Influence of fear of failure and kiasuism on entrepreneurial intention

Abstract

Singapore is a world leader in business facilitation (The World Bank, 2016) yet entrepreneurial intention and entrepreneurial activities rates are low (Singer, Amorós, & Arreola, 2015). Although much is known about “what makes an entrepreneur”, few studies have looked at what prevents individuals from pursuing an entrepreneurial career path. Understanding the barriers to entrepreneurship is important as the removal of the barriers can promote entrepreneurship (Venkataraman, 2004). Fear of failure (FoF) and kiasuism, literally translated as fear of losing out, were suggested by local officials to be the reasons for low entrepreneurial spirit among Singaporeans (Ho, Ang, Loh, & Ng, 1998; Koh, 2015; Low, 2006; Yu, 2015). This research is motivated by the lack of prior research on the roles of FoF and kiasuism in influencing entrepreneurship in Singapore. Three sets of studies were conducted. We attempt to address the limitations in the current available measures for FoF and kiasuism by developing and validating new measures for the two constructs. Next, we examine the influence of FoF and kiasuism on the intention to be an entrepreneur among Singaporean undergraduates. Theoretical and practical implications of this research are discussed.