WHAT STOPS YOU FROM STARTING YOUR OWN BUSINESS? A STUDY CONDUCTED ON STUDENTS OF THE ECONOMY AND BUSINESS FACULTY AT UNIVERSITAS TARUMANAGARA
Article Sidebar
Main Article Content
Abstract
The purpose of this research is to find the effect of perceived loss of financial resources, perceived loss of customer demand, and perceived loss of social support on fear of failure and negative emotion and the influence of fear of failure and negative emotion on entrepreneurial behavior tendency. This research uses non-probability sampling with purposive samples method to obtain 75 students of Faculty of Economics and Business in Universitas Tarumanagara as respondents in this research. The data is collected online through Google Forms. Data collected is processed with partial least square structural equation modeling (PLS-SEM) using SmartPLS 4 software. This research shows that perceived loss of financial resources is positively and significantly influenced both fear of failure and negative emotion, perceived loss of customer demand is positively and insignificantly influenced both fear of failure and negative emotion, perceived loss of social support positively and significantly influenced fear of failure, perceived loss of social support positively and insignificantly influenced negative emotion, fear of failure positively and significantly influenced negative emotion, and both fear of failure and negative emotion are positively and insignificantly influenced entrepreneurial behavior tendency.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
This journal provides immediate open access to its content on the principle that making research freely available to the public supports a greater global exchange of knowledge.
IJAEB by Graduate Program of Universitas Tarumanagara is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.. Permissions beyond the scope of this license may be available at https://journal.untar.ac.id/index.php/ijaeb
References
Acs, Z., Astebro, T., Audretsch, D. & Robinson, D.T. (2016), “Public policy to promote entrepreneurship: a call to arms”, Small Business Economics, Vol. 47 No. 1, pp. 35-51. https://doi.org/10.1007/s11187-016-9712-2
Albrecht, T. L., & Adelman, M. B. (1987). Communicating social support. Newbury Park, California: Sage.
Aldrich, H. E., & Martinez, M. A. (2001). “Many are Called, but Few are Chosen: An Evolutionary Perspective for the Study of Entrepreneurship”. Entrepreneurship Theory and Practice, 25(4), 41–56. https://doi.org/10.1177/104225870102500404
Arenius, P., & Minniti, M. (2005). “Perceptual Variables and Nascent Entrepreneurship”. Small Business Economics, 24, 233-247. https://doi.org/10.1007/s11187-005-1984-x
Barney, J. (1991). “Firm Resources and Sustained Competitive Advantage”. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
Baumeister, R. F., Vohs, K. D., DeWall, C. N., & Zhang, L. (2007). “How emotion shapes behavior: feedback, anticipation, and reflection, rather than direct causation”. Personality and Social Psychology Review: An Official Journal of the Society for Personality and Social Psychology, Inc, 11(2), 167–203. https://doi.org/10.1177/1088868307301033
BBC UK. (2022). BBC UK: Sources of Finance. Accessed on October 11, 2022, retrieved from https://www.bbc.co.uk/bitesize/guides/zmj7tfr/revision/1
Berger, A. N., & Udell, G. F. (1998). “The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle”. Journal of Banking and Finance, 22, 613–673.
Bosma, N., Hill, S., Ionescu-Somers, A., Kelley, D., Levie, J. & Tarnawa, A. (2020). “Global Entrepreneurship Monitor 2019/2020 Global Report”.
Boyd, D.P. & Gumpert, D.E. (1983). “Coping with entrepreneurial stress”. Harvard Business Review, 61, 44–64.
