Educating Entrepreneurship Students about Emotion and Learning from Failure

Author(s): Dean A. Shepherd

Source: Academy of Management Learning & Education , Sep., 2004, Vol. 3, No. 3 (Sep.,
2004), pp. 274-287
Published by: Academy of Management

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© Academy of Management Learning and Education. 2004, Vol. 3, No. 3, 274-287.

Educating Entrepreneurship
Students About Emotion and
Learning From Failure
DEAN A. SHEPHERD
University of Colorado at Boulder

As theory develops and increases our understanding of the role of emotion in learning
from failure, entrepreneurship educators have the opportunity to reflect these
advancements in their pedagogies. This requires a focus on how students "feel" rather
than on how, or what they "think." I offer suggested changes to pedagogy to help
students manage the emotions of learning from failure and discuss some of the
challenges associated with measuring the implications of these proposed changes. I then
expand my scope to explore possibilities of educating students on how to manage their
emotions to avoid failure and, more generally, improve their emotional intelligence and
for organizations to improve their ability to help individuals regulate their emotions.

Entrepreneurship theory focuses on how to difficult.

create Hisrich and Peters (2001) offer advice on
and grow businesses through the discovery and how the entrepreneur can "deal with" business
exploitation of opportunities to bring into exis-failure:
tence future goods and services (Shane & Venkat-
araman, 2000; Venkataraman, 1997) as well as how First and foremost, the entrepreneur should
to avoid failure (McGrath, 1999).1 Entrepreneurship consult with his or her family. . . . This discus-
scholars acknowledge that not all attempts to sion will also help alleviate some of the stress
launch and grow a business are successful, but of dealing with bankruptcy. Second, the en-
even when failure occurs the entrepreneur has an trepreneur should seek outside assistance
opportunity to learn from the experience, and from professionals, friends, and business as-
thereby improve his or her chance of success in the sociates. . . . Third, it is important to not try to
next entrepreneurial endeavor (Minniti & Bygrave, hang on to a venture that will continually
2001). drain resources if the end is inevitable. . . .
The above concepts are reflected in the follow- The time spent could be more effectively used
ing textbook quotes: "Businesses fail, but entrepre- to either start over or do something else (pp.
neurs do not. Failure is often the fire that tempers 595-596).
the steel of an entrepreneur's learning and street
savvy" (Timmons, 1999: 47). "In order to succeed These textbook excerpts suggest a number of
one first has to experience failure. It is a common important points.2 First, failure is an important
pattern that the first venture fails, yet the entrepre- source of learning for entrepreneurs. Second, bank-
neur learns and goes on to create a highly success- ruptcy is a difficult and stressful event for the en-
ful company" (Timmons, 1999: 30). However, this trepreneur and his or her family. This implies that
process of learning from failure can be emotionally business failure can generate a negative emo-
tional reaction. Third, entrepreneurs are advised to
seek outside assistance, primarily for sympathy
1 McGrath (1999) argues that there is a tendancy to view failure
and emotional support. Such advice implies that
negatively, which introduces a pervasive bias in entrepreneur-
ship theory and research (p. 13). An anti-failure bias by entre-
preneurs can be considered a reasonable emotional reaction to
the loss of something important. The concern is that such a 2 Textbooks often reflect the topics that are important to a par-
response will interfere with people's (and organizations') ability ticular domain of study and therefore serve as an important
to make sense out of the experience (McGrath, 1999; Shepherd, resource for a professor to guide his or her presentation of a
2003). topic (Coppola & Strohmetz, 2002).

274

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 2004

there is
by educators to better help students learn this spe-
can cific form of
be emotional management. However, as e
entrepre Wren, Buckley, and Michaelsen (1994) point out,
assistance. Fourth, they acknowledge that, for classroom theory must be delivered in a way that
most entrepreneurs, it is not easy to cut the emo- makes it relevant to the practice of management.
tional attachment between oneself and a failing This can sometimes be a challenge, especially
business. when the focus is on how students "feel" rather
As theory develops and increases our under- than on how, or what, they "think." To meet such a
standing of the role of emotion in learning from challenge will require more extensive changes to
failure, educators have the opportunity to reflect an entrepreneurship pedagogy than simply adapt-
these advancements in their pedagogies for entre- ing the content of a current lecture, which raises
preneurship courses. In a recent article (Shepherd, two broad questions for educators: What methods
2003), I argued that entrepreneurs' grief - their can be used to "teach" new theories on "emotion
emotional response to the loss of their business - and learning from failure" in a way that has prac-
interferes with learning from the experience but, tical relevance? What are the implications of these
through a dual process of grief recovery, emotions proposed changes?
could be managed in a way that minimizes inter- My primary purpose here is to address the above
ference and maximizes learning. Specifically, en- educational questions. First, I offer suggested
trepreneurs should oscillate between a loss-orien- changes to pedagogy to help students manage the
tation process and a restoration-orientation emotions of learning from failure. Second, I discuss
process to best use negative emotions to focus some of the challenges associated with measuring
their attention on the event while simultaneously the implications of the proposed changes to peda-
not allowing that focus to become cognitively in- gogy and offer researchers suggestions on how
efficient. Although the context for this model hap- they can be overcome. I focus on two implications:
pened to be self-employed individuals who lost first, the impact of the new pedagogy on students'
their independent businesses due to poor perfor- ability to manage their emotions and learn from
mance, it is also applicable to individuals who are failure, and second, the possible impact of the new
emotionally attached to corporate new venture pedagogy on the students' level of anxiety and
projects that eventually fail.3 their motivation to pursue an entrepreneurial ca-
Furthermore, organizations can learn from fail- reer. Third, I expand the scope of the article in
ure (McGrath, 1999), that is, the failure of a project terms of content and pedagogy. On content, I move
or a division but obviously not those events that beyond the emotions after failure to explore possi-
cause the demise of the organization itself. Such bilities in educating students on how to manage
organizational learning requires individual level their emotions to avoid failure and, more gener-
learning to be transferred to an organization's ally, improve their emotional intelligence and how
shared belief system through internalization and to enhance the emotional capability of an organi-
routinization (Huy, 1999, 2002; Simonin, 1997). Like zation. On method, I offer an introduction to a fu-
at the individual level of analysis, an organiza- turistic method (affective computing) that I hope
tion's ability to learn from a particular experience will soon be available to educators for enhancing
can be influenced by emotion, and, these emotions students' ability to manage their emotions. Fourth,
can be managed (Huy, 2002). Huy (1999) introduces I look at who can teach and research this topic and
the concept of emotional capability to capture an detail some important next steps. Finally, I offer
"organization's ability to acknowledge, recognize, some concluding comments.
monitor, discriminate, and attend to its members'
emotions, and it is manifested in the organization's DEVELOPING A PEDAGOGY TO HELP STUDENTS
norms and routines related to the feeling" (p. 325).4 MANAGE THE EMOTIONS OF LEARNING FROM
Based on the above studies, I propose that theo- FAILURE
ries on how entrepreneurs and entrepreneurial or-
ganizations can manage grief in order to enhance Entrepreneurship educators are well versed in in-
learning from failure can be used in the classroom creasing students' knowledge through lectures, by
providing vicarious experiences through guest
speakers and case studies, as well as by providing
3 Grief (a negative emotional response) can arise from the loss
direct experiences through simulations, consulting
of anything the individual holds as important (Archer, 1999). projects, and internships. With this in mind, I now
4 Unless otherwise specified, the descriptions offered apply to discuss how these methods (and some new ones)
both the individual and organizational level of analysis. can be used within existing courses to educate

