Success in entrepreneurship: the impact of self-esteem and entrepreneurial orientation

Open Access
01.12.2025

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Verfasst von: Fabiola Gómez-Jorge; Sara Bermejo-Olivas; Eloísa Díaz-Garrido; Isabel Soriano-Pinar
Erschienen in: International Entrepreneurship and Management Journal | Ausgabe 1/2025

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Abstract

Der Artikel untersucht die Beziehung zwischen Selbstwertgefühl und unternehmerischer Orientierung (EO) bei der Bestimmung des unternehmerischen Erfolgs. Sie unterstreicht, dass ein hohes Selbstwertgefühl die Fähigkeit eines Unternehmers, Entscheidungen zu treffen, Risiken einzugehen und sein Unternehmen effektiv zu führen, erheblich beeinflussen kann. Die Studie, die auf Interviews mit Unternehmern beruht, zeigt, dass Selbstvertrauen, Belastbarkeit und emotionale Stabilität Schlüsselkomponenten des Selbstwertgefühls sind, die die EO antreiben. Darüber hinaus unterstreicht die Forschung die Bedeutung des kontinuierlichen Lernens und der Anpassungsfähigkeit bei der Bewältigung unternehmerischer Herausforderungen und dem Erreichen langfristiger Erfolge. Durch die Untersuchung von Beispielen aus der realen Welt bietet der Artikel wertvolle Erkenntnisse darüber, wie Selbstwertgefühl ein entscheidender Faktor für nachhaltiges Wachstum und Innovation unternehmerischer Unternehmungen sein kann.

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Abstract

Self-esteem and entrepreneurial orientation are crucial factors that influence entrepreneurial behavior and performance at both the individual and organizational levels. This study investigates the relationship between self-esteem and entrepreneurial orientation, focusing on how self-esteem may affect attitudes toward entrepreneurship, willingness to take risks, and, ultimately, entrepreneurial success. While previous research has acknowledged the importance of psychological factors in entrepreneurial intention and new venture creation, this study adopts a novel approach by centering self-esteem in the context of entrepreneurship within newly established companies. Given the complexity of the constructs involved, a qualitative approach is well-suited to address the exploratory nature of this research. We conducted a multiple-case study using semi-structured interviews with entrepreneurs from various sectors, which provided valuable insights into their personal experiences during their entrepreneurial journeys. The data were carefully analyzed using the Gioia method, a robust framework suitable for examining complex social phenomena and generating context-sensitive theories. This exploratory approach offers a nuanced understanding of the “how” and “why” behind the phenomena investigated, employing abductive reasoning to connect theory and observation. The results indicate a significant relationship between the variables, suggesting that self-esteem positively influences entrepreneurial orientation and, consequently, entrepreneurial success. These preliminary findings generate hypotheses for future research to further explore these relationships and ultimately validate the conclusions across different contexts. This research offers valuable insights for entrepreneurs, educators, and policymakers to develop strategies and support systems that foster self-esteem, enhance overall well-being, and promote entrepreneurial success.

Hinweise

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Introduction

Self-esteem and entrepreneurial orientation (EO) are two fundamental aspects that can influence the development and success of entrepreneurs. The psychological perspective on entrepreneurship emphasizes the distinct values, attitudes, and needs of entrepreneurs as key determinants of their behavior, setting them apart from non-entrepreneurs. Entrepreneurship is conceptualized as a mindset that values resources and opportunities differently from the general population, fostering creativity, innovation, and a propensity for uniqueness (Shane & Venkataraman, 2000). Research suggests that individuals exhibiting entrepreneurial characteristics are more inclined to engage in entrepreneurial activities compared to those lacking such traits, in the sense that specific personality and psychological traits, such as motivation, innovation, personal control, and self-esteem, can influence entrepreneurial behavior (Kundu & Rani, 2016).

EO has been approached as a behavior that characterizes the firm with entrepreneurial initiative based on the exhibition of a predisposition toward innovation, risk-taking, and proactivity (Bermejo-Olivas et al., 2024). Studies have highlighted the pivotal role of EO in shaping the decisions, and actions of businesses (Peng et al., 2023; Shen et al., 2021) and entrepreneurial success. Companies with a greater EO show a greater capacity for adaptation, innovation, and growth potential, leading to better results (Dess & Lumpkin, 2005; Perlines, 2015; Rauch et al., 2009).

Self-esteem encompasses an individual’s feelings of approval or disapproval of themselves. It is reflected in the degree to which they like themselves (Brockner, 1988), and how an individual perceives themself as capable, significant, successful, and worthy (Coopersmith, 1967). Boyd and Vozikis (1994) suggested that a person’s confidence in their ability to start a business (i.e. self-efficacy) influences the formation of EO and consequently the likelihood of venturing into entrepreneurship. Studies suggest that entrepreneurs tend to have higher levels of self-esteem than non-entrepreneurs (Robinson et al., 1991).

In the specialized literature, self-esteem has been analyzed as an explanatory factor of individuals’ entrepreneurial intention along with a need for achievement, innovation, and locus of control (personal control), where research into the entrepreneurial intention of students and graduates has taken precedence to find their inclination, self-efficacy, and probability of starting an entrepreneurial career (Kundu & Rani, 2016; Taatila & Down, 2012; Oteme, 2022). However few articles have investigated the relationships focused just on the variables self-esteem and EO, which reflect the activities of already established companies, rather than the intentions of possible future entrepreneurs and which determine whether a company is more or less entrepreneurial (Taatila & Down, 2012).

Furthermore, studies that relate self-esteem to EO have been inconclusive. On the one hand, self-esteem has been positively related to entrepreneurial intention, entrepreneurial attitude, and orientation toward entrepreneurship (Seikkula-Leino & Salomaa, 2021; Javed et al., 2018; Ibrahim & Saili, 2017). Those individuals with high self-esteem tend to have a greater predisposition to undertake and show characteristics such as an internal locus of control and risk tolerance (Javed et al., 2018; Ibrahim & Saili, 2017). However, analyzing this relationship between characteristics and personality traits is less stable and more susceptible to change (Triandis, 1972), so it is necessary to measure orientation as an attitude to avoid this variability in the measurement of the characteristics of an entrepreneur (Robinson et al., 1991).

Thus, the objective of this research is to explore possible relationships established between self-esteem, EO and entrepreneurial success, examining how self-esteem may influence in EO and the potential impact on entrepreneurial success following studies that highlight the importance of understanding how the well-being of entrepreneurs influences entrepreneurial activities, and vice versa (Østergaard et al., 2018). The study extends the literature on the psychological perspective of entrepreneurship by employing multiple case studies based on archival data and in-depth interviews. We examined ten entrepreneurs from different sectors of activity.

This research will not only contribute to the theoretical understanding of the relationship between self-esteem and EO but will also provide important practical contributions to the development of programs and policies focused on promoting entrepreneurship and innovation in various organizational contexts. Furthermore, it could provide guidance on how to promote a work culture that fosters self-esteem and, therefore, a disposition toward entrepreneurship and risk-taking.

This article is divided into five sections. In the first section, a theoretical background is made, offering a small review of the literature. In the second, the methodology used is explained, presenting the research design, case selection, and how data has been analyzed. Next, in the third part, the results achieved are stated. During the fourth section, the discussion of results is given. Finally, we present the conclusions obtained, the main contributions and future lines of research.

Theoretical background

Self-esteem

Self-esteem is the way one sees oneself and feels competent to face the basic challenges of life and to be worthy of happiness. This self-worth relates to the ability to think, learn, make decisions, be aware of success and achievement, effectiveness, willingness to admit and correct mistakes, creativity, benevolence, cooperation, as well as reasoning, understanding, choice, and decision-making process, among others (Branden, 1999; Bailey, 2003; Gómez-Jorge & Díaz-Garrido, 2024).

In the organization environment, self-esteem refers to the perceived value that an individual experiences about themself because of their participation in an organization and reflects whether that person feels valued and recognized as a competent and effective individual in that context. Workers with high levels of self-esteem perceive themselves as capable, irreplaceable, significant, competent, and playing a valuable role within the organization (Kim & Beehr, 2018; Neves et al., 2020; Pierce & Gardner, 2004; Pierce et al., 1989).

According to studies by Campbell (1990), Hahn and Mathews (2022), Lin et al. (2018), Pan et al. (2014), and Pierce and Gardner (2004), self-esteem has a significant impact on many essential employee outcomes, such as motivation, attitudes (job satisfaction, turnover intention, or organizational commitment), behavior (citizenship behavior) or overall job performance. Effectiveness, understood within the work context, improves with increased self-esteem in the work environment, as employees with high levels of self-esteem engage in learning behaviors more assiduously than those with low levels of self-esteem, as they avoid participating in the organization for fear of failure, thus missing opportunities for success. self-esteem plays a crucial role in self-perception and behavior, aspects that are closely linked to EO (Baumeister et al., 2003; Rauch & Frese, 2007).

Self-esteem influences entrepreneurs’ performance through its effect on motivation and persistence, as entrepreneurs with high self-esteem are more likely to maintain a positive attitude, even when facing significant barriers or obstacles. This reinforces the idea that self-esteem can act as a key motivating factor, driving EO and improving the likelihood of success in business creation (Baum & Locke, 2004).

In terms of performance, several studies (Brough et al., 2014; Gardner et al., 2004; Gordon & Hood, 2020; Kim et al., 2021; Tharenou, 1979) show that self-esteem helps individuals to improve their performance in the work environment, helping them to cope with work-related stress, anxiety, and depression. Furthermore, this performance is related to employee productivity and the possible impact on career development. Baumeister et al. (2003) suggest that people with high self-esteem are more resilient to failure, which could influence their persistence when facing difficulties in the entrepreneurial field. This aligns with studies showing that an entrepreneur’s ability to overcome initial failures is key to long-term business success (Markman et al., 2005).