Cacciotti, G., & Hayton, J. C. (2015). Fear and Entrepreneurship: A Review and Research Agenda. International Journal of Management Reviews, 17, 165-190. https://doi.org/10. 1111/ijmr.12052
Cacciotti, G., Hayton, J.C., Mitchell, J.R. & Giazitzoglu, A. (2016), “A reconceptualization of fear of failure in entrepreneurship”. Journal of Business Venturing, Vol. 31 No. 3, pp. 302-325. https://doi.org/10.1016/j.jbusvent.2016.02.002
Carr, J.C. and Sequeira, J.M. (2007), “Prior family business exposure as intergenerational influence and entrepreneurial intent: a theory of planned behavior approach”. Journal of Business Research, Vol. 60 No. 10, pp. 1090-1098. https://doi.org/10.1016/j.jbusres. 2006.12.016
Carter N.M., Gartner W.B., & Reynolds P.D. (1996). “Exploring start-up event sequences”. Journal of Business Venturing, 11, 151–166. https://doi.org/10.1016/0883-9026(95) 00129-8
Chang, M. C. & Chiu, Y. H. (2008). “The analysis of a price war strategy under market demand growth”. Economic Modelling, 25, 868-875. https://doi.org/10.1016/j. econmod.2007.11.012
Chua, H.S. & Bedford, O. (2016), “A qualitative exploration of fear of failure and entrepreneurial intent in Singapore”. Journal of Career Development, Vol. 43 No. 4,
pp. 225-235. https://doi.org/10.1177/0894845315599255
Coordinating Ministry for Economic Affairs of Republic Indonesia (Kementerian Koordinator Bidang Perekonomian Republik Indonesia). (2022). Siaran Pers: Penjualan Ritel yang Tumbuh Tinggi di Tengah Tantangan Global Perlihatkan Daya Beli Masyarakat Mulai Kembali Pulih. Accessed on November 9 2022, Retrieved from: https://www.ekon.go.id/publikasi/detail/4449/penjualan-ritel-yang-tumbuh-tinggi-di-tengah-tantangan-global-perlihatkan-daya-beli-masyarakat-mulai-kembali-pulih
Davidson, P. & Honig, B. (2003). “The role of social and human capital among nascent entrepreneurs”. Journal of Business Venturing, 18, 301-331. https://doi.org/10.1016/ S0883-9026(02)00097-6
Department of Health, State Government of Victoria, Australia. (2022). Better Health Channel: Negative Emotions. Accessed on October 20 2022, retrieved from https://www.betterhealth.vic.gov.au/health/healthyliving/negative-emotions
DeWitt, T., Nguyen, D.T. and Marshall, R. (2008), “Exploring customer loyalty following service recovery: the mediating effects of trust and emotions”, Journal of Service Research, Vol. 10 No. 3, pp. 269-81. https://doi.org/10.1177/1094670507310767
Dihni, V. A. (2022). Artikel Databoks: Warga Makin Banyak Menabung, Konsumsi Berkurang pada Juni 2022. Accessed on October 20 2022, Retrieved from: https:// databoks.katadata.co.id/datapublish/2022/07/11/warga-makin-banyak-menabung-konsumsi-berkurang-pada-juni-2022.
Dohse, D. & Walter, S. G. (2010). “The role of entrepreneurship education and regional Context in forming entrepreneurial intentions”. Document de treball de l'IEB, No. 2010, 18. http://hdl.handle.net/10419/59753
Dubini, P. & Aldrich, H. (1991). “Personal and extended networks are central to the entrepreneurial process”. Journal of Business Venturing. 6 (5), 305–313. DOI: 10.17919/X9CC7B
du Toit, D.E. (1980). “Confessions of a successful entrepreneur”. Harvard Business Review, 58, 44–58.
Douglas, E.J. & Shepherd, D.A. (2000). “Entrepreneurship as a utility-maximizing response”. Journal of Business Venturing, 15, 231–251. https://doi.org/10.1016/S0883-9026(98) 00008-1
Eben, M. (2018). “Market definition and free online services: the prospect of personal data as price”. Journal of Law and Policy for the Information Society, 14(2), pp. 227-281. http:// eprints.gla.ac.uk/202096/
Eisenhardt, K. (1989). “Making fast decisions in high-velocity environments”. Academy of Management Journal, 32, 543–576.