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276 Academy of Management Learning and Education September

students about managing emotions associated difficult task. Second, these entrepreneurs must be
with failure (grief) in order to minimize interfer-prepared to talk about the emotions of business
ence and maximize learning from the experience.5failure. Third, and the major challenge with guest
speakers on this topic, is to overcome the possibil-
Lectures ities of self-reporting and retrospective reporting
biases.6 For example, entrepreneurs of failed busi-
As with all lectures, the content is highly reliant on
nesses might be motivated to diminish the role of
available theory. In Table lf I propose the layout emotions
of in order to appear more "rational."
a possible lecture. First, relying on entrepreneur- A third-party observer may provide additional
ship texts, the professor establishes the existence insights into an entrepreneur's emotions over busi-
of an emotional relationship between entrepre- ness failure and the recovery process. Such experts
neurs and their businesses, offers statistics on the might include accountants and lawyers that spe-
likelihood of business failure, and highlights thecialize in bankruptcy as well as financiers, such as
point that failure represents an opportunity to venture capitalists. Family members of entrepre-
learn despite the difficulty in doing so. Second, theneurs of failed businesses would likely also pro-
professor utilizes bereavement theory from psy-vide considerable information about how the en-
chology on to explore processes of coping with, trepreneur felt, how the entrepreneur managed his
and recovering from, grief over the loss of a loved or her emotions, and eventually how the entrepre-
one. Finally, the professor transitions from death ofneur learned from failure. These third-party
a loved one to business failure to explore the rolesources of information are likely to be less "bi-
of emotional management in maximizing one's ased" than those reports coming directly from the
ability to learn from business failure. entrepreneur.
Lecturing on emotions, although not necessarily Given the above discussion, guest speakers may
an oxymoron, is likely to be very difficult because provide only marginal insight into their personal
it is a topic that is less about what we think and emotional response to failure (although this de-
more about how we feel. To provide students in- pends on the individual guest speaker), but they
sight into the emotions of business failure, lectures
are likely to provide less-biased accounts on the
should be complemented with (or replaced by) emotions of failure at the organizational level. For
methods that provide indirect and/or direct experi- example, a CEO could provide an account of
ences of the emotions associated with failure. To
project failure that details the norms and routines
this end I offer suggestions for indirect (guest in place that allow the organization to monitor and
speakers and cases) and direct (reflections, role- attend to its members' emotions. The discussion
plays, and simulations) experiences. can then explore questions such as "How were
such routines first developed?" and "What (and
Indirect Experiences how many) resources are allocated to this emo-
tional management of project failures?"
Guest Speakers
Guest speakers could be used in entrepreneurship
Case Studies
classes to articulate their insights into business
Existing case studies could be used as a spring-
failure and the means of coping with that failure.
Ideally, one guest speaker of a recently failed busi-for a discussion on an individual's emotions
board
ness would talk about the negative emotions and of his or her ability to learn from a failure expe-
business failure, and a second guest speaker rience - even though these cases are only indi-
rectly
would build upon this discussion to detail how he related to the emotional aspect of the situa-
tion.
or she was able to cope with grief, recover, and For example, Myra Hart provides two Harvard
then learn from the experience. However, there Business
are School Press cases about an entrepre-
neur,
a number of challenges in effectively using this Eric Wood. The first case, Eric Wood A (Hart,
1996a), "describes the early career of an MBA who
approach. First, educators need to find entrepre-
neurs of failed businesses, which itself can be a

6 In a research setting, Huber and Power (1985) and Golden

5 This article does not offer a review of the literatures of emo- (1992) propose that retrospective reports provide data that have
tion, information processing, or failure, rather it builds on re- errors and biases due to respondents' motivation to bias the
cent theoretical advancements to explore possible changes to results (Cannell & Henson, 1974; March & Feldman, 1981) and
entrepreneurship pedagogy necessary for the delivery of this there are also issues related to the perceptual and cognitive
content and to explore the implications of these proposed limitations of respondents (Duncan, 1979; Fischhoff, 1982; Nis-
changes. bett & Ross, 1980).

