By Amanda Bullough, Ph.D.
Entrepreneurship has taken a beating in the Great Recession that has lingered since 2008. Funding sources have dried up and projects have been put on hold as market leaders hunker down for the long haul. Yet the world needs innovators ready to create jobs, manage risks and drive growth. How do entrepreneurs bounce back from uncertainty and decline, and start businesses ventures in challenging times? Our research, based on 500 survey responses in the United States and abroad, reveals two major factors. The first is entrepreneurial self-efficacy, or belief in one’s ability to do what it takes to be an entrepreneur. The second is resilience, or the ability to persevere after hardship or failure. Both traits can be learned and practiced, which is good news for would-be entrepreneurs. Here are five steps that individuals can take:
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