Based on the studies of Bowling (2011) and Vermunt et al. (2001), there are notable differences in the attitudes that people have in the work environment according to their level of self-esteem, such as perceiving a given situation at work as a challenge or an opportunity, for those with high self-esteem, or identifying the same situation as a threat, for people with low levels of self-esteem. Thus, higher levels of social anxiety, need for approval, sensitivity to evaluations by third parties and a greater probability of experiencing emotional dissonance have been identified for low self-esteem employees (Abraham, 1999; Goldsmith et al., 1996).

Several studies have highlighted that entrepreneurs who have high levels of self-efficacy and self-confidence are more likely to commit to their business projects and overcome obstacles during the process (Boyd & Vozikis, 1994). In this context, self-esteem can be seen as a determining factor that influences entrepreneurial success, not only from a psychological perspective, but also from a strategic orientation (Lumpkin & Dess, 1996). Individuals with high self-esteem tend to feel more capable of making autonomous decisions, which is essential in entrepreneurship (Rauch & Frese, 2007).

Simsek et al. (2010) show that entrepreneurs with high self-esteem tend to be more innovative, which allows them to adapt their business models and strategies to changing environments, thus increasing their chances of success.

Entrepreneurial orientation

Entrepreneurship plays a fundamental role in the economic growth and development of countries (Galindo-Martin et al., 2021; Petrakis et al., 2020). One particularly significant line of research focuses on exploring and identifying the factors that influence not only the creation of new ventures but also the success and survival of existing ones (Revuelto-Taboada et al., 2021). To this end, two concepts have been extensively studied: entrepreneurial intention at the individual level and EO, which has traditionally been examined at the organizational level.

Entrepreneurial intention refers to an individual’s willingness to establish a new business and is regarded as a precursor to entrepreneurial action (Hueso et al., 2021; Delanoë-Gueguen & Liñán, 2019; van Gelderen et al., 2018), as it determines the likelihood of creating a new enterprise. Previous research has identified psychological factors, such as self-efficacy and self-esteem, as individual determinants that influence the formation of entrepreneurial intention by affecting one’s confidence in their capabilities to undertake entrepreneurship (Jaimes-Millán et al., 2017; Morales Rodríguez et al., 2022; Sherkat & Chenari, 2022; Valencia-Arias et al., 2023). However, this analysis has primarily focused on the initial phase of the entrepreneurial process, overlooking the role of these factors once businesses are established.

EO is a widely studied phenomenon in entrepreneurship literature related to what it means to be an entrepreneurial firm (Covin & Miller, 2014; Covin & Slevin, 1989; Lumpkin & Dess, 1996; Wales et al., 2013). In an increasingly competitive and changing business environment, it plays a crucial role as it has a proven positive effect on the performance, profitability, and growth of companies (Avlonitis & Salavou, 2007; Bolton & Lane, 2012; Moreno & Casillas, 2008), being key to promote innovative activities in both start-ups and established firms (Fernández-Mesa et al., 2012; Urbano et al., 2019). Drawing on the foundations established by Miller (1983) and Covin and Slevin (1989), who introduced the term ‘entrepreneurial orientation’, this concept is defined through dimensions encompassing the propensity to innovate, a willingness to take risks in the pursuit of new opportunities, and a proactive approach to anticipating competitors. Thus, EO reflects a strategic entrepreneurial position and is determined by the simultaneous observation of these three characteristics. While most studies in the literature start from this definition (Anderson et al., 2015; Cherchem & Fayolle, 2008; Lee & Kreiser, 2018; Miller, 2011; Rauch et al., 2009), there is another widely accepted conceptualization that incorporates competitive aggressiveness and autonomy into these dimensions and considers that EO should be treated in a multidimensional way as each of these dimensions may vary independently across firms.

To comprehend why certain companies, exhibit entrepreneurial characteristics while others do not, EO is viewed as an attribute of organizations that precedes the implementation of entrepreneurial actions, such as innovation and new business creation (Dess & Lumpkin, 2005; Morris et al., 2009), and complements other phenomena associated with firm-level entrepreneurship (Antoncic & Hisrich, 2003). As EO serves as a precursor to entrepreneurial actions, scholars such as Covin and Lumpkin (2011) and Anderson et al. (2015) engage in compelling debates regarding whether its nature reflects a predisposition to react entrepreneurially or whether the dimensions of EO signify enduring patterns of behavior.

Covin and Lumpkin (2011) pose the question of whether EO is dispositional or behavioral. The dispositional conceptualization frequently employed challenges the premise that entrepreneurship necessitates action (McMullen & Shepherd, 2006), as the mere existence of a willingness to react entrepreneurially in certain situations does not ensure the actual implementation of entrepreneurial actions. Consequently, the authors argue that EO is behavioral, with observable patterns of entrepreneurial behavior sustained over time being reflected in its dimensions. Anderson et al. (2015) suggest that both disposition and behavior must be present to define a firm’s EO. On one hand, the propensity to innovate and be proactive exemplifies the behavioral aspect of EO, while on the other, the inclination of top managers to take risks in the face of uncertain outcomes reflects the dispositional nature that enables the maintenance of entrepreneurial behaviors over time. While the behavioral perspective highlights the significance of concrete entrepreneurial actions, the dispositional perspective underscores the importance of the antecedent inclinations that facilitate such actions. Therefore, to understand the entrepreneurial phenomenon, it is essential to incorporate the analysis of psychological traits as a necessary element for predicting EO.

The discussion surrounding whether entrepreneurial orientation is dispositional or behavioral is crucial for understanding how entrepreneurial decisions are influenced by psychological traits. In this context, self-esteem can act as a facilitator of behavioral EO, providing founders with the confidence to make innovative and proactive strategic decisions in a competitive environment. This is particularly relevant in start-ups, where the role of the founder is pivotal in shaping the strategic direction of the organization (Lumpkin & Erdogan, 2004; Okhomina, 2010).

Okhomina (2010) posits that EO reflects the actions of the entrepreneur. In his study, the author examines the psychological traits of entrepreneurs as predictors of a firm’s EO, concluding that there are significant positive relationships between the two. For instance, in contexts where founders make strategic decisions for the company, self-efficacy and locus of control facilitate innovation and proactivity. Similarly, Lumpkin and Erdogan (2004) relate EO to the personality characteristics of company founders, highlighting their influence on strategic decisions and the trajectory that the firm will follow, especially in newly established enterprises. Their study reveals that while the propensity to take risks at the individual level is a significant predictor of the risk-taking dimension of the firm’s EO, the locus of control is a significant predictor for proactivity. Regarding product innovation, individual tolerance for ambiguity is positively related to the innovation dimension of EO, whereas for process innovation, both the propensity to take risks and locus of control play a role. Additionally, Acharya and Berry (2023) underscore the importance of personal characteristics and attitudes of entrepreneurs in making entrepreneurial decisions within start-ups, including self-efficacy, locus of control, and emotional stability. Thus, high levels of self-efficacy enhance entrepreneurs’ propensity to identify opportunities, adopt innovative strategic behaviors, and undertake calculated risks.

In the context of start-ups, EO is crucial for the development and growth of companies (Pérez et al., 2019). Firms with a higher EO are able to continuously renew themselves by discovering new opportunities and adapting to dynamic and competitive business environments, with the role of founders being particularly significant (Lumpkin & Erdogan, 2004; Okhomina, 2010). This is supported by research that links individual-level EO to organisational-level EO (Clark et al., 2024; Krueger & Sussan, 2017).

However, while there is a wealth of intriguing research within the framework of entrepreneurial intention that has revealed the importance of various psychological traits, such as self-esteem, in the creation of businesses, there remains a gap in the literature regarding a thorough analysis of their relevance in entrepreneurial decision-making during the early stages of a firm’s operation (Acharya & Berry, 2023). Exploring how the self-esteem of founders may influence the strategic decisions that shape the EO of established firms would provide new insights into the psychological factors affecting not only the decision to embark on entrepreneurship but also the capacity of founders to lead their companies in an innovative, proactive, and risk-oriented manner, and how this impacts entrepreneurial success.

Entrepreneurial success

It has been highlighted that entrepreneurship is a phenomenon that favors the growth of the economy and the development of society. However, these benefits only arise when the company’s development is successful, which implies the need to recognize the predictors and indicators of Entrepreneurship Success (Staniewski & Awrukk, 2019).

Regarding the indicators, entrepreneurial success refers to a concept that covers both quantitative and qualitative dimensions and involves aspects related to the entrepreneur and the company itself (Cabrera & Mauricio, 2017) and can include financial and non-financial criteria (Dej, 2010). Others have considered the probability of survival of the company (Fried & Tauer, 2015) or the continuity of management and maintenance in the market (Fisher et al., 2014). Although these measures have a management perspective, they are also advocated by considering more subjective indicators that are those applied by entrepreneurs, such as the achievement of business objectives (Fisher et al., 2014), balance between work and personal life (Orlandi, 2017), prestige or social recognition (Dej, 2010) or workplace relationships and personal fulfilment (Wach et al., 2016).

From the perspective of the predictors, Gupta and Mirchandani (2018) as well as Ramadani (2015) group the factors into two types: (1) environmental factors that include access to financial resources, government support, social capital, training programs, consulting services, and physical infrastructure; and (2) personal characteristics and psychological attributes of the entrepreneur referring to the level of commitment, motivation, or educational level among others. In this sense, Serna-Zuluaga et al. (2024) highlight how emotions can facilitate or inhibit entrepreneurs’ decision-making through their effect on risk-taking, opportunity exploration, creativity, and innovation.