Ekore, J. O., & Okekeocha, O. C. (2012). “Fear of entrepreneurship among university graduates: a psychological analysis”. International Journal of Management, 29, 515-524.
Elliot, A. J. (2006). “The Hierarchical Model of Approach-Avoidance Motivation”. Motivation and Emotion, 30, 111–116. https://doi.org/10.1007/s11031-006-9028-7
Fiscal Policy Agency, The Finance Ministry of Republic Indonesia (Badan Kebijakan Fiskal Kementerian Keuangan Republik Indonesia). (2022). Press Release: Pemulihan Ekonomi Terus Menguat di Tengah Omicron dan Gejolak Geopolitik. Accessed on November 9, 2022, Retrieved from: https://fiskal.kemenkeu.go.id/publikasi/siaran-pers-detil/390
Frid, C. (2015). “Acquiring Financial Resources to Form New Ventures: The Impact of Personal Characteristics on Organizational Emergence”. Journal of Small Business & Entrepreneurship. 27(3). doi:10.1080/08276331.2015.1082895
Gubbins, M., Harrington, D. & Hines, P. (2020). "Social support for academic entrepreneurship: definition and conceptual framework". Journal of Management Development, Vol. 39 No. 5, pp. 619-643. https://doi.org/10.1108/JMD-11-2019-0456
Hayton, J.C. & Cholakova, M. (2012). “The role of affect in the creation and intentional pursuit of entrepreneurial ideas”. Entrepreneurship Theory and Practice, Vol. 36 No. 1, pp. 41-68. https://doi.org/10.1111/j.1540-6520.2011.00458.x
Hayton, J., Mitchell, R., Cacciotti, G., Ainge, C. & Giazitzoglu, A. (2013). “Understanding fear of failure in entrepreneurship: a cognitive framework”. Frontiers of Entrepreneurship Research, Vol. 33 No. 6, pp. 1-15.
Hidayat, A., A., A. (2012). Kebutuhan Dasar Manusia Aplikasi Konsep dan Proses Keperawatan jilid 1. Jakarta: Salemba Medika.
Hinojosa-Marqués, L., Domínguez-Martínez, T., Sheinbaum, T., Cristóbal-Narváez, P., Kwapil, T. R., & Barrantes-Vidal, N. (2019). “Relatives' attachment anxiety mediates the association between perceived loss and expressed emotion in early psychosis”. PloS one, 14(10). 10.1371/journal.pone.0223425
Hussein, S. M., Abdul, N. & Nor, M. Z. M. (2012). “Market Definition and Market Power as Tools for the Assessment of Competition”, International Journal of Business and Society, 13 (2), 163, 171.
Hoskisson, R.E. and Busenitz, L.W. (2017). “Market Uncertainty and Learning Distance in Corporate Entrepreneurship Entry Mode Choice”. In Strategic Entrepreneurship (eds M.A. Hitt, R.D. Ireland, S.M. Camp and D.L. Sexton). https://doi.org/10.1002/9781 405164085.ch8
Kaltiala-Heino R., Rimpelä M., Rantanen P., & Laippala P. (2001). “Adolescent depression: the role of discontinuities in life course and social support”. Journal of Affective Disorders, 64(2–3), 155–166. 10.1016/s0165-0327(00)00233-0
Kollmann, T., Stöckmann, C. & Kensbock, J.M. (2017), “Fear of failure as a mediator of the relationship between obstacles and nascent entrepreneurial activity – an experimental approach”, Journal of Business Venturing, Vol. 32 No. 3, pp. 280-301. https://doi.org/ 10.1016/j.jbusvent.2017.02.002
Kumari, P. & Mor, S. (2021). “Entrepreneurship and source of finance: The case of Indian women microentrepreneurs”, Strategic Change, 30, 331-340. https://doi.org/10.1002/ jsc.2427
Landman, J. (1993). Regret: The persistence of the possible. New York: Oxford University Press.