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 2004

TABLE 1
Theory Lecture on How Individuals Can Manage Emotions Associated With Business Failure in Order to
Maximize Learning From the Experience

Stage 1 Pre-readings
(i) A chapter from the course textbook on why people become entrepreneurs.
(ii) A chapter from the existing course textbook on business failure and bankruptcy.
Journal article(s) on grief over the loss of a loved one (e.g., Nolen-Hoeksema, McBride, & Larson, 1997; Stroebe & Schut,
(iii) 1999) or trauma (chapters from Janoff-Buhlman, 1992).
(iv) Journal article on entrepreneurs' grief over business failure (e.g., Shepherd, 2003).
Stage 2 Entrepreneurs and their businesses (approximately 10 min.)
(i) Explain the reasons entrepreneurs start their own businesses.
(ii) Use these reasons to highlight entrepreneurs' emotional attachment to their businesses.
(iii) Point out the statistics on business failure.
(iv) Separate the entrepreneur from the business - "Businesses fail: Entrepreneurs learn."
(v) Relate back to entrepreneurs' attachment to their business and describe their emotions when a business is lost.
(vi) Describe how emotions interfere with processing information and with learning.
Stage 3 Grief and the recovery process (approximately 25 min.)
(i) Introduce the grief literature to highlight how people feel when they lose a loved one.
(ii) Describe the negative emotions and the physical, psychological, and physiological outcomes of grief.
Describe the two dominant perspectives of coping with grief - the loss and restoration orientations - and the advanta
(iii) and disadvantages of each.
(iv) Talk through the dual process of recovering from grief over the loss of a business.
(v) Bring together these two coping mechanisms and explain the dual process of grief recovery.
Stage 4 Recovering from grief over business failure (approximately 40 min.)
(i) Reinforce the attachment of entrepreneurs to their businesses.
(ii) Generalize the negative emotions of grief over the loss of a loved one to grief over the loss of a business.
(iii) Detail how grief interferes with the process of learning from failure.
(iv) Talk through the dual process of recovering from grief over the loss of a business.
(v) Relate the recovery process to learning from failure and entrepreneurs' willingness to try again.

went to work in a small business, bought the goes com-out of business. But there is a need for some
pany, and is now contemplating an acquisition casesto
to focus on the emotions of an entrepreneur
expand the business" (Harvard Business School who has lost his or her business due to poor per-
Press Web site). This case could be used for its formance (or other reasons such as a terrorist act).
original purpose of educating students on growth Ideally, Professor Hart would write a part C to the
management, but it could also be used to highlight above cases - if indeed the business did fail - that
the emotional relationship that entrepreneurs would detail the emotions and the behaviors of
have with their businesses. Eric Wood. A hypothetical example of content from
The second case, Eric Wood B (Hart, 1996b), "de- Eric Wood part C is offered in Appendix A. Such a
scribes Eric's purchase of the much larger Shaw case study would provide a more solid foundation
Co. and describes the operating and financial for a discussion on the emotions of failure and the
problems that ensue, leaving Eric considering the management of those emotions. I hope that case
option of bankruptcy. Issues include the overlap of writers take up this challenge.
business and personal finances, as well as the Unlike at the individual level, numerous cases
mechanics and implications of bankruptcy" (Har- are available from which a class can explore the
vard Business School Press Web site). Again, this emotions associated with project failure within en-
case could be used for its original purpose of high- trepreneurial organizations. For example, a Lon-
lighting issues of bankruptcy, but it could also be don Business School case on Virata provides de-
used for a discussion of Eric Wood's likely negative tails of an organization that has a superior
emotional reaction to the decline of his business. technology (Asynchronous Transfer Mode) that
could revolutionize the broadband world of com-
The discussion could be extended further to spec-
ulate on Wood's emotional state if the business puter networking. In the early days of the organi-
zation, management believed that it was too early
were to fail, and to explore ways in which he could
best deal with the negative emotions that would to tell
bewhich potential application of the technology
would be the most profitable, so they supported two
evoked so that he could learn from the experience.
Because avoiding failure is a primary focus of
projects. Eventually, management made the decision
entrepreneurship theory (McGrath, 1999), itto is pursue
not one business and terminate the other.
surprising that cases stop before the organizationThe content of this case is similar to many others

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 278 Academy of Management Learning and Education September

used in classes of entrepreneurship, strategy,

the loss of a loved one by making and students become
innovation where a project is more terminated or is
attached to the material at anim-
affective level.
plemented and fails. These cases may not
This educational directly
method begins with something
provide details of the emotional dynamics
autobiographical throughwithinindividual introspec-
the organization, but they can tion,still
and thenbe used
moves as a
to a more general under-
springboard to discuss the way inofwhich
standing organiza-
the phenomenon through group discus-
tions can (or should) manage the emotions
sion. Adapting this methodoftotheir
failure would likely
members when faced with a provide project's
students thefailure.
chance to see For
the commonal-
example, "How do you thinkities the R&D
between the teams
feelings that felt
they have experi-
knowing that only one of the encedtwo projects
and those was
they will likely experience as an
going to be accepted?" "When the announcement
entrepreneur of a failed business. They might feel
was made, what do you think was the
empowered by thereaction
knowledge that ofthey have
the 'losing' team?" "Winningcoped team?" "Ifof backing
with the loss a loved one, that these skills
alternate and competing projects within
are transferable an
to the loss of aorga-
business, and that
nization is a means of dealingthese with skillsthe
can beuncertainty
further improved. In Table 2
inherent in high-velocity markets, then what below, I offer a version of Gould's (1994) educa-
should the organization do to build its norms and tional method adapted for use in entrepreneurship
routines so that the emotions of its members are classes.
managed in a way that maximizes organizational Building on the "reflections of grief" exercise
learning (and retains valuable employees)?" proposed in Table 2, this method can also be used
to develop a deeper understanding of managing
the emotions of failure at an organizational level.
Direct Experiences
Students prepare by reflecting on their own expe-
Despite obvious differences between educating riences of interacting with organizations when
people to "deal with" death and educating stu- dealing with an important loss. This organization
dents to deal with business failure, I explore the could be one's immediate family, extended family,
"death education" literature for hints on effective school, church, or funeral parlor. Students then
methods for helping people learn about emotions share their stories with others in a small group.
and managing those emotions in the face of losing The group then compiles a list of the things the
something important.7 I chose the "death educa-organization said or did to acknowledge, recog-
tion" literature because it is based on solid psy- nize, monitor, discriminate, or attend to one's emo-
chological theories and methods and also has a tions. Using the process described in Step 2 of
strong practitioner perspective, that is, helping Table 2, a definition of an organization's emotional
people deal with the emotions associated with the capability to deal with loss emerges and a list of
loss of a loved one. This literature suggests that emotional behavior enacted by organizations is
reflections on grief, role-plays, and simulations are constructed (with those behaviors that encourage a
effective educational methods (e.g., Hutchison & loss orientation listed on the left-hand side of the
Scherman, 1992; Ratner & Song, 2002; Tamlyn & white board and those that encourage a restora-
Caty, 1984). Before I assess and adapt these meth- tion orientation on the right). The discussion can
ods for the entrepreneurial context, it is important then transition to the emotions of project failure
to point out that encouraging students to directly and focus on the pros and cons of certain organi-
experience negative emotions (and to learn from zational behaviors and how these can be com-
them) can be traumatic and is therefore probably bined (or oscillated) in order to manage the emo-
best undertaken with the assistance of a psychol- tions of organizational members and maximize
ogy professor - preferably one that specializes in learning from the failure experience. It is impor-
bereavement or trauma. tant to end this experience with a discussion of
how these behaviors can be internalized by the
Reflections on Grief organization in the form of norms and routines.

