The previous literature finds that self-reported ‘fear of failure’ has a significant negative effect on individuals’ choice to become entrepreneurs. We hypothesize this effect is lessened in economies with a larger number of additional, alternative, entrepreneurial opportunities to pursue if a failure occurs. Prior literature also concludes the number of entrepreneurial opportunities is enhanced significantly by having policies and institutions consistent with higher levels of economic freedom. We therefore test and confirm that fear of failure hurts the entrepreneurial process less when levels of economic freedom are higher as there are more additional chances for failed entrepreneurs to pursue.

先前的文献发现，自我报告的“对失败的恐惧”对个人成为企业家的选择具有重大的负面影响。我们假设，在出现大量失败的情况下，有大量额外的替代创业机会的经济体中，这种影响会减弱。先前的文献还得出结论，通过制定与更高水平的经济自由相一致的政策和制度，可以大大增加创业机会的数量。因此，我们测试并确认，经济自由度越高，对失败的恐惧对创业过程的伤害就越小，因为失败的企业家有更多的追求机会。