Abstract

Risk, ambiguity and change have been traditionally associated with and seen as essential part of entrepreneurship in its many forms (e.g. Landström 2005; Chiles, Bluedorn & Gupta 2007). While rapid changes and uncertainty, to name a few, may be beneficial for businesses pursuing growth and serve as a “hotbed for entrepreneurship” (Landström 2005, 66), they can nevertheless be experienced as highly taxing and stress provoking on the individual level. Both traditional economic capital, human capital and social capital are needed in a successful venture. However as the complexity and uncertainty grows in the entrepreneurial context, a new form of capital, namely positive psychological capital (self-efficacy, optimism, hope and resilience) may be needed to create real competitive edge. Our purpose was to study whether positive psychological capital can explain the growth aspirations of entrepreneurs. The key proposition is that although all stages in the entrepreneurial process can be experienced as involving high levels of change, ambiguity and risk, these factors are especially pronounced when growth is pursued.

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