A small and growing number of studies have started examining entrepreneurs’ reactions to business failure, proposing that entrepreneurs experience grief when their businesses fail (Shepherd, 2003; Shepherd et al, 2008; Singh, 2007) and that grief in turn can influence learning and recovery. Grief is a made up of a number of emotions, for example, denial, anger, depression and individuals can vary in the intensity in which they experience these emotions (Hogan, Greenfield & Schmidt, 2001). Building on these insights, we explore the antecedents and consequences of entrepreneurs’ emotional responses to the failure of their firms.