To understand the relationship between EO and the success of entrepreneurship, it is crucial to consider the theoretical frameworks and empirical evidence provided by relevant studies. Rauch et al. (2009) emphasize the significance of EO in business performance, highlighting its substantial attention in entrepreneurship research and the development of a cumulative body of knowledge. Fresé and Gielnik (2014) contribute to this understanding by developing a theoretical model that underscores the individual characteristics of entrepreneurs, such as autonomy orientation, innovativeness, risk-taking, proactive personality, and competitive aggressiveness, as integral components of EO at the individual level. Moreover, Šlogar (2021) stresses the importance of EO as a key factor in entrepreneurial success, emphasizing its fundamental role in achieving the goal of entrepreneurship. Additionally, Yuliati et al. (2022) elucidate the positive impact of EO on business performance, highlighting how it influences a person’s behavior in managing their business for success and customer retention, thereby enhancing overall business performance. Furthermore, Ardjouman et al. (2019) highlight the interplay between entrepreneurs’ ability and EO, indicating that the company’s posture on entrepreneurship significantly influences the entrepreneur’s ability and, consequently, the sustainable growth of SMEs.

Methodology

Research design and case selection

The study of EO and its psychological determinants is a multifaceted and underexplored topic. Therefore, to understand how individuals’ self-esteem influences their EO and eventual success, we have chosen a qualitative research approach (Yin, 2012), specifically multiple case study (Eisenhardt, 1989) together with Gioia method (Gioia et al., 2012). Given that the relationship between these topics has not been studied as such in previous literature we consider this inductive approach and the use of qualitative data to be appropriate, as argued in the positivist empiricist tradition of Eisenhardt (1989) and explained by Welch et al. (2011). Moreover, it is appropriate for scenarios that lack clear and definitive outcomes (Yin, 2009) in complex and novel contexts (Piekkari et al., 2010).

In our case, we collected and analyzed entrepreneurs’ opinions of their self-esteem to identify how it has impacted or impacts their EO and even the success of their business. Although studies have been developed to understand the relationship between self-esteem and entrepreneurial intention or entrepreneurial attitude toward entrepreneurship (Seikkula-Leino & Salomaa, 2021; Javed et al., 2018; Ibrahim & Saili, 2017) our approach of analyzing these relationships from interview narratives is in line with other previous studies in the field of entrepreneurship as it proves to be a suitable methodology for the development of studies and research in entrepreneurship (Magnani & Gioia, 2023). For example, Domurath et al. (2020) use the case method to identify the international adaptation behaviors of six new ventures and managers’ explanations regarding those adaptations, or Braun and Suoranta (2024) using a multiple case study design with conducted semi-structured interviews to incubator directors and startup founders, offering insights into their experiences.

Despite all the above, we recognize that retrospective interview data used to capture narratives may be subject to introspective bias or rationalization (Golden, 1992), but are well suited to capture, for example, cognitive resources and behavioral patterns (Byrne & Shepherd, 2015). An interview-based approach is also suitable to meet the aim of our research question for two additional reasons. First, we lack understanding of the nature of EO and we do not know how these orientations manifest themselves as a function of the self-esteem of people who start businesses. This makes data collected through in-depth interviews more appropriate than data collected through surveys. Secondly, in our attempt to observe general patterns of action (rather than specific or one-off behaviors or decisions), it is important to capture multiple examples that allow us to analyze the self-esteem and general behavior of entrepreneurs (Domurath et al., 2020). Consequently, the interview method is well suited for our research.

Our case selection process aimed to identify ten entrepreneurs from different sectors, giving the data obtained greater diversity. Consequently, we selected 10 startups. The reasons for this choice are mainly based on innovation and growth as well as contextual reasons. Firstly, the selection of the interviewed companies focused on identifying those with high potential for innovation and growth, two key factors that often influence EO and business success. Following the recommendations of previous studies (Covin & Slevin, 1991; Lumpkin & Dess, 1996), companies that have demonstrated a remarkable ability to innovate and adapt to dynamic markets were chosen, as this type of company tends to generate valuable insights into the relationship between self-esteem and entrepreneurial behavior. The selected companies reflect a variety of approaches to innovation, from the implementation of new technologies to the exploration of new business models, which enriches the analysis of how these elements interact with the psychological factors of the entrepreneur.

Additionally, priority was given to selecting companies operating in highly competitive and dynamic contexts, where the ability to adapt and react quickly is essential for success. This decision is supported by literature suggesting that EO tends to be more pronounced in markets where uncertainty is high, particularly in terms of risk-taking and proactivity (Ciambotti et al., 2023). By selecting companies immersed in such environments, this study ensures it captures how self-esteem influences strategic decision-making in situations where risk and innovation are critical for survival and growth. This choice provides a relevant framework for analyzing the interaction between psychological factors and real business dynamics.

Data collection protocol

The main method of data collection in our research has consisted of semi-structured interviews with entrepreneurial members and owners of the companies surveyed, lasting between 40 and 60 min each. Specifically, data were collected from ten companies during the first half of 2024 through semi-structured interviews and archival records (see Table 1). The interviewees were key informants involved in their businesses, who could reflect on the thoughts, attitudes, activities, decisions and tensions or challenges experienced by the businesses they manage (Kumar et al., 1993).

Table 1

Key informant information

Interviewee	FIRM	Industry (NACE codes)	Interviewee’s description	Description of the evidence
1	English Academy	85.5 (Other Education)	2 entrepreneurs (top managers) with more than 11 years of experience in the sector.	Interview on May 15, 2024. Interview transcript: 5765 words
2	Food and Drink Businesses	56.10 (Restaurants and food service establishments)	1 entrepreneur (top manager) with more than 15 years of experience in the sector.	Interview on May 21, 2024. Interview transcript: 5170 words
3	Virtual assistance	74.10 (Specialized design activities) 74.30 (Translation and interpretation activities) 82.11 (Combined administrative services) 82.30 (Organization of conventions and trade fairs)	1 entrepreneur (top manager) with more than 10 years of experience in the sector	Interview on May 8, 2024. Interview transcript: 5410 words
4	E-commerce (B2C). T-shirts sale	47.91 (Retail trade by mail or internet)	2 entrepreneurs (top managers) with 1 year of experience in the sector.	Interview on May 18, 2024. Interview transcript: 3745 words
5	Bottles business (B2B & B2C)	46.19 (Intermediaries in the trade of various products)	2 entrepreneurs (top managers) with more than 13 years of experience in the sector.	Interview on May 23, 2024. Interview transcript: 7867 words
6	Unattended store	47.11 (Retail Trade)	2 Entrepreneurs (Top managers) without experience in the sector	Interview on May 31, 2024 Interview transcript: 12380 words
7	Unattended store	47.11 (Retail trade)	2 Entrepreneurs (Top managers) without experience in the sector	Interview on May 31, 2024 Interview transcript: 8588 words
8	Business organization consultancy	73.20 (Market study and conducting opinion surveys)	2 entrepreneurs (Top managers) with 8 years of experience in the sector	Interview on May 16, 2024 Interview transcript: 7439 words
9	Business organization consultancy	73.20 (Market study and conducting opinion surveys)	2 entrepreneurs (Top managers) with 8 years of experience in the sector	Interview on May 17, 2024 Interview transcript: 10139 words
10	Business coaching consultancy	85.59 (Other education)	2 entrepreneurs (Top managers) with 4 years of experience in the sector	Interview on May 16, 2024 Interview transcript: 8364 words

Source: Authors’ own elaboration

The interviews were conversational and flexible and allowed participants to omit questions that they could not answer accurately to increase the validity of the data collected (Miller et al., 1997). The interviewees provided information about their business, their personal characteristics as an entrepreneur, their skills and personality, including a general description of their business, among other questions. Data collection continued until no new perspectives emerged, indicating theoretical saturation (Eisenhardt, 1989).

The interview protocol included themes of self-esteem (Atienza et al., 2000; Rosenberg, 1965), EO (Bolton & Lane, 2012), and entrepreneurial success (Cabrera & Mauricio, 2017; Wach et al., 2016). The interview script is available in the Annex (the interviews were conducted in Spanish, as it is the native language of the interviewees; however, they are translated into English in the Annex).

To ensure the internal validity and the reliability of the data analysis, several strategies were implemented. First, multiple researchers were involved in the initial coding process, which allowed for triangulation of interpretations and ensured consistency of emerging categories (Denzin, 2006). In addition, an iterative review process took place in which the researchers reviewed and adjusted codes and themes based on a constant comparison between data and theory (Yin, 2009). This process allowed for more accurate identification of patterns and discrepancies, thereby increasing the internal validity of the study. Finally, secondary data (business reports and other relevant documents) were used as a complementary source to validate the interpretations derived from the interviews, adding an additional layer of triangulation (Baxter & Jack, 2008).

It is important to note that the design of this research is exploratory in nature, allowing us to address a complex and relatively unexplored phenomenon, such as the relationship between self-esteem, EO and entrepreneurial success, without imposing rigid hypotheses from the outset. The exploratory approach allowed for the identification of emerging relationships, enriching existing models and providing a solid basis for future research in this area (Eisenhardt, 1989). By not being constrained by a pre-defined theoretical framework, the study benefits from the flexibility to capture important nuances in the qualitative data and generate new insights, even if they cannot be generalized to all cases.

Data analysis

A report was generated for each interview, transcribing the answers to the questions posed. The analysis of the resulting information was conducted using the Gioia methodology (Corley & Gioia, 2004), which involves three key stages (Magnani & Gioia, 2023), in order to obtain broad theoretical categories from the perspectives of the participants (Jiménez-Partearroyo et al., 2024), as stated in Fig. 1.

Fig. 1

Analysis process (Source: Authors’ own elaboration)

Bild vergrößern

The data analysis process followed a systematic and structured approach to ensure that the findings emerged in a coherent manner aligned with the research objectives (see Fig. 1). The first step consisted of an in-depth analysis of the interview transcripts. Each interview was read several times by the authors, which allowed for a thorough familiarization with the data and facilitated the identification of repetitive patterns. During this stage, relevant content directly related to the research objectives was highlighted, specifically the relationship between self-esteem, EO and entrepreneurial success. Initial coding was done by identifying common words, phrases, terms and labels mentioned by the interviewees. This process allowed for the generation of first-order categories, which reflect the informants’ perspectives in their own terms. The first-order categories capture the direct experience of the interviewees without imposing external interpretations, ensuring that the analysis accurately reflects their views. In this phase, open coding techniques were used, where each relevant fragment of the data was classified into conceptual categories inductively. The purpose was to keep the ‘voice of the interviewee’ present in the initial interpretation.