Gould (1994) proposes a class structure that is used

Role-Play
to develop students' understanding of grief over
Role-plays ask students to imagine, think, and be-
7 One important difference is that most people will face the have as if they were someone else in a particular
grief of losing a loved one, whereas in an entrepreneurship situation. They involve "as-if" experimentation
class only a subset will become entrepreneurs and only a sub- (Mercado, 2000) and provide students with a
set of that will lose a business.
unique opportunity for active learning in a safe

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 2004

TABLE 2
Approach to Encourage Reflections on Loss and Grief Over Business Failure

Step Activity

1 Students prepare for the c

behaviors. It is reinforced
asked to document these sto
2001) and be prepared to sha
2 In groups of three or four each student describes one story and the group compiles a list of the expressed feelings and
behaviors. From this information, the groups are asked to define grief, prioritize symptoms, and prioritize coping
behaviors. This information should be illustrated in a diagram, which is presented to class. As a class, students give
the teacher the symptoms of grief to list on one white board. A definition of grief emerges. Questions, comments, and
examples are used to revise these generalizations. The teacher then calls for coping behaviors, which are listed on the
left of the board if the behavior is loss oriented and on the right if it is restoration oriented. The students are then
asked what is common about the list on the left and what is common about the list on the right. Although the labels
are likely to be different, the discussion emerges on a classification of loss-orientated and restoration-orientated
behaviors.
3 The teacher leads discussion back to the first board (list of symptoms and definition of grief) and asks students whe
this definition and list symptoms applies to the loss of something really important even if that loss is not the death
a loved one. "What are the feelings towards the thing lost that generates grief?" "Do entrepreneurs feel this way a
the businesses that they create?" "Therefore are entrepreneurs likely to feel grief over the loss of their businesses
From the discussion elicited by these questions, it is likely to emerge that losing a loved one is not the same as
a business, but one may feel many of the same negative emotions. The student's definition can then be compared t
the one offered in Shepherd (2003): "a negative emotional response to the loss of a business capable of triggering
psychological, behavioral, and physiological symptoms."
4 Attention is then turned to the two lists of behavior labelled as something along the lines of loss orientation and
restoration orientation. The students are then asked which is best and to justify their choice. Some students will a
for one approach and some will argue for the alternate, and from this discussion the benefits and limitations of ea
will emerge. After sufficiently discussing the former, the teacher asks, "How can we get the benefits of both while
minimizing the associated weaknesses?" This question and subsequent discussion will lead to the notion that pe
can alternate between the two, and eventually speed up recovery. The teacher can offer and begin a discussion
around the dual models of recovery from grief over the loss of a loved one (Stroebe & Schut, 1999) and the loss of
business (Shepherd, 2003).

and low-risk environment (Brown, 1994; Egri,
1999; Lehman & Taylor, 1994). The environment is
safe and low risk for students because they can
separate themselves from the character they are
playing, which can be a highly liberating and
important experience (Mercado, 2000). For exam-
ple, many of the inhibitions in expressing one's
emotions are eliminated or minimized with role-role plays the shocked spouse's response and
plays. Therefore role-plays are highly effective
subsequent discussion.
for students to leam about attitudes and behaviors,
and as the basis for experiencing different psycho-
logical contexts (Greenberg & Eskew, 1993).8 The fol-
lowing are some examples of possible role-plays
that provide individuals experience the emotions of
failure:
failed and will not be operating from tomor-
row on. The class role plays as devoted em-
ployees upset about losing their jobs.
Role-Play 2: In groups of two, one student can
role play an entrepreneur informing a spouse
of the business' failure and the other student
Role-Play 3: In small groups, role play the
interchange between an entrepreneur of a
failed business who is expressing negative
emotions and a friend providing advice on
how to best cope with the situation.

Role-Play 1: One student prepares and pre-
sents a speech role playing an entrepreneur
informing employees that the business has
8Hodgkinson (2000) provides an example of role-plays being
used for postgraduate managers and there is evidence of its
used to teach business ethics (1994) and accounting (Craig & learned from the experience, and has started
Amernic, 1994).
Role-Play 4: In small groups, role play the
interchange between (a) an entrepreneur of a
recently failed business who still feels nega-
tive emotions when thinking about the lost
business, and (b) an entrepreneur of a failed
business who has recovered from grief,
another business.

