The Role of Resilience in Entrepreneurial Success: The Importance of Building Resilience in Young Entrepreneurs

Entrepreneurial success is crucial for the economy, innovation, and solving emerging societal issues. Research into the traits that predict successful entrepreneurs has begun to identify resilience as a key factor. Resilience refers to the ability to adapt well during stressful situations and quickly recover from setbacks. The emotional turbulence and intense stress of starting a new venture is too difficult for people without a high level of resilience to undertake long enough to achieve success. Young entrepreneurs have lower levels of resilience as a result of developmental and experiential factors, but entrepreneurship education consistently omits topics related to resilience. Little has been done to identify the best interventions to build resilience in young entrepreneurs, and the research landscape is dispersed. This thesis summarizes the current literature on resilience, and draws on first-hand interviews and case studies to solidify the importance of, and techniques for improving resilience in young entrepreneurs. Numerous strategies are proposed to be effective in building and maintaining resilience in young entrepreneurs, including: identifying a strong purpose for starting the business, choosing an excellent leadership team, prioritizing self-care, practicing mindfulness and self-compassion, engaging in therapy, and socializing with family and friends. Increasing the entrepreneurial success of young entrepreneurs by improving their resilience is essential for solving key challenges in our world and architecting a better future