The second step of the analysis involved a closer examination of the first-order categories to look for links and patterns between them. This iterative process consisted of grouping similar or related categories, identifying emerging themes that transcended individual responses. Axial coding was introduced here, allowing categories to be combined into broader concepts that reflect theoretical patterns. The second-order themes that emerged represented theoretically distinct concepts formed by combining and grouping the first-order categories. These theoretical themes were validated through ongoing review of the relevant literature, which ensured that the themes reflected both empirical data and existing theoretical foundations. This approach allowed the findings to be contextualized within established theoretical frameworks.

The third step was to generate aggregate dimensions, which represented a higher level of abstraction in the coding process. At this point, existing literature was used to form more theoretically sound dimensions. These aggregated dimensions not only linked the first and second order categories but provided a coherent conceptual framework for understanding the relationships between self-esteem, EO and entrepreneurial success. In this case, the aggregated dimensions were aligned with three key concepts: self-esteem, EO and entrepreneurial success. These dimensions reflect not only the themes identified in the data, but also their relationship to previous theories in the field of entrepreneurship and entrepreneurial psychology.

Finally, the fourth step was to theorize the connections between the aggregated dimensions, the second-order themes and the first-order categories. During this stage, several analytical propositions connecting the key constructs (self-esteem, EO and entrepreneurial success) were developed. This theoretical process not only linked the aggregate dimensions to the empirical data, but also allowed for the creation of a model describing the possible relationships between the variables studied.

Results

In this section, the Gioia data structure is analyzed considering the question of whether self-esteem and EO determine entrepreneurial success. The aggregate dimensions identified in the data are explained and the interview data are analyzed in detail to deepen their understanding.

The analysis of the data collected through the interviews and their subsequent categorization according to the methodology of Gioia et al. (2012) revealed several key aspects of the influence of self-esteem on EO and business success. The first-order codes represent the direct expressions and perceptions mentioned by the entrepreneurs in the interviews and allow the formation of the main second-order themes related to the three dimensions identified. These codes reflect the observations that allow access to everyday experiences. Figure 2 presents the first order codes relating to the second order themes, relative to the added dimensions identified. The first-order codes were translated into 46 categories, which in turn were classified into 12 s-order categories. These categories were described as follows: self-confidence, resilience, emotional stability, proactivity, risk assumption, innovativeness, opportunities, growth, challenges, survival, and goals. The second-order categories were then summarized further into three key themes that highlighted the more significant findings of the study: self-esteem, EO, and entrepreneurial success.

Fig. 2

Data structure (Source: Authors’ own elaboration)

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Self-esteem includes topics related to self-confidence, resilience and emotional stability of the respondents, appearing as second-order topics.

The first issue identified is self-confidence that is related to confidence in one’s own abilities and knowledge to make decisions and solve problems. This feeling of security was shown to be a crucial component of self-esteem in the entrepreneurial context. The interviewees stated that they felt safe in areas where they had experience, although they had doubts in unknown areas, reflecting a changeable self-esteem depending on the situation. The interviewees referred to their confidence in business decisions and leadership skills. Statements such as “I make decisions with conviction”, “I trust my abilities to lead my company” or “I trust decisions when there is risk” highlight how self-confidence is a central aspect of their success:

“Confidence in oneself as an entrepreneur seems fundamental to me to trust in what you do, being able to enhance your qualities and, with this, be able to improve your products” (Interviewee 4).

“The confidence in me and my partner led us to think that together we could do this, taking advantage of the knowledge, we overcame the personal and work obstacles that arose” (Interviewee 1).

“When you feel confident, you make bolder decisions, which can open many doors for you in business” (Interviewee 6).

This variability in self-confidence indicates that their security may be compromised when faced with new opportunities or challenges. On the one hand, it can lead to hesitation or fear of acting in unfamiliar situations, or it can motivate entrepreneurs to seek additional training or experiences to strengthen their knowledge and skills.

“Without self-esteem you have no authority to make decisions. You risk your time and money, without knowing if it will turn out well, but in the end, everything is a learning experience” (Interviewee 5).

“When I go into an area I already know, I feel confident, but I admit that I get nervous about facing the unknown; it’s a constant challenge” (Interviewee 3).

“You have to be able to maintain a balance between self-esteem and knowledge to develop your work, because high self-esteem could lead you to make a huge mistake” (Interviewee 3).

Self-knowledge and continuous learning provide a feeling of invincibility that facilitates this confidence and directly influences entrepreneurs’ ability to take risks and face challenges, essential components of EO. The confidence shown by respondents in the decisions made and the risks assumed is reflected in the need to learn continuously and in the knowledge acquired both in the development of their entrepreneurial activity and in their personal and professional career.

“I am not afraid to ask for help when I feel lost. Talking to someone with more experience often gives me the perspective I need” (Interviewee 2).

“It is important that you believe in yourself, otherwise you will not develop your business, you will not advance on the contrary, you will stagnate” (Interviewee 2).

“Self-confidence as an entrepreneur seems to be fundamental to being confident in what you do, to be able to enhance your qualities and, with this, to be able to improve your products” (Interviewee 4).

“You need to have “helicopter capacity”, that is, to go up, to see how the organization and the environment are, and a very particular ability to focus on the problem. Thus, having that knowledge and seeing all the possible solutions and elements involved, make one decision or another” (Interviewee 7).

“When I discover that a capacity is not adequate within the world that is constantly changing, then I evaluate myself appropriately and try to train myself” (Interviewee 9).

Resilience, understood as the ability to adapt to environmental challenges and difficulties, was another significant theme that emerged from the analysis. The flexibility to adapt to changes, such as those experienced during the pandemic, the ability to face new challenges that arise to adapt to new clients or market circumstances, demonstrates how strong self-esteem can support the resilience necessary to navigate volatile business contexts. Entrepreneurs highlighted the importance of perseverance and adaptability when facing obstacles. They emphasized that resilience is not only about surviving in difficult times but also about learning from each experience and continuing to move forward, regardless of how challenging the situation may be. Entrepreneurs mentioned their ability to overcome difficulties, highlighting the importance of persevering in the face of challenges. Quotes such as “I have overcome many obstacles in my business”, “I don’t give up in the face of difficulties” or “You have to keep fighting” underline their resilience.

“I have overcome many obstacles in my business, but instead of giving up, I learned from each one and grew as an entrepreneur” (Interviewee 3).

“There are always obstacles, but it’s important to have the ability to learn from them and move on, that’s what really defines success” (Interviewee 5).

Adaptation is not only limited to adverse circumstances but also to the ability of entrepreneurs to take advantage of new growth opportunities, regardless of competition, which is grouped under the theme of proactivity. Entrepreneurs stressed that flexibility in responding to new challenges, such as shifts in market demand or unexpected events like the pandemic, was critical to their business survival.

“When you have low self-esteem you either do not make decisions or you make them with too much fear and, as an entrepreneur, it is necessary to take certain risks” (Interviewee 4).

“When you have low self-esteem, you don’t make decisions or you make them with too much fear and, as an entrepreneur, it is necessary to take certain risks and overcome adversities” (Interviewee 8).

The interviews also revealed that, for many entrepreneurs, resilience means continuously refining their strategies and processes to meet new demands. This often involves re-evaluating business plans, adjusting product offerings and learning from past challenges to improve resilience in future ventures.

“We have adapted so often to market circumstances that it has become a fundamental part of our business model” (Interviewee 4).

“I have learned to adapt to changes and not to get discouraged when things don’t go as expected” (Interviewee 9).

“Developing the product remotely was difficult because the factory was in China, there were cultural barriers and it was frustrating, but in the end, we got through it” (Interviewee 5).

Another critical aspect of resilience is the internal motivation to keep going despite external difficulties. Entrepreneurs’ motivation to keep going in difficult times is often driven by a sense of purpose and personal satisfaction. The uncertainty inherent in entrepreneurship tests your resilience and commitment to moving forward, even when the future seems unclear.

“When something goes wrong, it is a challenge that allows you to grow as a worker and reach your destination” (Interviewee 4).

“The three entrepreneurs have an uncertain future, but we continue fighting and working, fighting every day without fear” (Interviewee 7).

“I don’t give up in the face of difficulties, I have always believed that perseverance is the key to overcoming any obstacle” (Interviewee 6).

The sense of personal satisfaction in overcoming challenges was repeatedly mentioned as a key driver of resilience. Entrepreneurs noted that their ability to remain resilient is often linked to the pride they feel in their accomplishments, both large and small.

“Every challenge I overcome gives me more strength to keep fighting. It’s what drives me to improve day by day” (Interviewee 2).

For these entrepreneurs, resilience is not just about surviving but thriving by learning from each challenge and using those experiences to grow personally and professionally.

Emotional stability is related to the ability to remain calm in situations of pressure and in the face of the uncertainty of one’s own entrepreneurial activity. The ability to remain calm and composed in stressful situations was consistently highlighted as an essential component of decision-making. Respondents indicated that maintaining emotional control helps them to stay focused, especially in high-pressure situations where quick decisions must be made.

“When things get complicated, the most important thing is to stay calm, because if you get desperate, it is more difficult to find a solution” (Interviewee 5).

“I remain calm in pressure situations" (Interviewee 4).

“Starting out is very hard, especially at the beginning, so without self-esteem you will collapse very quickly. It is necessary to believe in yourself to be able to overcome obstacles” (Interviewee 3).

Emotional stability was identified as another key theme, where optimism, positive attitudes, or stress management were observed as necessary variables to face entrepreneurial challenges. Maintaining this stability for decision-making often requires that the entrepreneur rely on the team and professionals who guide the most complex decisions that must be made in the initial phases.

