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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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Journal of Business Venturing Insights 16 (2021) e00282
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S. Stephens et al.
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4. Methodology
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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: CB9K5MF9D95H98
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 CD9B9B898 EI9GH=CBG 75DHIF9 5 G=AD@=GH=7 D=7HIF9 C: H<9 9BHF9DF9B9IFG 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 5B8CF 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 B95F9B8 @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 XYZ X
Y YZ[ YZ[ W WYZ[
WXZ X WXZ W X
Y[ X XY W X
WZ 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 "=;
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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 BCBG=;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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S. Stephens et al.
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;965G98 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 5B8CF 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< D9FGCBG =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 F9G9H H<9=F 75F99F6IG=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=CB7<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 5B8CF CD9F5H=CB5@ 9DF9GG=CB A5M 5@GC C77IF 8I9 HC 5 F98I798 HIFBCJ9F 5B8 D@5BB=B; IB79FH5=BH=9G 29 GI;
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;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 9BHF9DF9B9IFG 5;=@=HM 5B8 56=@=HM HC F97F95H9 5B 9L=GH=B; 6IG=B9GG AC89@ 5B8CF 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;965G98 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: GI6D@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 – <HHDG8C=CF;
@CBGC 'C? . F9GG5B +1% 5:H9FA5H< =AD57HG 5B8 <CGD=H5@=HM SFAG 5B =BH9FB5H=CB5@ D9FGD97H=J9 %BH & $CGD=H )5B5; <HHDG8C=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 – <HHDG8C=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@G’9LD9F=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@9FFCGG 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 & –
C9FB - 2=@@=5AG * 1CF@9M / .D97=5@ =GGI9 CB 9BHF9DF9B9IFG<=D 5B8 7F=G9G 6IG=B9GG 5G IGI5@ B =BHFC8I7H=CB 5B8 F9J=9K C: H<9 @=H9F5HIF9 !BH9FDF9B -9;
9J –
"=9@8 =G7CJ9F=B; .H5H=GH=7G 0G=B; %) .,.. .H5H=GH=7G S:H< 98 .#! ,I6@=75H=CBG (CB8CB
#FCGG & !ACH=CB F9;I@5H=CB D5GH DF9G9BH :IHIF9 C;B=H !ACH –
$5@@ ) ,F5M5; # "=9;9F , M5GCB 9MCB8 D5B=7 6IM=B; 7CBGIADH=CB 8=GD@579A9BH 5B8 +1% &CIFB5@ C: .9FJ=79 )5B5;9A9BH –
$5N9B ) #F=9: 5B8 H<9 KCF?D@579 758 )5B5; ,FC7 –
$9;5FHM .H9D<9BG . IBB=B;<5A % #5@@5;<9F , !BHF9DF9B9IFG 5B8 6IG=B9GG :5=@IF9 H5?=B; 5 G97CB8 7<5B79 %BH9FB5H=CB5@ -9J=9K C: !BHF9DF9B9IFG<=D
–
$9F65B9 .A5@@ 6IG=B9GG F9G95F7< H=A9 :CF 5 7F=G=G65G98 J=9K %BH .A5@@ IG & –
$C@@5B8 &) *9=A9M9F - B 9L5A=B5H=CB C: GH5;9 H<9CFM C: ;F=9: 5ACB; =B8=J=8I5@G 69F95J98 6M B5HIF5@ 5B8 J=C@9BH 75IG9G 5 A95B=B;CF=9BH98
7CBHF=6IH=CB +A9;5 & 95H< M=B; –
&9B?=BG . 2=?@IB8 & FIB8=B ! %B8=J=8I5@ F9GDCBG9G HC SFA :5=@IF9 5DDF5=G5@G ;F=9: 5B8 H<9 =BTI9B79 C: DF=CF :5=@IF9 9LD9F=9B79 & IG 19BHIF
–
'R6@9F-CGG ! +B 95H< 5B8 M=B; K<5H H<9 M=B; $5J9 HC /957< C7HCFG *IFG9G @9F;M 5B8 /<9=F +KB "5A=@=9G .7F=6B9F *9K 3CF?
'I7?9FHN FOB8@9 ( #5I8=; 9H 5@ .H5FHIDG =B H=A9G C: 7F=G=G –5 F5D=8 F9GDCBG9 HC H<9 +1% D5B89A=7 &CIFB5@ C: IG=B9GG 19BHIF=B; %BG=;<HG
9
'I7N9KG?= )# !J9FMH<=B; % F95@@M B99898 HC ?BCK HC 9 5 7@=B=75@ 9H<=7=GH % @95FB98 :FCA !@=G569H< ?R6@9FFCGG A & =C9H< –
(=;ICF= !2 ,=HHN /# .HF5H9;=9G :CF GA5@@ 6IG=B9GG GIFJ=J=B; 5B8 H<F=J=B; =B H<9 9F5 C: +1% &CIFB5@ C: H<9 %BH9FB5H=CB5@ CIB7=@ :CF .A5@@ IG=B9GG
–
(=A 2) -9J=G=H=B; 'I6@9F-CGG’G SJ9 GH5;9G C: #F=9: GCA9 7CAA9BHG CB H<9 =,<CB9 & .C7 .7= –
(IGG=9F -* $5@56= ! H<F997CIBHFM 7CAD5F=GCB C: H<9 6IG=B9GG GI779GG J9FGIG :5=@IF9 DF98=7H=CB AC89@ & .A5@@ IG )5B5; –
)IQCN , 577=CHH= # 0765G5F5B "5=@=B; 5B8 9L=H=B; =B GC7=5@ 5B8 7CAA9F7=5@ 9BHF9DF9B9IFG<=D H<9 FC@9 C: G=HI5H98 7C;B=H=CB &CIFB5@ C: IG=B9GG
19BHIF=B; %BG=;<HG 9
*=9@G9B )' 5F@G9B $ *99F;55F8 ) =8GHFID ,! #I@8=B ) (CC?=B; 69MCB8 H<9 A95B =B ;F=9: HF5>97HCF=9G 5 DFCGD97H=J9 DCDI@5H=CB65G98 7C<CFH
GHI8M .C7 .7= )98 –
*IAA9@5 * ,55J=@5=B9B)OBHMAO?= ! $5F=??5@5(5=<=B9B - -5=H=G & 2<9B 5@@ 8CCFG 7@CG9 =AD@=75H=CBG C: +1% :CF 7CGACDC@=H5B 9BHF9DF9B9IFG %BH
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Journal of Business Venturing Insights 16 (2021) e00282
10
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