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280 Academy of Management Learning and Education September

Role-plays can also be used to provide insight
into the emotions of failure at the organizational
level. This can be achieved through the role-play
interactions of an individual with an organization,
where students can role play both the individual
and the organization. For example,
Role-Play 5: In groups of four, one student can
role play a CEO who must inform his three
researchers that the project they have been
working on for 3 years has been terminated,
and they are to be reassigned to new projects.
Role-Play 6: In groups, role play a manage-
ment meeting where the discussion is to re-
volve around the implications of pursuing
high-risk projects and how the organization
can best learn from each project, regardless
of whether the project is a success or a failure.
Role-Play 7: In small groups, role play the
interchange between two research teams
whose projects recently failed, with one team
part of an emotionally capable organization
and the other, an emotionally ignorant orga-
nization.
agement classes, and learning from business fail-
ure is not a primary objective of this pedagogy (see
Knotts & Keys, 1997).
One exception is the "Small Business Growth
Management Flight Simulator/' which simulates
the management of a family business that is fac-
ing a number of economic problems. This simula-
tion helps students gain a deeper understanding of
the different aspects of the business, the environ-
ment, and how one's decisions (primarily related to
financial structure) can limit firm growth and put
its survival in peril. The business can fail for a
number of different reasons. For example,
company failure may be caused by a growth
policy that is not sustainable because of ex-
cessive bank withdrawals aimed at increas-
ing the family's quality of life, both in terms of
current expenses and personal assets. Such a
phenomenon is mainly caused by bias in
profit and cash flow expectations and related
distorted information, combined with entre-
preneur's emotional involvement in coping
with the business/family overlap (Bianchi,
2000: 217).

Active participation in simulations provides stu-

Simulations dents the opportunity to unconsciously process all
types of information including emotions, strate-
Simulations offer numerous learning benefits to and feelings (Petranek & Corey, 1992). Specif-
gies,
business school students (Petranek, 2000; Petranek ically, by being actively involved in a failure, stu-
& Corey, 1992). They may be particularly useful in dents likely unconsciously process information
educating entrepreneurship students about grief about the negative emotions they feel, strategies to
and learning from business failure because, as try and recover from this position, and how those
Bredemeier and Greenblat (1981) point out, affec- strategies worked. To maximize learning from
tive and behavioral learning is enhanced with playing the simulation, Petranek and Corey (1992)
simulations over traditional modes of learning. propose the complementary use of oral debrief ings
Simulations are currently used in entrepreneur- and keeping a written journal.
ship and strategy classes (see Hindle, 2002; Keys, Oral Debriefings. Teachers can engage in a class
1997; Wolfe, 1997; Wolfe & Bruton, 1997). Students discussion designed for students to reflect upon
make decisions and track firm performance. Al- their emotional experiences evoked by the simula-
though companies may make losses, few go bank- tion. To structure this discussion, Petranek and
rupt.9 I point out this feature of most simulations, Corey (1992) propose that the debriefing revolves
not to be critical of them, but to demonstrate that around events, emotions, empathy, and explana-
not all simulations are well suited to the purpose tions. In Table 3, I offer questions to start the dis-
of providing students experience with the emo- cussion for each of these categories.
tions of business failure. That few simulations al- Writing a Journal. The final phase requires stu-
low businesses to fail, is probably because these dents to record their perceptions of the simulation
simulations have been created for strategic man- by writing a journal. This, unlike the oral debrief-
ing proposed above, represents a personal and
private communication with the professor (Woll-
9 For example, Paich and Sterman (1993) describe a simulation
man-Bonilla, 1989). Students are more likely to
where students manage a new product over a 10-year period
and "subjects may lose as much money as they like without record feelings of pain, humiliation, and anger
facing bankruptcy. The task is therefore more forgiving than than to express them verbally to the whole class.
Writing a journal encourages greater reflection
reality since losses leading to bankruptcy in real life can in the
game be offset by subsequent profits" (1442). and introspection (Petranek, 2000). The student also

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 2004

TABLE 3
Questions to Stimulate Discussion in Each Stage of Simulation Debriefing
Stage of Debriefing Questions to Stimulate Discussion

Events "Describe the events surrounding the business failure."

"Describe the events that happened to you after the business failed."
Emotions "How did you feel when you realized the business was going to fail?"
"What were the emotions that you felt after the business had failed and everyone in the class knew
about it?"
Empathy "For those entrepreneurs whose business did not fail, what were your feelings toward those that did have
businesses fail?"
"How would you have felt and acted if you were in their shoes?"
Explanation "How does this experience relate to the saying 'Businesses fail: Entrepreneurs learn'?"
"Do real-life entrepreneurs of failed businesses feel this way?"

has the opportunity to reflect on others' expressed comes, possible problems with a simple pre- and
interpretations of the events, others' expressed posttest using self-reports of competency and also
emotions about those events, and others' ex- provides evidence of a deeper level of learning.
pressed empathy toward the journal writer. To illustrate, students could be asked to self-
Keep-
ing a journal (as well as oral debriefings) providesreport on their competency to manage emotions
students the opportunity to integrate theories using ofa 7-point scale anchored by very low compe-
grief, emotional management, and failure into tencytheand veiy high competency (pretest), followed
experience of the simulation, which encourages by the newa course content that allows the students
higher level of analytical learning (see Petranek, to experience and learn about managing the emo-
2000). In summarizing research on the learning tions of failure. Finally, students are asked again
benefits from journal writing, Wollman-Bonilla to self-report on their competency to manage their
states that emotions using the same 7-point scale (posttest).
The difference (or lack of difference) between the
. . . journals validate self-expression and per- pre- and postscores provides the basis for an infer-
sonal response, encourage understanding, ence about the effectiveness of new aspects of the
imaging, speculation, questioning and the curricula, if, and only if, the meaning of the an-
shaping of ideas and provide students with chors on the measurement scales have been used
information relevant to their concerns and the same way for both tests.
problems in the content of their own entries However, if the addition of an experiential ses-
and teacher's response (1989: 113). sion on the emotion of business failure is effective,
then we expect (or should at least test for) a re-
MEASURING IMPLICATIONS OF PROPOSED sponse shift where the new course experience
CHANGES TO PEDAGOGY changes the way that the student thinks about the
anchors of the measurement scales. To capture the
Management of Emotions to Learn From Failure extent of learning (alpha change in terms of a
Testing the implications of all types of pedagogyin score between pre- and posttest using
change
offer a number of methodological challenges. common scales, and beta change in terms of a
These challenges arise primarily from the fact that change in the way the scale's anchors are inter-
"students cannot always be randomly assigned to preted) requires the use of a then measure. A then
treatments, extensive evaluations of behavior and measure is a retrospective self-report of one's com-
results are often not feasible, and it may not be petency prior to the delivery of the new course
possible to hold factors such as instructor, class content that is collected after course delivery (at
size, and concurrent enrollment in other subjects the time of the posttest). For example, items might
consistent across treatments" (Shaw, Fisher, & require responses to the following statements: "I
worry excessively" and "I have little control over
Southey, 1999). Shaw et al. (1999) propose that qual-
my sadness" but the above proposed changes in
ity data on the effectiveness of different pedago-
curricula might change the way students interpret
gies can still be collected through the use of quasi-
experiments with nonequivalent control groups the concepts of "worry" and "sadness" such that
and recommends a pie-, post-, and then design.the A pie and the then measures are different. The
comparison of then measures to post measures
pie-, post-, and then design highlights, and over-