“I consider myself a very positive person, and when I get weak, I look for support from a professional who can give me the tools to face any problem that may influence my business”. (Interviewee 2).

“You have to have a positive view of everything that happens to you and draw a positive reading from what you do, it allows you to achieve personal satisfaction” (Interviewee 9).

Achieving the emotional stability required to undertake a business depends on the influence of the family, the team and the professionals with whom they carry out their activity. The interviewees raised ideas such as:

“You have to rely on both the team and professionals who know how to guide you and bring out the best in yourself and push you forward in the lowest moments”. (Interviewee 2)

“I always see things in a more positive light, but then I always look at the other side, I like to analyze the risk as well” (Interviewee 1).

“You are a mirror of the team, being a reflection in the workers, so self-esteem favors the motivation of the team and improves decisions” (Interviewee 6).

“Having the trust of my partner and the people around me” (Interviewed 10).

In short, self-esteem was identified as the self-assessment and self-confidence of entrepreneurs that provides them with the ability to act confidently and preserve the challenging environments, they face so that they can assume controlled risks. self-esteem significantly influences the decisions and behaviors of entrepreneurs. Those with high self-esteem tend to make decisions with greater confidence, show greater resilience in the face of adversity and the challenges they must face, and maintain emotional stability that allows them to face the difficulties inherent in entrepreneurial activity.

The entrepreneurial orientation dimension includes the themes of proactivity, innovation and risk-taking as secondary themes. EO reflects a series of behaviors that allow entrepreneurs to identify and take advantage of opportunities more effectively, differentiating them in highly competitive environments. The first order codes related to EO highlighted the importance of planning, empathy, self-demand, and risk-taking. Entrepreneurs showed a tendency to continually analyze customer needs and adapt their strategies based on suggestions and comments, in order to seek continuous opportunities for improvement. This proactive, customer-oriented approach, combined with meticulous planning, is critical to maintaining a competitive advantage and fostering innovation. Risk-taking, analyzed through cost-benefit, was also identified as a common practice among entrepreneurs with moderate to high self-esteem, who are willing to make calculated decisions to advance their businesses.

Proactivity has been identified among the entrepreneurs interviewed, who are constantly looking for new growth opportunities, being pioneers rather than followers of the competition. This proactive approach implies a continuous analysis of customers’ needs and opinions, which allows for constant changes and improvements in the products and services offered. Respondents stressed the importance of building close and loyal relationships with their customers, which allows them to anticipate market needs.

“I am always looking for new opportunities to grow. I am constantly analyzing what customers say, both positive and negative” (Interviewee 2).

“We are always looking for ways to improve and adapt to the market” (Interviewee 5).

“I always try to anticipate my clients’ needs” (Interviewee 3).

“We always try to listen to the client, knowing what they want, allowing us to be more flexible, adapting to them, and taking advantage of continuous opportunities for improvement” (Interviewee 4).

In addition, planning and continuous self-training emerged as key practices for keeping abreast of market trends and technological innovations, thus facilitating a quick and effective response to changes in the business environment. Furthermore, establishing networks with other entrepreneurs and in-depth knowledge of competitors allows us to identify trends and new opportunities that generate novel technological developments or new market opportunities. Statements such as “I am always looking for new opportunities in the market” or “I act before my competitors” reflect a strong proactive orientation.

“We like to innovate and constantly look for new opportunities, indeed, we like to be replicated by our competitors” (Interviewee 1).

“I am always looking for new opportunities. We don’t say no to anything. We have been offered platforms and we have said yes, because we see it as a necessary investment to continue growing” (Interviewee 1).

“Knowing what other entrepreneurs are doing with similar products or analyzing the competition, seeing how they work and what mistakes they make allows you to anticipate technological development” (Interviewee 7).

“We try to get ahead of competitors and position ourselves in new niches, although sometimes it works out and other times it doesn’t” (Interviewee 5).

Another notable aspect is the ability to turn the big problems they face into smaller, more manageable challenges that allow them to anticipate both in technology and in the development of new products and services.

“In engineering development, we use methodologies such as Scrum, which allow us to innovate and be ready to offer new solutions” (Interviewee 7).

It can be understood that proactive entrepreneurs react in advance of their competitors by quickly identifying new market niches or the needs of their clients, for which empathy with clients and the establishment of alliances allow them to take advantage of new business opportunities.

Risk assumption is another crucial dimension that emerged from the analysis of the interviews. The interviewees see unanimously that risk taking is part of doing business and understand the notion of trying different things and approving that not all risk taking is profitable. There is an understanding that without taking risks the success rate of finding profitable and innovative new ideas is limited. This perspective reflects an entrepreneurial mindset where experimentation and innovation are seen as critical to success. The respondents emphasized that without taking risks, the likelihood of discovering profitable and innovative ideas is greatly diminished.

“If you don’t take risks, you’ll never know if something can work or not; success doesn’t come on its own” (Interviewee 3).

“We are born on January 1st without knowing what is going to happen to our lives, but trusting that we are going to cover expenses, we are going to provide benefits, and we are going to move forward” (Interviewee 9).

“Setting up the business was a risk, especially in a little-known sector such as organizational psychology” (Interviewee 8).

“I’m not afraid to take calculated risks, although sometimes I slow down a bit to analyze the possibility of something going wrong” (Interviewee 1).

“The ability to take risks decreases over time, as you have more experience and accumulated fears.” (Interviewee 7).

“You have to know which types of risks are worth taking and which aren’t, and for that, I always seek additional information” (Interviewee 7).

This proactive and informed approach to risk-taking was evident in the interviews. Entrepreneurs balance the need to innovate with the potential risks, often seeking advice from external sources, such as mentors or industry peers, to make better-informed decisions. This network of support helps them anticipate both challenges and opportunities in the business environment.

Additionally, entrepreneurs showed an inclination to perform cost-benefit analyses before making decisions that might jeopardize their business. This approach allows them to measure risk against their own knowledge and experience, allowing them to make quick decisions that, in some cases, enable them to anticipate potential problems. The interviewees repeatedly emphasized that measuring risks—both financially and operationally—helps them make better decisions.

“I always try to see if the potential benefit outweighs the risk before embarking on something new” (Interviewee 5).

“I like risk, if it is not monetary. I prefer to risk my time but not my family’s money” (Interviewee 5).

“When it comes to taking risks, we do so, but always with a prior analysis to avoid losses” (Interviewee 3).

Moreover, identifying the type of risk and obtaining relevant information, either independently or through third parties, are common practices among these entrepreneurs. This process of informed and consensual decision-making, particularly when businesses are co-founded by more than one individual, helps mitigate risks while capitalizing on opportunities more effectively.

“Anticipation and planning seem fundamental to me to be able to face risks” (Interviewee 7).

“The key is knowing how to measure it because I know what I am exposing myself to, the problem is that you jump in without knowing where you are getting into, and making risky decisions without measuring is a mistake” (Interviewee 6).

“Before I make an important decision, I always discuss with other entrepreneurs, sometimes they have already been through the same thing” (Interviewee 2).

Overall, the ability to identify, measure and mitigate risk was consistently highlighted as a key component in the business decision-making process. This approach allows them to pursue innovation while minimizing the potential downsides of risk-taking.

Innovativeness emerged as a crucial dimension from the analysis of the interviews. The entrepreneurs interviewed emphasized that innovation is essential for business. They view it not only to solve problems but also to create new business opportunities. Innovation in products, processes, and technology is seen as a key differentiator of their business model. Entrepreneurs recognize that in a rapidly changing environment, staying ahead requires constant innovation and adaptation. Moreover, continuous training and in-depth knowledge of business processes enable entrepreneurs to anticipate market needs and adapt their strategies accordingly.

“Being open to change opens your mind; by opening your mind you see more, and if you see more, you can see better opportunities” (Interviewee 3).

“We try to identify needs and satisfy our customers”(Interviewee 4).

“I am always innovating to improve my products” (Interviewee 5).

“We are constantly training to keep abreast of the latest innovations, such as artificial intelligence, and apply them before they become popular” (Interviewee 8).

Another recurring theme in the interviews was the importance of being customer-centric in innovation efforts. The entrepreneurs interviewed emphasized that understanding and anticipating the needs of their customers is at the core of their innovation strategies. This customer-driven approach helps them stay ahead of the competition and provides the foundation for developing products and services that are better aligned with market demands.

“We value what the customer needs more than what the business needs as such, that is our main differentiation. That is why we are constantly innovating” (Interviewee 4).

“I consider the ability to make changes to be essential, the more you adapt, the more adaptable you are. You can’t stay still but move all the time” (Interviewee 7).

“We don’t copy anyone; we look at what needs people have and how we can meet them”(Interviewee 3).

“Listening to what the customer says, both positive and negative, is what guides us in innovation. If we know what they want, we can adapt the product or service before the competition” (Interviewee 2).

Empathy with customers and building close relationships also emerged as critical factors. These relationships allow entrepreneurs to anticipate market needs and respond proactively through innovation. This proactive approach to understanding customer needs and continuously innovating in response was a common thread across the interviews, highlighting how these entrepreneurs use innovation as a tool to create long-term value and differentiation in their markets.

“I always try to anticipate my clients’ needs. That’s what keeps us innovating and moving forward” (Interviewee 3).

“The innovative approach helps us differentiate our products and offer something that is not common in the market” (Interviewee 4).

“We try to implement every innovation that can help us and our clients” (Interviewee 9).

Another theme discussed during the interviews was the importance of adaptability in the innovation process. Entrepreneurs stressed that the ability to make rapid changes and test new ideas is critical to maintaining competitiveness in fast-moving markets. This adaptability allows them to experiment with new technologies, refine processes, and offer new solutions to their competitors.

“We constantly train to stay up to date with the latest innovations, such as artificial intelligence, and apply them before they become popular” (Interviewee 8).