Lanero, A., Vazquez, J.L. & Aza, C.L. (2016), “Social cognitive determinants of entrepreneurial career choice in university students”, International Small Business Journal: Researching Entrepreneurship, Vol. 34 No. 8, pp. 1053-1075. https://doi.org/ 10.1177/0266242615612882
Lévesque, M., Minniti, M. and Shepherd, D. (2009), “Entrepreneurs’ decisions on timing of entry: learning from participation and from the experiences of others”, Entrepreneurship Theory and Practice, Vol. 33 No. 2, pp. 547-570. https://doi.org/10.1111/j.1540-6520. 2009.00303.xZhang, M., Zhang, J., Zhang, F.,
Li, Y. (2011). “Emotions and new venture judgment in China”, Asia Pacific Journal of Management, 28, 277-298. https://doi.org/10.1007/s10490-009-9145-4
Liu, X., Zhang, Y., & Fan, L. (2021), "What prevent you from stepping into the entrepreneurship? Evidence from Chinese makers", Chinese Management Studies, Vol. 15 No. 1, pp. 68-85. https://doi.org/10.1108/CMS-11-2019-0390
Ma, B., & Zhang, J. (2021), "Are overqualified individuals hiding knowledge: the mediating role of negative emotion state", Journal of Knowledge Management, Vol. 26 No. 3, pp. 506-527. https://doi.org/10.1108/JKM-01-2021-0022
Makhija, M., (2003). “Comparing the resource-based and market-based views of the firm: empirical evidence from Czech privatization”. Strategic Management Journal, 24 (5), 433–451. https://doi.org/10.1002/smj.304
Mahiuddin, M., Chowdhury, M.M., & Ullah, M.M. (2015), “Barriers and incentives for youth entrepreneurship start-ups: evidence from Bangladesh”, Global Journal of Management and Business Research, Vol. 15 No. 4, pp. 39-49.
McStay, D. (2008). “An investigation of undergraduate student self-employment intention and the impact of entrepreneurship education and previous entrepreneurial experience”. Theses.
Mellert, L.D., Scherbaum, C., Oliveira, J. & Wilke, B. (2015). "Examining the relationship between organizational change and financial loss", Journal of Organizational Change Management, Vol. 28 No. 1, pp. 59-71. https://doi.org/10.53819/81018102t4102
Miloseva, L., Vukosavljevic-Gvozden, T., Richter, K., Milosev, V., & Niklewski, G. (2017). “Perceived social support as a moderator between negative life events and depression in adolescence: implications for prediction and targeted prevention”. The EPMA Journal, 8(3), 237–245. 10.1007/s13167-017-0095-5
Mitchell, J.R. & Shepherd, D.A. (2011). “Afraid of opportunity: the effects of fear of failure on entrepreneurial decisions”, Frontiers of Entrepreneurship Research, 31, 1.
Nishimura, J. S., & Tristan, O. M. (2011). “Using the theory of planned behavior to predict nascent entrepreneurship”, Academia, Revista Latinoamericana de Administración, 46, 55–71.
Oates, J. R., & Maani-Fogelman, P. A. (2021). “Nursing Grief and Loss”. In StatPearls. Treasure Island, Florida: StatPearls Publishing.
Pam, M. S., (2013). Negative emotion. Retrieved from: https://psychologydictionary.org/ negative-emotion/
Parkin, M. (2016). Economics (12th edition). Boston: Pearson Education Inc.