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282 Academy of Management Learning and Education September

provides a more accurate picture of the

entrepreneurs and impact
their loved ofones to overcome
the new curricula changes because it is unaffected grief more quickly, to minimize the negative con-
by response shifts caused by the change in curric- sequences of grief, and to maximize the benefits
ulum. arising from this traumatic event.
These self-reported measures using a pie-, post-, Although some studies have found that types of
and then design could be complemented with the education about death increase death anxieties
use of existing surveys capturing an individual's (e.g., Balis & Kennedy, 1977; Mueller, 1975; but s
level of grief (with necessary adaptations to the Mueller [1976] for nonsignificant findings), the
business context). Data could then be collected at seems to be a growing consensus that death edu-
cation can reduce anxieties about the death of
multiple time points - before, during, and after the
failure event. An example of an existing measure loved ones (Liviton, 1977; Rosenthal, 2001). For ex-
of grief is the Hogan Grief Reaction Checklist ample, Rosenthal (2001) found that after an 18-
(Hogan, Greenfield, & Schmidt, 2001) and the Lev- week course on death and dying for high school
els of Emotional Awareness Scale (LEAS), an exist- students, their level of death anxiety decreased
ing measure that captures, more broadly, indi- significantly. By extension, it is plausible that an
viduals' emotional awareness (Lane, Quinlan, investment of effort by entrepreneurship profes-
Schwartz, Walker, & Zeitlin, 1990). Such research sors to teach students about business failure could
might find, for example, that oral debriefings and minimize students' anxiety toward failure. Such a
journal writings together enable students to morereduction in anxiety could reduce antifailure bi-
quickly reduce grief. To provide an indication of ases (see McGrath [1999] for a discussion on the
learning, students could be asked to provide an negative implications of an antifailure bias).
account of why businesses fail before and after However, questions about the implications of the
they experience it in the classroom. The professor proposed pedagogical changes on the manage-
or expert coders could rate these answers for com- ment of failure emotions, learning from failure,
pleteness and/or depth of knowledge. and possible failure anxiety need to be addressed
by empirical research. It is a difficult task to deter-
mine whether students who have some education
Anxiety Over Failure and Entrepreneurial
on the emotions of failure did not become entre-
Intentions
preneurs but would have done so if this content
If education on the emotions of failure and learn- was not in their entrepreneurship courses. We can,
ing from the experience can be designed and however, test the impact of a pedagogy on the
taught in a way that does not "scare" students intention to become an entrepreneur - intentional-
away from pursuing entrepreneurship, then we as ity is central to entrepreneurship (Bird, 1988; Katz &
educators should have few reservations about in- Gartner, 1988; Krueger, 1993; Krueger, 2000). Using
tegrating this content into our courses. Possible an established scale of entrepreneurial intentions
reservations are likely to arise if we find that the (and mindful of the design issues detailed above),
proposed changes in pedagogy do cause an in- researchers can detect changes in entrepreneurial
crease in "death anxiety" and diminish students' intention and therefore make inferences about the
intentions to become entrepreneurs. This is likely implications of the proposed pedagogy on the mo-
to be a major concern for those educators who tivation of students to pursue entrepreneurial ca-
believe that the primary purpose of entrepreneur- reers. For example, Krueger (1993) empirically in-
ship courses is to encourage students to pursue vestigated entrepreneurial intentions by asking
entrepreneurial careers, provide them the tools respondents, "Do you think you'll ever start a busi-
necessary for success, and to avoid failure. ness?"10
An alternate perspective is that even if educa-Researchers could further explore the implica-
tion on the emotions of failure does increase tions of changes in curricula through their impact
anxiety and decrease entrepreneurial intentions,
on the antecedents of entrepreneurial intentions,
educators still have an obligation toward theirsuchstu-
as perceived feasibility and desirability. For
dents to include this content into their entrepre-
example, pre-, post-, and then measures of entre-
neurship courses. Writing on the topic of grief over
preneurial self-efficacy could be used to determine
the loss of a loved one, Rosenthal (2001) argues that
death education might not only be enlightening,
but that it can also be therapeutic. Having wit-
10 Krueger notes that although researchers should be more spe-
cific in terms of the kind of venture, type of industry, and when
nessed the misery of grief suffered by my father
intended action will take place, pretesting indicates that global
and our family over the loss of the family business,
intentions are still informative (Krueger, 1993; Kruger &
I believe educators have an opportunity Carsrud,
to help 1993).

