Entrepreneurs' Responses to Crises
Master thesis
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https://hdl.handle.net/11250/3143071Utgivelsesdato
2024Metadata
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Sammendrag
This research is a qualitative analysis on how entrepreneurs can fail in the most effective way.The study draws on various theories to address our research questions, including sunk cost,domino effect, decision avoidance, crisis management, risk analysis, balanced scorecard, timemanagement, and communication. These theories form the foundation of our investigation.Additionally, the research introduces us to various entrepreneurs and their characteristics,highlighting how their traits significantly influence their handling of failures, bothphysiologically and psychologically. The paper guides us through a theoretical understandingand its application in practice.Our findings indicate that leaders often make irrational decisions and frequently putthemselves in avoidable situations by failing to implement various forms of analysis beforemaking decisions. The study discusses which analyses are best suited to mitigate criticalpitfalls, with particular emphasis on sunk cost and decision avoidance.This research has both practical and theoretical implications. Practically, entrepreneurs canmake calculated decisions independent of situational factors, potentially saving their companyor, at the very least, preserving financial or non-financial assets. Theoretically, academics cangain a broader perspective on the value of a startup and continuously work to preserve thesevalues during its dissolution.