“The ability to make changes quickly is what keeps us on top. If you can’t adapt quickly, you fall behind” (Interviewee 6).

“Innovation in our business is manifested not only in the product, but also in the processes and in how we face challenges” (Interviewee 7).

Another aspect highlighted in the interviews, regarding innovation, is having knowledge of the development stage of the company and the type of innovation. The innovative intensity will depend on the stage of the project with the trial-and-error procedure being more common in the early stages, where the innovation focuses on the product or technology, while in the more advanced stages, the innovation focuses on the operational processes that facilitate the automation of tasks. In the advanced stages of business development, innovation shifts towards processes that optimize operational efficiency, enabling greater automation of tasks and facilitating value creation through constant improvements in the production process.

“Innovation exists in the product as it is innovative, but from that initial innovation the product and the process are improved, and the overall operation is optimized in a new way that allows us to create value” (Interviewee 7).

“We have changed a lot since we started, which demonstrates our approach to innovation” (Interviewee 6).

Innovativeness is not only a defining feature of these entrepreneurs’ business models but also a dynamic process that adapts based on the stage of the business. Whether focused on product development or operational improvements, innovation serves as a key differentiator that allows them to stay competitive, meet customer needs, and capture new opportunities.

Finally, entrepreneurial success emerged as a key dimension during the analysis of the interviews. The analysis shows six key themes: opportunities, growth, challenges, survival, goals, and recognition. Entrepreneurs consistently defined success in terms of both business growth and their ability to overcome challenges and adapt their strategy effectively. For them, success is not only about financial success or business growth, but also about perseverance, adaptability and the continuous pursuit of improvement.

“Perseverance is key to success; if you give up at the first difficulty, you won’t get anywhere” (Interviewee 5).

“Adapting quickly is what allows you to survive in such a competitive environment. If you can’t change, you get left behind” (Interviewee 6).

“Getting started is difficult. There is little information about the steps to follow. A Ltd. is the easiest, but the outlay is high” (Interviewee 4).

Specifically, themes about the possibility of finding new opportunities, survival and recognition reflect the fact that entrepreneurs prefer these to economic benefits in the development of entrepreneurial activity.

“We identify the business problems that SMEs are going to have to offer them solutions before the problems really block them” (Interviewee 9).

“We always anticipate where the market is going to offer the right solutions at the right time” (Interviewee 8).

“We try again and again; every mistake is an opportunity to improve and learn to better adapt to the market" (Interviewee 8).

“Knowing that we have created something that the market values give us satisfaction beyond financial success" (Interviewee 7).

The interviewees also highlighted that adaptability—the ability to adjust quickly to market changes—is essential for sustained success. Entrepreneurs view this adaptability as crucial for maintaining a competitive edge and for effectively dealing with both predictable and unforeseen business challenges.

“Adapting quickly is what allows you to survive in such a competitive environment. If you can’t change, you get left behind” (Interviewee 6).

“Growth comes with consistency and the ability to adjust each time we find a new opportunity" (Interviewee 7).

“One of the big challenges is to get the head out of the product box and focus on sales" (Interviewee 10).

“Adaptability to change, the ability to solve problems, and an empathetic relationship with the client seem key to achieving success” (Interviewee 3).

The entrepreneurs surveyed say that they sometimes must overcome bureaucratic and administrative hurdles, which is vital to maintaining business momentum. These obstacles are critical elements in holding business momentum and are usually considered to be the biggest barriers to growth, especially in the early stages of business growth.

“Getting started is complicated, information is scarce and there is too much bureaucracy, it is important to dedicate time, adapt, take risks, and trust in yourself” (Interviewee 3).

“The main challenge was to learn how to manage the fiscal and legal aspects of the business… luckily, I was supported by an account manager" (Interviewee 3).

“Getting started is complicated. There is little information on the steps to follow. A Ltd is the easiest, but the outlay is high" (Interviewee 4).

The ability to overcome these obstacles effectively is considered an important aspect of business success. Entrepreneurs said that overcoming these challenges requires patience, time and often a willingness to take risks despite uncertainties.

“You have to put in the time and not be afraid to take risks; if you don’t trust yourself, you don’t move forward” (Interviewee 1).

However, qualitative aspects such as entrepreneurial success also stand out, among which social recognition and obtaining personal rewards such as feeling good about what has been achieved, development of new capabilities improving learning capacity, and personal flexibility to face new challenges. In this sense, compliance with established objectives becomes a key indicator of entrepreneurial success. These indicators provide motivation and a sense of achievement, reaffirming their entrepreneurial journey.

“Overcoming the early years of uncertainty was key to staying afloat and moving forward"(Interviewee 8).

“True success is seeing how our work positively impacts the lives and businesses of our clients"(Interviewee 9).

“Our goal is to be recognized in Madrid as the leader in this type of shop technology"(Interviewee 6).

“Receiving awards and recognition is a way of knowing that we are doing things right, it is an incentive to keep improving” (Interviewee 4).

However, while these tangible achievements are appreciated, the entrepreneurs also emphasized the importance of internal satisfaction—feeling good about what they have accomplished—as a key driver of their continued efforts.

“In the end, what gives me the most satisfaction is to see that what I have achieved has a positive impact, not only on the business, but also on a personal level” (Interviewee 2).

“I am happy for what I have learned, more than for the money I have earned “(Interviewee 5).

“We pride ourselves on helping companies to be more humane and efficient, and that is already a moral success"(Interviewee 8).

In this sense, the achievement of set objectives is considered a key marker of success. The ability to meet or exceed these goals, while continually developing as an individual and as an entrepreneur, is what ultimately defines success for these business leaders.

“Meeting the goals we set at the beginning is a clear indicator that we are succeeding” (Interviewee 5).

“The growth of the business has been steady, and we have learned to enjoy the process more” (Interviewee 1).

The model of entrepreneurial success is multifaceted, comprising both internal and external elements. Entrepreneurs emphasized the need for balance between personal development (e.g., self-confidence and resilience) and the external validation of their work (e.g., growth and recognition). This framework underlines that entrepreneurial success is not a singular outcome but rather a dynamic, evolving process driven by continuous learning, adaptability, and perseverance.

Discussion

The study examined the relationship between self-esteem, EO and entrepreneurial success in entrepreneurs from different industries. The findings of the in-depth analysis of the information provided in the interviews reveal important relationships between the self-esteem variable, EO, and entrepreneurial success, which are key to the development and sustainability of entrepreneurship but are strongly influenced by the specific characteristics and experiences of entrepreneurs. These results not only support the existing literature but also offer new insights into how these factors interact in specific contexts, allowing to identify behavioral patterns between the variables. It is important to highlight that the results of this study are contextualized within the experiences and perspectives of these entrepreneurs and should be interpreted with caution and are not necessarily applicable to all entrepreneurs.

The results show that self-esteem is a multidimensional factor that can significantly influence EO and entrepreneurial success. Self-confidence, resilience, and emotional stability were identified as key components. An entrepreneur’s self-esteem influences their ability to make decisions, take risks, and lead their businesses. Those entrepreneurs who showed confidence in their abilities were more confident when facing uncertainty, making strategic decisions, and taking calculated risks, consistent with studies showing that high self-esteem is associated with greater EO because self-confidence is crucial to developing the business and significantly influences entrepreneurial decisions (Nuñez-Ramírez et al., 2020; Boyd & Vozikis, 1994).

However, the data reflect that self-esteem is changeable and is conditioned by previous experiences and the context in which entrepreneurs develop their activity, being strengthened by experience and continuous learning. When entrepreneurs face unknown situations, where they do not feel competent, their confidence decreases, which can negatively impact EO since lower self-esteem prevents making more rational decisions. In these circumstances, continuous learning and self-knowledge are key to facing these unknown situations. This capacity to learn from each experience is reflected in an increase in the resilience of entrepreneurs, enabling them to overcome obstacles and adapt to new circumstances brought about by unexpected changes. In this way, entrepreneurs who develop high resilience enhance their capacity for entrepreneurship in terms of identifying new opportunities (Guerrero & Walsh, 2023). When an entrepreneur has confidence in their abilities, fear of failure diminishes, leading them to focus more on opportunities rather than problems (Baron, 1998). This, in turn, increases their adaptability to market circumstances, facilitating the identification of new opportunities, greater innovation, and a more proactive attitude in confronting the uncertainties of their entrepreneurial activities. However, although self-confidence and resilience favor EO, findings indicate that making decisions and maintaining focus on activities requires a degree of emotional stability in the face of pressure and uncertainty, as reflected in studies related to entrepreneurial well-being (Aly et al., 2021; Williamson et al., 2021).

Entrepreneurial activity involves high levels of commitment, both at a personal and business level, so high self-esteem among entrepreneurs is associated with greater confidence in decision-making, a higher propensity to take risks and a greater ability to anticipate competitors with risky actions. The results of our analysis extend this idea by identifying how self-esteem not only affects the initiation of entrepreneurial activities but also their sustained success and adaptability, so they tend to grow and improve continuously.

Based on these arguments, it can be considered that those entrepreneurs with high self-esteem based on their self-confidence, resilience, and emotional stability, show greater security to take risks, develop innovations based on their learning, and face uncertainty through a proactive attitude towards their competitors. This leads to the following proposition:

P1: Self-esteem has a positive influence on entrepreneurial orientation.

Previous literature recognizes that entrepreneurial behavior is determined by experience and by belief in one’s own capabilities (Bandura, 1978). Additionally, self-esteem influences how entrepreneurs interpret information and their behavior within the environment in which they operate (Arora et al., 2013). Therefore, the relationship between self-esteem and the dimensions that comprise entrepreneurial orientation is essential for understanding entrepreneurial behavior. Specifically, it has been found that entrepreneurs with higher self-esteem demonstrate a stronger EO, characterized by proactive market engagement and innovative approaches to problem-solving, while assuming controlled risks.