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 2004

changes complex or stressful situation in order to avoid

an entrepreneurial career (see Chen, Greene, & failure.
Crick, 1998). A finer grained understanding of The entrepreneur's task is one that places con-
changes in the level of anxiety would require ex- siderable strain on his or her information-process-
isting psychological measures (e.g., Abdel-Khalek, ing ability (Baron, 1998). Therefore maintaining (or
2002) be adapted to the entrepreneurial context. improving) information-processing efficiency ap-
pears to be important for other aspects of the en-
trepreneurial process (i.e., other than after failure
or dealing with an event that could cause failure).
POSSIBILITIES TO FURTHER HELP
A pedagogy that more broadly addresses emotion
ENTREPRENEURSHIP STUDENTS MANAGE
and the management of emotions would likely be
EMOTIONS
valuable to students who will later be engaged in
Content entrepreneurial tasks. For example, the proposed
pedagogy above could be broadened from a focus
The changes to pedagogy proposed above provide on an individual's ability to use the dual process
students insight into the often complex and stress- model of grief recovery to maximize learning from
ful task of analyzing why failure occurred in order a failure experience or the ability to manage one's
to learn from the experience. This task can be emotions when facing a stressful or complex prob-
made more manageable when the emotions sur- lem to a pedagogy that more generally addresses
rounding failure can be regulated (Shepherd, 2003).issues of "emotional intelligence." Emotional intel-
Such a process might reveal that failure resultedligence refers to "the subset of social intelligence
from inefficient information processing (Weick,that involves the ability to monitor one's own and
1990, 1993, 1996). For example, Weick (1990) ana-others' feeling and emotions, to discriminate
lyzed the Tenerife Air disaster to determine theamong them and to use information to guide one's
cause of failure. He proposed that the stress of thethinking and actions" (Salovey & Mayer, 1990).
situation (a negative emotional reaction) con-
sumed scarce information-processing capacity,
which decreased cognitive efficiency and resultedA Pedagogical Approach of the Future: Affective
in the disastrous outcome of two planes crashing,Computing?
killing 583 people. A future (or futuristic) approach to teaching stu-
Dorner (1996) analyzed simulations of people at-dents about their emotions and how to manage
tempting to solve complex problems to exposethem might be just around the corner. Research is
flaws in their thinking and proposed a procedurebeing conducted on affective computer techniques
based on: (1) defining and redefining goals as the (Picard, 1997).
situation transpires, (2) gathering information so Affective computing "relates to, arises from, or
that models can be formulated that reflect the com- deliberately influences emotions" (Picard, 1997: 2).
plexity of the situation, (3) using the informationPicard (2000) argues that "wearable devices" that
and model to predict and extrapolate in order toallow people to monitor their emotions will be able
determine effectiveness in achieving goals, and (4)to help the wearer regulate stress and potentially
planning, deciding, and acting and then replan- improve health. These wearable computers moni-
ning, rethinking, and redoing to avoid becoming tor emotions by using skin sensors to read four
stuck in a rut. This procedure was formulated to physiological signals - respiration, blood volume
take into consideration the "storage speed" of hu-pressure, skin conductivity, and muscle tension.
man memory (Dorner, 1996). This information on emotions can be used in a
Both Weick (1990, 1993, 1996) and Dorner (1996)number of ways. As a result of the research at the
propose that inefficient information processingMIT lab on affective computing, an affect-adaptive
CD player has been developed that selects music
can be a cause of failure. Greater efficiency can be
achieved through certain procedures for problembased on the mood of its user. The educational
solving (Dorner, 1996) and the regulation of emo-benefits of affective computing have already been
recognized: "... If we can study the emotions and
tion (Argyris, 1990; Elster, 1999; Staw, Sandelands,
& Dutton, 1981; Weick, 1990). Therefore, although reasoning in an individual, the affective comput-
the changes in pedagogy proposed above focus on ing techniques could be used to produce better
the emotions after failure and learning from thedecision-making for people experiencing these
experience, there is also an opportunity to expand emotions, particularly as they approach difficult
the proposed pedagogical changes to further help situations" (Steele & Steele, 2002-2003: 237).
students regulate emotions when faced with a Therefore, affective computing could be a useful

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284 Academy of Management Learning and Education September

