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The effectiveness of coping strategies used by entrepreneurs and their impact on personal well-being and venture performance

Author

Listed:
  • Mateja Drnovsek

    (University of Ljubljana, Faculty of Economics, Ljubljana, Slovenia)

  • Daniel Ortqvist

    (Lulea University of Technology,Lulea, Sweden)

  • Joakim Wincent

    (Umea University, Umea School of Business and Lulea University of Technology, Sweden)

Abstract

This paper analyzes effectiveness of coping strategies that entrepreneurs use to daily manage work related stress. Coping is the process of expending efforts to solve personal and interpersonal problems and reducing stress induced by unpleasant and stressful situations. Two broad strategies of coping are identified; problem-based coping refers to a cognitively-based response behavior that includes efforts to alleviate stressful circumstances while emotion-based coping involves behavioral responses to regulate the affective consequences of stressful events. The purpose of this research is to analyze relationships among the coping strategies used by entrepreneurs and a set of antecedents influencing the selection of coping strategies. The methodology used is based on structural equation modeling and empirical data of 469 entrepreneurs from two European countries. Our results show that problem- based coping facilitates well-being and venture performance. In addition, our findings also support interaction effects of founder centrality and contextual conditions of venturing on the extent entrepreneurs engage in coping. We believe that our insights can help in training entrepreneurs in the development of effective coping strategies that are context dependent. In specific, our results suggest entrepreneurs to engage in problem-focused strategies when they want to effectively address the economic aspects of their lives whereas when they engage in emotion- based strategies they seem to increase the self-knowledge they need to start subsequent ventures and facilitate learning from failure. Future studies on coping strategies could study the interplay of coping strategies used to resolve challenging social situations that various stakeholders of practicing entrepreneurs impose.

Suggested Citation

  • Mateja Drnovsek & Daniel Ortqvist & Joakim Wincent, 2010. "The effectiveness of coping strategies used by entrepreneurs and their impact on personal well-being and venture performance," Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, University of Rijeka, Faculty of Economics and Business, vol. 28(2), pages 193-220.
    • Handle: RePEc:rfe:zbefri:v:28:y:2010:i:2:p:193-220
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    References listed on IDEAS

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    2. Kelly G. Shaver & William B. Gartner & Elizabeth Crosby & Karolina Bakalarova & Elizabeth J. Gatewood, 2001. "Attributions about Entrepreneurship: A Framework and Process for Analyzing Reasons for Starting a Business," Entrepreneurship Theory and Practice, , vol. 26(2), pages 5-28, December.
    3. Evans, Martin G., 1985. "A Monte Carlo study of the effects of correlated method variance in moderated multiple regression analysis," Organizational Behavior and Human Decision Processes, Elsevier, vol. 36(3), pages 305-323, December.
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    Cited by:

    1. Josette Dijkhuizen & Marjan Gorgievski & Marc Veldhoven & René Schalk, 2016. "Feeling successful as an entrepreneur: a job demands — resources approach," International Entrepreneurship and Management Journal, Springer, vol. 12(2), pages 555-573, June.
    2. Hundera, Mulu, 2019. "Role conflict, coping strategies and female entrepreneurial success in sub-Saharan Africa," Other publications TiSEM 3e263b0c-3bf3-474a-8a20-b, Tilburg University, School of Economics and Management.
    3. Olivier Torrès & Alexandre Benzari & Christian Fisch & Jinia Mukerjee & Abdelaziz Swalhi & Roy Thurik, 2022. "Risk of burnout in French entrepreneurs during the COVID-19 crisis," Small Business Economics, Springer, vol. 58(2), pages 717-739, February.
    4. Patel, Pankaj C. & Wolfe, Marcus T. & Williams, Trenton A., 2019. "Self-employment and allostatic load," Journal of Business Venturing, Elsevier, vol. 34(4), pages 731-751.
    5. Silviu Nate & Valentin Grecu & Andriy Stavytskyy & Ganna Kharlamova, 2022. "Fostering Entrepreneurial Ecosystems through the Stimulation and Mentorship of New Entrepreneurs," Sustainability, MDPI, vol. 14(13), pages 1-18, June.

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    More about this item

    Keywords

    Coping; problem-based coping; emotion-based coping; roles; entrepreneur; venture performance; well-being;
    All these keywords.

    JEL classification:

    • M1 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration

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