The cacophony of fear of failure among Thai female entrepreneurs in a start-up context

Abstract

This research study aims to understand the fear of failure among Thai female entrepreneurs, specifically focusing on how they face and manage this fear and how it influences their behavior at each stage of the entrepreneurial process. Employing qualitative methods, the study involved in-depth interviews with ten female entrepreneurs from start-up companies in Bangkok. In the Pre-Launch Phase, entrepreneurs grapple with the 'Fear of letting significant others down' and 'Fear of inadequate self-capabilities,' which prompts a delay in the decision-making process and compels the adoption of proactive strategies, including mentor consultations and funding pursuits. During the Launch Phase, the 'Fear of not being trusted' and 'Fear of flying solo' are significant, propelling entrepreneurs to 'Disguise as macho' and 'Work harder,' alongside joining accelerator programs for much-needed support. The Post-Launch Phase sees 'Fear of not being good enough to lead the company' and 'Fear of being excluded from networking opportunities,' leading to a reluctance in decision- making and risk- taking. Here, the entrepreneurs resort to reminding themselves of their larger mission and the benefits of a supportive female entrepreneurs' circle. This research provides valuable insights into the complex relationship between the fear of failure and the behaviors of female entrepreneurs, revealing the importance of support systems and proactive strategies in mitigating fear and fostering success within the Thai start-up ecosystem.