tool for providing entrepreneurship understanding students

of the role thatfeed-
emotion in general,
back about their emotions inand particular situations
grief in particular, can have on decision mak-
(e.g., events that occur as parting of anda behavior.
simulation).
This suggests This
that there are a
feedback is important in developing one's emo- group of educators that might be well qualified for
tional intelligence. For example, a speedier recov- the pedagogical challenges proposed above. Fur-
ery from the grief over the loss of a business can be thermore, when the proposed pedagogy has an
achieved if the entrepreneur knows when to switch application beyond entrepreneurship (but still
from one coping style to another - "when the indi- highly relevant for potential entrepreneurs), we
vidual's attention begins to shift focus from the can look for expertise within other departments in
event to aspects of the grief itself then learning is the school of business or other schools within the
likely reduced by emotional interference and the university. Finally, if educators only teach content
individual should switch to a restoration-orienta- that is based on their prior knowledge, then there
tion" (Shepherd, 2003: 323). Affective computing is acan
danger of falling into a "competency trap." To
provide students this information in a simulated avoid such a trap, and to overcome educators' re-
environment and help them to understand when to to change their curricula, more research
luctance
switch and the emotional implications of this needs to be done into improving pedagogies and
switch. empirically testing the implications of these
Similarly, affective computing can be used to changes. This represents a challenge to both edu-
help students realize the impact of emotions when cators and education scholars and to this end, I
solving complex problems. For example, simula- now offer some steps for each group (obviously
tions and affective computing can be used in con- some professors fall into both categories).
junction to demonstrate that highly emotional
states can lead to failure, whereas those students
The Next Steps for Entrepreneurship Educators
who better manage their emotions are able to avert
disastrous outcomes (i.e., consistent with the work 1. Maintain currency with theoretical advance-
of Weick, 1990, 1993, 1996). The potential educa- ments on topics of (a) the emotions of failure,
tional benefits of affective computing likely extend (b) the role of emotions in causing failure, (c)
to other aspects of emotional intelligence that are the process of learning from failure, and (d)
other work on emotional intelligence and emo-
important for potential entrepreneurs. It will be
tional capability that could be applicable to
interesting to track the progress of developments aspects of the entrepreneurial process.
in affective computing, with a view to one day 2. Use information gained in step one to supple-
introducing it to entrepreneurship students. ment the content of current lectures or as the
basis for new lectures.
3. Seek out potential guest speakers who (a)
manage an organization that experiences
THE NEXT STEP: WHO WILL TAKE IT AND WHAT
project failures as a result of a conscious strat-
NEEDS TO BE DONE egy of pursuing "high-variance" projects, (b)
work in organizations with considerable emo-
Educators' Prior Knowledge and Proposed tional capability, and (c) can articulate the or-
Changes to Pedagogy ganizational norms and routines used in the
organization to manage the emotions of its em-
As we broaden the possible changes in pedagogy ployees and how this impacts organizational
from emotions associated with the loss of a busi- learning. If such a guest speaker is found, then
ness to the failure to solve complex problems to use him or her in class.
more generally managing the emotions associated 4. Reanalyze cases that have been used previ-
with running a business, the content becomes less ously as part of your pedagogy (or look for new
cases) that can be used to stimulate discussion
distinctive to the entrepreneurship domain. This on the emotions surrounding failure and the
creates a potential problem: "Do entrepreneurship importance of learning from the experience (at
educators have the skill and knowledge to be able the individual or organizational level). Adapt
to effectively pursue these pedagogies?" existing teaching notes to highlight this new
dimension of the case to encourage class dis-
There is evidence that more entrepreneurship
cussion and learning.
scholars are investigating entrepreneurial cogni- 5. Experiment with the proposed methods of "re-
tion and information processing (Mitchell et al., flections" and role-play. Such experimentation
2002) and, I speculate, that there is an increasing could first involve using one of these methods
number of entrepreneurship educators with back- to explore previously covered content. Once
confident with the new method, incorporate it
grounds in organizational behavior and psychol-
using the proposed new content.
ogy. This understanding of cognition and informa- 6. Choose and use simulations to evoke emotions
tion processing is highly applicable to a deeper (hopefully about failure experiences) and then

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 2004

use have oral

the opportunity of dramatically improving d
keep a journal account of the simulation to the lives of those students who become entrepre-
maximize the educational benefits of students'
neurs and experience failure, and, depending on
emotional experiences.
7. Be entrepreneurial. With increased knowledgethe results of empirical research, the proposed
of current theories and the motivation to im- changes to entrepreneurship pedagogy could rep-
resent a step toward reducing students' antifailure
prove one's pedagogy, educators will likely be
willing to experiment with pedagogies thatbiases.
provide students emotional experiences (at
first with failure and then other aspects of the
entrepreneurial process) and the opportunity
to learn how to better manage these emotions.
Appendix A
A Hypothetical Example of a Case Study on the
The Next Step for Education Researchers Emotions of Business Failure

1. Include in entrepreneurship textbooks new

theoretical advancements on (a) the emotions
of failure, (b) the role of emotions in causing CASE STUDY
failure, (c) the process of learning from failure, "After his business failed, Erie felt anger, guilt, distress, and
and (d) other work on emotional intelligence anxiety. He knew that he had to get out of this current emotional
and emotional capability that could be appli-
state. He tried to think through the sequence of events leading
cable to aspects of the entrepreneurial pro-
up to the failure of the business so that he could learn from his
cess.
mistakes but every time he thought about the business it made
2. Write new cases (or put a "new spin"
him feel on old
even more depressed. He thought it would likely make
cases) that provide the basis for
himstudent anal-
feel better if he simply distracted himself from the whole
ysis and discussion on emotion and
event learning
by focusing on other aspects of his life, like finding a job,
from failure (from both the individual and or-
finding a new house, a new school for the children. While this
ganizational learning perspective). was attractive in the short term, would this be detrimental to his
3. Create more simulations (or adapt existing recovery efforts in the long run and to being able to learn from
simulations) that allow businesses to fail the failure? Is there anything Eric can do to improve his emo-
while an individual's opportunity to partici- tional state, reorganize his life, and also learn from the experi-
pate in the simulation is not automatically ter- ence?"
minated; rather, the students of failed busi-
nesses have the opportunity to learn from the
failure and apply this new knowledge by cre-
Discussion
ating a new organization.
4. Research the educational benefits of the pro- From such a case, some students might suggest that Eric should
posed changes in pedagogy. To conduct such immediately start another business because this would help
research requires further work on adapting him overcome grief over the loss of the previous business.
and refining existing measures for use with However, students will soon realize that there has been no
students in an entrepreneurial context, e.g., opportunity for learning, and the same mistakes could be made
grief, anxiety, emotional intelligence, and again. Attention will turn to speeding recovery. Some will ad-
emotional capability. vocate "grief work" where Eric should bear the emotional pain
5. Test the impact of proposed changes to peda- and focus his attention on the events surrounding the busi-
gogy on students' motivations to pursue entre- ness - processing this information will help with recovery and
preneurial careers. learning from the experience. Others will argue that distrac-
6. Distinguish between pedagogies to determine tions are the best approach and work on the secondary causes
the most effective approach for students to of stress. This discussion will bring out the advantages and
learn how to best manage emotions (after fail- disadvantages of the two coping mechanisms (which can be
ure or to avoid failure). recorded and labeled on a white board). The professor can then
7. Continue to develop innovative measuring de- ask: "Is there any way that Eric could get the advantages of both
vices, such as affective computing, that can be without their corresponding disadvantages?" This discussion
used to provide feedback about students' emo- will highlight the benefits of a recovery process that alternates
tions during experiential exercises. between the two coping mechanisms.

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Dean A. Shepherd is on the faculty at the Leeds School of Business, University of Colorado. His
research interest is decision making with regard to failure, opportunity, and strategy. He has
published his research in Academy of Management Review; Journal of Business Venturing;
Journal of Management; Management Science; the Strategic Management Journal, and others.

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