Proactivity is a key element for the development of the company and its adaptation to the market, which implies that entrepreneurs focus on the needs of the client to anticipate competitors. As noted by Lumpkin and Dess (1996) and Covin and Slevin (1989), corporate-level proactivity encompasses the individualistic tendencies of managers to lead rather than follow trends. In particular, the proactive behavior observed in the participants of our study is crucial for navigating the dynamic and often uncertain entrepreneurial landscape. This proactive approach involves a continuous analysis of customer needs and opinions, which allows for constant changes and improvements in the products and services offered. These results are consistent with those obtained by Kundu and Rani (2016). self-esteem fosters a positive and growth-oriented attitude in entrepreneurs, driving them to anticipate and seek out new opportunities. This relationship is supported by studies demonstrating that confidence in one’s abilities enables entrepreneurs to make decisions with conviction and effectively lead their companies, which is crucial for an organization’s proactive attitude (Howard & Boudreaux, 2024).

The relationship between innovation and self-esteem encompasses psychological, educational, and organizational aspects. Entrepreneurs who hold a positive view of themselves are more likely to pursue novel ideas and innovative solutions. Higher levels of self-esteem and resilience are associated with increased creativity and empathy toward customers, which facilitates the identification of innovative ideas to overcome obstacles and adapt to new business opportunities. These findings are consistent with research suggesting that a positive attitude can enhance innovation capacity (Xie et al., 2022). This indicates that when entrepreneurs can maintain control in uncertain situations, they can cultivate closer relationships with customers, leading to continuous innovation in response to their needs. Furthermore, the ability to make rapid changes and test new ideas constitutes a key differentiator in the company’s competitiveness, making it essential to learn from each experience and move forward to maintain an innovative orientation in a dynamic environment (Acharya & Berry, 2023).

However, innovation is not a one-time event; rather, it is a dynamic and variable process that is facilitated by building relationships with customers and collaborators. This aligns with previous studies suggesting that startups can leverage the entrepreneurial ecosystem to identify and exploit opportunities that support their growth (Domínguez et al., 2021). In the initial phases, self-esteem is crucial for successfully undertaking customer-centric innovative efforts to adapt products and services to actual needs. Once the company has made these product adaptations, innovation shifts its focus to processes and technologies, highlighting the importance of adapting production processes and improving operational efficiency.

The ability to identify, measure, and mitigate risk is key in decision-making. Risk-taking is an integral part of entrepreneurial action and is essential for experimentation and innovation. Without assuming such risks, the likelihood of discovering profitable and innovative ideas diminishes. Here, self-esteem plays a critical role, as entrepreneurs with higher self-esteem exhibit a greater willingness to confront the uncertainties and challenges inherent in entrepreneurial activity. Entrepreneurs with high self-esteem trust their abilities and knowledge, tending to evaluate risks more effectively through cost-benefit analysis before making decisions that could jeopardize their businesses. Optimism and emotional stability enable self-control to navigate complex situations and maintain motivation in the face of adversity and the risks associated with confronting the unknown (Carver & Scheier, 2003). Additionally, support from family, teams, and professionals surrounding the entrepreneur provides the optimism and stability necessary to make rapid decisions—essential for experimentation and testing different approaches while mitigating risks and effectively seizing opportunities. Ultimately, entrepreneurs balance the need for innovation with potential risks by seeking advice from external sources, such as mentors or industry peers, thereby making more rational decisions. These findings are consistent with studies based on social cognitive theory (Bandura, 1999), which suggest that entrepreneurs consciously capture specific information (Bosma et al., 2013; Rivera, 2017) and utilize this information to address new opportunities with controlled risk (Gawke et al., 2017).

Based on these results, we propose the following propositions:

P2: High self-esteem is related to proactivity in entrepreneurs. Individuals with high confidence in their skills and knowledge tend to be more aware of their environment and to act with faith in their decisions. This self-confidence enables them to better adapt to challenges, seize new growth opportunities, and maintain a positive attitude in the face of adversity.
P3: Self-esteem directly influences the ability of entrepreneurs to take calculated risks. Those with high self-esteem have confidence in their judgment and ability to overcome potential failures, enabling them to make risky but informed decisions that can result in significant business growth opportunities.
P4: Entrepreneurs with high self-esteem constantly look for innovative ways to develop their businesses and manage to create significant business opportunities.

Entrepreneurial success is a multidimensional construct that encompasses not only financial achievements and business growth but also the ability to identify new opportunities, overcome challenges, and adapt strategies effectively. This comprehensive perspective aligns with the views articulated by Fisher et al. (2014) and Wach et al. (2016), who advocated for multifaceted measures of entrepreneurial success that extend beyond mere financial metrics. Achieving entrepreneurial success necessitates a balance between external validation—manifested through business growth and recognition—and personal development, which is reflected in attributes such as self-confidence and resilience. From an entrepreneurial standpoint, success is indicative of EO, where perseverance, adaptability, and a commitment to continuous improvement are fundamental elements, consistent with the findings of Ayala and Manzano (2014). Rapid adaptation to market changes emerges as a crucial success factor that facilitates competitive advantages and effectively addresses market challenges. The successful implementation of opportunities, the navigation of associated challenges, and the acceptance of business innovations reflect the intrinsic components of success in entrepreneurial activities. On a personal level, social recognition and the attainment of personal rewards—such as the satisfaction derived from accomplishments, the development of new skills, and overall personal growth—provide motivation and foster a sense of achievement and internal fulfillment. These elements reaffirm the professional trajectory of entrepreneurs and echo the work of Stephan (2018), which highlights the significance of intrinsic motivations for success in contrast to the extrinsic motivations represented by financial gains.

Furthermore, the dimension of entrepreneurial success we identified is closely related to self-esteem and EO. Entrepreneurs with high self-esteem demonstrate a greater capacity to capitalize on opportunities created by innovations, thereby increasing the survival potential of their businesses during the initial stages and facilitating growth once the early phase is overcome. This finding reaffirms previous results suggesting that entrepreneurs with high business success are more flexible and effective in gathering information about the market and business activities (Staniewski & Awruk, 2019). Moreover, self-confidence is positively correlated with the achievement of both personal and business objectives. High self-confidence enhances the entrepreneur’s self-perception and capabilities, enabling them to confront uncertainty, make strategic decisions, and lead their businesses toward success. Resilience contributes to business growth by allowing entrepreneurs to overcome obstacles, adapt to new circumstances, and innovate, which supports the findings of Ayala and Manzano (2014), who emphasize the importance of resilience in entrepreneurial outcomes. Additionally, emotional stability is associated with business sustainability, as it enables entrepreneurs to maintain composure and emotional control in stressful situations, which is crucial for balanced decision-making and business stability.

Finally, the results underscore the importance of entrepreneurial orientation in business success beyond its relationship with business outcomes as discussed in the literature (Covin & Wales, 2019; Lumpkin & Dess, 1996; Rauch et al., 2009; Wiklund & Shepherd, 2005). This perspective includes personal factors within entrepreneurial success, such as the achievement of individual goals, recognition, and overcoming challenges that arise in the entrepreneurial process (Gupta & Mirchandani, 2018; Ramadani, 2015). The continuous pursuit of new growth opportunities and the need to anticipate competitors necessitates an ongoing analysis of customer needs and constant improvements in products and services. Consequently, key activities focus on planning, self-education, and network development to share knowledge, aligning with the notion that decision-making varies according to entrepreneurs’ experience and position (Lawrence et al., 2008; Shepherd et al., 2015). As a result of this proactive behavior, adapting strategies to the challenges faced enhances both survival and the ability to navigate different phases of business growth (Iorun, 2014), as well as personal growth and achievement satisfaction. As a crucial factor in entrepreneurial success, innovation serves as a means for business survival by facilitating the identification of opportunities that lead to new stages of business development or novel business models. It becomes a differentiating element when innovative efforts are customer-focused, as highlighted by García and Calantone (2002), who regard innovation as a source of survival strategies for businesses. Lastly, entrepreneurs recognize that anticipating problems is more effective when they assess the types of risks they face and leverage their experience to make decisions that minimize these risks and maintain balance in business operations.

This allows us to define the following proposition:

P5: High self-esteem influences entrepreneurial success. Entrepreneurs with high self-esteem show greater entrepreneurial success.
P6: Entrepreneurial orientation is positively related to entrepreneurial success.

Our study contributes to this discourse by highlighting the psychological and behavioral factors that underpin the success of entrepreneurial firms.

Conclusions

Self-esteem is a variable that should be considered in determining key behaviors within entrepreneurial orientation, such as innovation, risk-taking, and proactivity. Self-esteem, defined as the entrepreneur’s assessment of their own worth and ability to confront challenges, has proven to be an essential factor in developing a success-oriented entrepreneurial mindset. Entrepreneurs with higher levels of self-esteem are not only more willing to take calculated risks but also tend to be more creative and innovative, effectively leveraging market opportunities. This suggests that self-esteem should not be viewed as an isolated aspect of personal development, but rather as a crucial lever for the evolution and sustainability of entrepreneurial ventures.

Thus, this research presents important contributions from both a theoretical and practical point of view. On the one hand, from a theoretical perspective, this study provides a significant contribution by expanding existing models of EO to include self-esteem as a critical component influencing key behaviors such as proactivity, risk-taking, and innovativeness. Traditional EO frameworks have largely focused on organizational and contextual factors, such as company structure, market conditions, and available resources, to explain these behaviors. However, our research introduces an internal psychological dimension, demonstrating that self-esteem is not a secondary factor but a crucial antecedent that directly impacts these behaviors. This highlights the need to revise and expand EO frameworks to incorporate internal psychological variables, which, as shown in this study, play a fundamental role in how entrepreneurs make strategic decisions and cope with uncertainty.

