entrepreneurial efforts, this study is the first to examine the intersection of women entrepreneurs’ psychological capital and their experience of emotions, particularly in a context of uncertainty. Interviews with 40 women entrepreneurs from a small-scale flower industry in Sri Lanka were conducted and thematically analyzed to examine why some women entrepreneurs are not only able to survive, but also thrive during uncertainty. The findings provide a nuanced understanding of the complex interplay between women entrepreneurs’ psychological capital, positive and negative emotions, and task orientation.
... Start-ups are often characterized by a high mortality rate, especially in the early stages of their lifecycle (Hyytinen et al. 2015). This mortality is even more pronounced in times of crisis (Stephens et al. 2021), thus resulting in the loss of a fundamental pillar for innovation systems. ...
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While after a crisis, organizational robustness and resilience are associated with the return to pre-shock conditions, antifragility is characterized by the tendency to take advantage of the shock to improve the organization’s position. Understanding how to create antifragility is important to ensure rapid recovery from a crisis. This is especially true for innovative start-ups, which if they are particularly fragile also have the opportunity to improve their unstable situation by adapting to the new context. However, studies on the subject are rare. To fill this gap, a survey was carried out with 181 Italian innovative start-ups to investigate the relationship between antifragility and intangible resources, tangible surplus resources, and absorptive capacity. The results show that antifragility is supported by a combination of tangible and intangible resources that can help innovative start-ups thrive when other organizations succumb.
... The emergence of COVID-19 is a propitious situation for analyzing business resilience as the pandemic has greatly impacted businesses, not only individuals (Sun, Zhang, Dinca, & Raza, 2021). Many businesses experienced a significant drop in operations, which led some to close down (Chhatwani, Mishra, Varma, & Rai, 2022;Stephens, McLaughlin, & McLaughlin, 2021). Others resorted to extreme measures, such as laying off employees (Tu, Li, & Wang, 2021) or reducing personnel salaries (Tu et al., 2021). ...
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This study explores the relationship between women entrepreneurship and business resilience, the moderation of pre-crisis and during-crisis technology adoption, and female representation in top management in the afore-mentioned relationship. Building on the "mom-cession" theory, the authors propose an integrated multiple-moderation model to understand the boundary conditions that can reduce the negative effect of female dominance on business resilience. Using a sample of 9035 firms across 24 countries and employing a structural equation modeling technique for model testing, this study found a negative relationship between female dominance and business resilience. Female-dominated firms led by female top managers exhibited lower business resilience. The results showed that firms' pre-and post-COVID-19 technology adoption moderated the negative relationship between female dominance and business resilience such that this relationship was
... Their model contains four phases that are considered independently but are also closely related: (1) the preliminary (pre-) crisis stage; (2) the acute crisis stage; (3) the chronic crisis stage; and (4) the crisis resolution stage. Recently, Stephens, McLaughlin, and McLaughlin (2021) use Kübler-Ross' (1969) SN Soc Sci (2023) 3:24 Page 5 of 42 24 five-stage model of grief to explain the coping with crises from the organizational perspective of small businesses: (1) denial; (2) anger; (3) bargaining; (4) depression; and (5) acceptance. In the context of governance and public administration, Tokakis et al. (2019) maintain that the pre-crisis, crisis, and post-crisis stages are the most important for understanding the impacts and outcomes of various crises. ...
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Unlabelled: This paper investigated citizens' reactions to global crises using the COVID-19 pandemic as a natural experiment. Theories in this field are controversial and thus knowledge on such reactions, their evolution, drivers, and consequences is limited. Building on several socio-psychological foundations such as trust building theories, the fear appeal theory, the theory of planned behavior, and the spillover theory, we explain developments in three major human responses: (1) perceptual and attitudinal responses such as trust in governance and interpersonal trust; (2) emotional responses such as fear of crises; and (3) behavioral responses such as civic engagement. Using a longitudinal design, we tracked the attitudes and behaviors of Israeli citizens over 22 months (7/2019-3/2021) and at four points in time (t1-t4). Findings are based on a time-lagged analysis of 3527 participants (n1 = 602; n2 = 750; n3 = 970; n4 = 1205), and a more focused analysis of panel data (n1-4 = 256). In accordance with our theoretical foundations and specific models, we revealed a reaction pattern of shock→recognition→adjustment→reframing. We maintain that our findings improve understanding of citizens' reactions to government policies. They provide unique empirical evidence for resilience among citizens and across social structures which testify to bouncing-back capacities from global crises in various ways. Its lessons may thus direct future studies on the relationship between citizens and governments in other global crises and emergencies. Supplementary information: The online version contains supplementary material available at 10.1007/s43545-023-00610-0.
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