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Evangelia Fragouli and Nikolaos Giannakovitis: Entrepreneurship and Financial Crisis: A Critical Investigation of
Entrepreneurship Prospects and Opportunities That Lie Behind the Financial Crisis
mentions cultural characteristics, as well as individual
characteristics, such as the gender –since females tend to
have lower motivation to establish new companies than
males-, the level of education, the work activity, etc. The
factor of culture to entrepreneurship has been pointed out in
the study of Wennberg et al. (2013), which they claim that
some cultures have a higher level of fear of failure than other
cultures and that fear is a key obstacle for people to establish
a new company. Fear of failure, as well, is associated with
lower levels of self-efficacy, which is “an individual’s
estimate of her (or his) ability to capably perform the roles
and tasks to be successful as an entrepreneur” (Gatewood et
al., 2014, p. 102), a decisive factor of entrepreneurship. Also,
Welpe et al. (2012), in their analysis highlight as key factors
of entrepreneurship the feelings of fear, joy and anger, as
related to the evaluation of a business opportunity.
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