This approach goes beyond traditional models that primarily examine self-efficacy in relation to entrepreneurial intention, contributing to a more comprehensive understanding of the entrepreneur’s psychology. While self-efficacy has been widely studied as a predictor of entrepreneurial intention, our study shows that self-esteem adds an additional dimension, influencing not only the initial intention to start a business but also the long-term sustainability of entrepreneurial activities. In this sense, our research extends previous findings by demonstrating that self-esteem affects both the early stages of entrepreneurship and the entrepreneur’s ability to maintain and grow their business while navigating the challenges of an uncertain environment. This adds a new layer of understanding to the ongoing debate about the psychological factors that determine entrepreneurial success, showing that self-esteem is critical for the resilience and perseverance of entrepreneurs.

Additionally, by highlighting the influence of self-esteem on EO, this research raises new questions about how other internal psychological factors may mediate the relationship between the entrepreneur and their business environment. For example, locus of control, optimism, or emotional intelligence could be additional variables that influence how entrepreneurs respond to challenges and capitalize on opportunities. These factors may interact with self-esteem to affect an entrepreneur’s ability to be resilient, innovative, and proactive. Therefore, our research opens a new line of theoretical inquiry that could enrich EO models by integrating a more focused approach on the entrepreneur’s psychology and how it affects their strategic decisions and business outcomes.

Furthermore, this study also offers an important contribution to the entrepreneurship field by demonstrating that self-esteem is not only relevant during the initial phase of a business, but it also plays a critical role in managing business growth and how entrepreneurs deal with long-term challenges. This connects to the literature on resilience and adaptability in entrepreneurship, suggesting that self-esteem may be a key psychological resource that helps entrepreneurs persevere through adversity and critical moments. This finding invites a reevaluation of support and training models for entrepreneurs, suggesting that the development of self-esteem should be a core component of any entrepreneurial training program that aims to prepare entrepreneurs not just to start a business but to sustain and grow it over time.

In addition, this research offers valuable insights for entrepreneurs, educators and policy makers. Entrepreneur support institutions, such as incubators, accelerators and small business development centers, could benefit from incorporating psychological assessments to measure self-esteem into their training and mentoring processes. By assessing this key psychological variable, these institutions would gain valuable information about an individual’s readiness and potential for entrepreneurial success, allowing for more personalized and supportive guidance. Furthermore, in the design of training and support programs for entrepreneurs, it would be valuable to reinforce self-esteem and self-efficacy along with technical and entrepreneurial skills and including the psychological dimension in these training programs could substantially increase the effectiveness of the future entrepreneur. This holistic approach to training could be particularly beneficial in the early stages of entrepreneurship, where failure rates tend to be high and where self-esteem can play a key role in enabling entrepreneurs to persevere despite setbacks and obstacles.

For entrepreneurs, the study underlines the importance of developing specific intervention strategies to help them build, maintain and, if necessary, rebuild their self-esteem throughout their entrepreneurial journey. This is especially important during difficult periods or after setbacks, when self-esteem can be affected and, if not addressed, could lead to decreased motivation and a greater likelihood of abandoning entrepreneurship. Programs that provide targeted support during these critical phases — such as resilience training, stress management workshops and structured peer support — could help entrepreneurs maintain a positive self-image and reinforce their persistence and adaptability. By creating a supportive environment that addresses psychological resilience, support programs could directly contribute to improving business performance and increasing the survival rate of enterprises.

Finally, academic and educational institutions could incorporate self-esteem building activities into the standard offerings of entrepreneurship training programs. Team workshops focusing on peer exchange, structured feedback sessions and reflection exercises can help students become more self-aware and develop coping mechanisms that strengthen their self-esteem. These initiatives could serve as key tools to foster the entrepreneur’s ability to manage stress and maintain confidence, which are essential for dealing with the risks and challenges inherent in the entrepreneurial process.

Despite the contributions made, the study is not exempt from certain limitations that can be overcome with future research in the field.

First, one of the main limitations of this study is the subjectivity inherent in the interpretation of qualitative data obtained through in-depth interviews. While this approach allows for a detailed and nuanced understanding of the experiences and perceptions of entrepreneurs, it also involves a degree of interpretation on the part of the researcher, which may influence the analysis and results obtained. Researchers’ personal perspectives and possible expectations or beliefs about the results could affect how information is categorized and grouped, as well as how themes and categories emerge during analysis.

Second, the limitation in the data collected. This study was based on a limited qualitative sample of ten entrepreneurs from different sectors, which restricts the generalizability of the results. Although the multiple case study method and semi-structured interview approach offer an in-depth analysis of the observed phenomena, the findings exclusively reflect the experiences and perceptions of the participants in specific contexts. It is not possible to extrapolate these results to other sectors or entrepreneurs without considering contextual variations or without conducting additional studies using quantitative methods. It is important to note that, given the exploratory nature of our study, the results obtained specifically reflect the experiences of the interviewed entrepreneurs in particular contexts, such as the retail and business consulting industries. These findings are not generalizable to other sectors without further validation. The propositions exposed can guide future research and should not be considered as generalizations.

Thus, in the future, we intend to focus on the lines of research that emerge from this work. The qualitative analysis proposed has allowed us to propose different analysis propositions that will allow us to continue with future research, contributing to the continuation of the study on the influence of self-esteem on EO and entrepreneurial success. Specifically, we aim to obtain a greater amount of data through the design of a questionnaire, in order to be able to carry out quantitative empirical analyses that allow us to contrast the analytical propositions derived from this research.

The case study conducted indicates that an entrepreneur’s self-esteem is associated with entrepreneurial success; however, larger quantitative studies are necessary to confirm this relationship in various contexts. Future research could explore whether the patterns observed in this study are consistent across different business environments and sectors.

Declarations

Not applicable.

Research involving human participants and/or animals

Not applicable.

Competing interest

The authors have no relevant financial or non-financial interests to disclose to the content of this article

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Metadaten
Anhänge
Literatur

Titel: Success in entrepreneurship: the impact of self-esteem and entrepreneurial orientation
Verfasst von: Fabiola Gómez-Jorge
Sara Bermejo-Olivas
Eloísa Díaz-Garrido
Isabel Soriano-Pinar
Publikationsdatum: 01.12.2025
Verlag: Springer US
Erschienen in: International Entrepreneurship and Management Journal / Ausgabe 1/2025
Print ISSN: 1554-7191
Elektronische ISSN: 1555-1938
DOI: https://doi.org/10.1007/s11365-025-01075-8

Annex

Interview script

CONTROL SECTION

Gender

Company age

Activity sector

Company size (number of workers)

How did your business idea come about?

QUESTIONS

How would you describe your level of self-confidence in relation to your ability to run your business?

What kind of obstacles have you encountered during the development of your business and how have you faced them?

Answer using a scale of 1 to 5 (1 being strongly disagree and 5 being strongly agree) to the following questions:

		Strongly disagree	Disagree	Neither agree nor disagree	Agree	Strongly agree
1	Do you consider yourself a person worthy of appreciation as an entrepreneur?
2	Are you convinced that you have good qualities to perform your duties as an entrepreneur?
3	Do you think you are capable of doing things as well as other entrepreneurs you know?
4	Do you have a positive attitude towards yourself as an entrepreneur?
5	In general, are you satisfied with yourself as an entrepreneur?
6	Do you feel like you don't have much to be proud of as an entrepreneur?
7	In general, are you inclined to think that you are a failure in the entrepreneurial context?
8	Would you like to feel more respect for your work as an entrepreneur?
9	Are there times when you really think that you are useless in the functions you perform as an entrepreneur?
10	Do you sometimes think that you are not a good person?

How do you think your Self-Esteem influences your ability to make important decisions for the development of your business?

What strategies do you use to maintain a positive attitude and persist in the face of the challenges you face as an entrepreneur?

Do you consider that your Self-Esteem influences your abilities as an entrepreneur?

Do you constantly look for new growth opportunities for your business in anticipation of your competitors? How would you describe your ability to identify business opportunities and turn them into concrete actions? For example, do you anticipate future problems, needs or changes?

How does the company react to the actions of competitors? Do you respond to competitors' actions by anticipating innovations or do you avoid competitive confrontations by letting things happen? Do you prefer to "step up" and get projects started instead of sitting around waiting for someone else to do it?

What strategies do you use to maintain a proactive mindset and constantly look for new growth opportunities for your business? Do you usually plan projects in advance?

10.

Do you consider yourself flexible when it comes to adapting to changes in the market or business environment? Can you give us examples of situations where you have had to adapt your business quickly?

11.

Do you like taking fearless actions by venturing into the unknown?

12.

In risky situations, do you follow the tendency to act with audacity? Are you willing to take risks in your business? Could you give us some examples of risky decisions you have made?

13.

How do you assess and manage the risks associated with your business?

14.

Do you have any specific approaches to minimize potential risks? Do you like taking fearless actions by venturing into the unknown?

15.

Do you consider yourself a person predisposed to innovate, even if the ideas do not materialize later? For example, tell us:

In your business, how many new products/services has the company launched compared to the ideas you have considered?
In your business, how many new ways of doing business have you carried out compared to those you have sought?

16.

What role does innovation play in your business approach? For example, for the projects you start, do you resort to already proven/existing approaches, or do you look for unique and novel approaches?

17.

Do you think that this innovative approach allows you to solve problems and/or create business opportunities?

18.

How do you think making changes or identifying new ways of doing things favors the development of new opportunities?

19.

Do you think you have been successful in your business? How would you define the success of your business?

20.

Since your business took off, has the level of sales grown significantly, has it been maintained, or has it been decreasing?

21.

What challenges do you think entrepreneurs face today and how do you prepare to overcome these challenges in your business?

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Success in entrepreneurship: the impact of self-esteem and entrepreneurial orientation

Abstract

Abstract

Publisher’s note

Introduction

Theoretical background

Self-esteem

Entrepreneurial orientation

Entrepreneurial success

Methodology

Research design and case selection

Data collection protocol

Data analysis

Results

Discussion

Conclusions

Declarations

Research involving human participants and/or animals

Competing interest

Publisher’s note

Annex

Interview script

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