An exploration and prioritization of key cognitive determinants of learning from failures among serial entrepreneurs: a BWM approach

Purpose Business failure is a common issue among entrepreneurs, but in the entrepreneurial ecosystem, learning from failure and its cognitive determinants have not been explored. Thus, this study aims to explore the cognitive factors of failure learning for the serial entrepreneurs. Design/methodology/approach A mixed-methods approach was adopted to recognize and prioritize the cognitive factors affecting learning from the failure of serial entrepreneurs. In the qualitative phase, 40 papers were analyzed by meta-synthesis and thematic analysis. In the quantitative phase, a questionnaire was designed to prioritize the identified species and distributed among 10 experts in the field of entrepreneurship who had at least two failures in their careers. To analyze data, the best-worst method, a new technique of fuzzy multi-criteria decision making, was used. Findings Twenty-four factors were identified as cognitive determinants, facilitators and barriers, affecting learning from the failure of serial entrepreneurs. Prioritizing the factors, “previous experience” and “temptation of opportunity” were recognized as the most and the least important factors, respectively. Originality/value This study adds to the rising interest in understanding the cognitive determinants of serial entrepreneurs’ learning from failure. While the learning from failure has been addressed in the existing literature, the study of these cognitive factors is “under examined.” Thus, this study attempts to fill the gap in the literature by proposing a cognitive facilitators and barriers for serial entrepreneurs’ learning from business failures.