ReSTART: Developing Entrepreneurial Competencies for Second Chance Entrepreneurs

Introduction

The study of entrepreneurship has grown rapidly over the past two decades. Furthermore, since 2008 there has been a dramatic restructuring of economic and labour market policy in Europe. The result is a wide range of policies which affect virtually every element of the entrepreneurial ecosystem. Sustainable job creation requires that we provide a business environment that enables entrepreneurs to develop and produce innovative new products and services. Therefore, there is a need to support all types of entrepreneurs throughout their business cycle and in all their activities. Essential supports include the provision of business incubation (Stephens and Onofrei, 2012) and access to entrepreneurial education (Lyons et al., 2015). As the European economy evolves, entrepreneurs have become a central element for enhancing national economic growth and employment. Entrepreneurs face problems related to (re)starting, innovation and growth. Entrepreneurs find help in an ever-evolving, well financed and proactive ecosystem of intermediary organizations. These organizations are staffed by highly professional business advisors who are trusted sources of information, guidance and training for entrepreneurs. However, there is a need to customize entrepreneurial ecosystems to ensure second chance entrepreneurs can be adequately supported.

Establishing an agreed definition of an entrepreneur is problematic in that it asserts that by acquiring a certain set of “skills, knowledge and personal attributes” a person is more likely to be successful. Whilst this may be valid, there are many other factors that may also apply. Rae (2007, p. 607) explains that a person, is not simply the carrier of a set of “skills, knowledge and personal attributes”. Therefore, their own unique identity, personality and motivation, going beyond “personal attributes”, which often change markedly during life, training and/or mentoring, are also likely to be factors. Cieślik and van Stel, (2017, p. 315) explain that over the last 25 years entrepreneurial intentions have been a vividly debated subject leading to a further refinement and extension of the core theory. Recent extensions and revisions include: the analysis of values and motivations; and goal intention and implementation intention. Berglund and Johansson (2007, p. 78) propose that there is some kind of mystification regarding the assumptions that can be attached to the concept of entrepreneurship. Black et al. (2010) report that previous research has attempted to define the personality of entrepreneurs, hoping to show that entrepreneurs are intrinsically different from other people. However, continuous attempts to define the entrepreneur have proved to be a mission impossible, with the entrepreneur continually appearing in different guises (Berglund and Johansson, 2007). Studies have attempted to catalogue factors that contribute to entrepreneurial success and failure. In this chapter we present the story of entrepreneurship from the perspective of the second chance entrepreneur. First, we provide an overview of the key factors that can influence an individual to become an entrepreneur. Second, we explore the issues associated with entrepreneurial failure. Third, and finally, we provide insights into the journey of (re)starting the entrepreneurial journey.