Patzelt, H., & Shepherd, D. A. (2011). “Negative emotions of an entrepreneurial career: Self-employment and regulatory coping behaviors”, Journal of Business Venturing, 26, 226-238. https://doi.org/10.1016/j.jbusvent.2009.08.002
Powpaka, S. (2006), “How market orientation affects female service employees in Thailand”, Journal of Business Research, Vol. 59 No. 1, pp. 54-61. 10.1016/j.jbusres.2005.03.004
Pruett, M., Shinnar, R. S., Toney, B. & Llopis, F., & Fox, J. (2009). “Explaining entrepreneurial intentions of university students: A cross-cultural study”. International Journal of Entrepreneurial Behaviour & Research, 15, 571-594. DOI: 10.1108/13552 550910995443.
Rodrigues, P. & Pinto B., A. (2021), "Negative emotions toward a financial brand: the opposite impact on brand love", European Business Review, Vol. 33 No. 2, pp. 272-294. https://doi.org/10.1108/EBR-12-2018-0221
Roskies, E., & Lazarus, R. S. (1980). “Coping theory and the teaching of coping skills”. In Davidson, P. O. & Davidson, F. M. (Eds.), “Behavioral medicine Changing health and life style”, (pp 38-69). New York Brunner/ Marzel.
Rowe, A. D. & Fitness, J. (2018). "Understanding the Role of Negative Emotions in Adult Learning and Achievement: A Social Functional Perspective" Behavioral Sciences, 8, no. 2: 27. 10.3390/bs8020027
Sandhu, M. S., Shaufique, S. F., & Riaz, S. (2011). "Entrepreneurship barriers and entrepreneurial inclination among Malaysian postgraduate students", International Journal of Entrepreneurial Behavior & Research, Vol. 17 No. 4, pp. 428-449. https://doi.org/10.1108/13552551111139656
Schoefer, K. & Diamantopoulos, A. (2008). “The role of emotions in translating perceptions of (in)justice into postcomplaint behavioral responses”, Journal of Service Research, Vol. 11 No. 1, pp. 91-103. https://doi.org/10.1177/1094670508319091
Shane, S. & Venkataraman, S. (2000). “The promise of entrepreneurship as a field of research”. Academy of Management Review, 25, 217–226. https://doi.org/10.1007/978-3-540-48543-8_8
Shepherd, D., Wiklund, J., & Haynie, J. M. (2007). “Moving forward: Balancing the financial and emotional costs of business failure”. Journal of Business Venturing, 24, 134-148. https://doi.org/10.1016/j.jbusvent.2007.10.002
Sieger, P., Fueglistaller, U., Zellweger, T. & Braun, I. (2019). “Global Student Entrepreneurship 2018: Insights From 54 Countries”. St. Gallen/Bern: KMU-HSG/IMU.
Sinha, A. (2016). The Jakarta Post: Parental pressure: A fine line between caring and caring too much. Accessed on November 10, 2022, Retrieved from: https://www.thejakartapost. com/life/2016/05/02/parental-pressure-a-fine-line-between-caring-and-caring-too-much.html
Thoits, P. A. (1982). “Conceptual, Methodological, and Theoretical Problems in Studying Social Support as a Buffer against Life Stress”, Journal of Health and Social Behavior, 23, 145-159. https://doi.org/10.2307/2136511
Welpe, I. M., Spörrle, M., Grichnik, D., Michl, T., & Audretsch, D. B. (2012). “Emotions and Opportunities: The Interplay of Opportunity Evaluation, Fear, Joy, and Anger as Antecedent of Entrepreneurial Exploitation”. Entrepreneurship Theory and Practice, 36, 69-96. https://doi.org/10.1111/j.1540-6520.2011.00481.x
Zeelenberg, M. & Pieters, R. (1999). “Comparing service delivery to what might have been: Behavioral responses to regret and disappointment”, Journal of Service Research, Vol. 2 No. 1, pp. 86-97. https://doi.org/10.1177/109467059921007
Zhang, L., & Feng, D. (2018). “Prevalence of psychological distress and the effects of resilience and perceived social support among Chinese college students: Does gender make a difference?”, Psychiatry Research, 267, 409–413. DOI: 10.1016/j.psychres. 2018.06.038