Different Strokes For Different Folks: Entrepreneurial Narratives Of Emotion, Cognition, And Making Sense Of Business Failure

Summary of the Study

The study analyses the methodology that has been used by the authors of an Article and provides the essential implications that can be derived from them. The article that has been taken in focus is titled Different Strokes for different folks. The article analyses the emotional states of people who are part of failed businesses to gain knowledge of various perspectives.

The authors of the article are Orla Byrne and Dean A. Shepherd. The article begins by defining business failure. The businesses fail when the revenues are insufficient to cover for the expenses incurred to such an extent that a company cannot provide the funds to run its functions. The study conducted by the authors focused on how being part of failed businesses impact the emotional, physical and psychological aspects of the affected people. The article moves format by analysing the contexts of various failed businesses (Byrne & Shepherd, 2015, p.54). According to the initial part of the article, grief or the negative emotional aspects that are created in the mind of mainly the entrepreneurs after the dissolution of a business can be a hindrance to the experience that the person can gather from such situation in order to develop better performing businesses in the future. The purpose of the study as mentioned by the authors is to understand the various other emotional effects that can be created among people after a business is forced to stop its functional operations. However, multiple case studies are used by the authors to understand the significance of the emotional aspects that are affected by failed businesses. This approach is chosen as the other approaches were insufficient to help in the understanding of the given subject. This is mainly due to the heterogeneous relationships between entrepreneurs and their businesses and the various large and small businesses that exist across the corporate world. The research design of the study is given moving forward. The data used for the research were gathered from previously available records, interviews and observations. Moving forward the data analysis that considers case study gathering and nodal usage and coding to tally the data effectively for further analysis is given. Emotional narratives are then provided of the various entrepreneurs. The limitations of the research were given subsequently. The implication of the study pointed out that higher negative emotional levels contribute to making better sense of the experiences from business failures (Byrne & Shepherd, 2015,p.4).

The methodology that has been used for the case study is vivid and different. The study takes into consideration the essential analysis of various case studies and analyses them through the implementation of various techniques. One size fits all methods cannot be implemented in all kinds of business oriented researches. This is mainly because many business problems have very different perspectives through which they have to be seen in order to derive the best results (Fusch & Ness, 2015,p.1409). The research took into consideration the case of 13 businesses that had failed in the UK. Mainly the smaller businesses were taken into consideration. Small businesses were taken as it enabled the better understanding of the emotional impact that is caused by failed businesses over the entrepreneurs as in small businesses entrepreneurs tend to be closer to their businesses (Byrne & Shepherd, 2015,p.30). This means that the study essentially considers qualitative data as more important than quantitative data. This is because although quantity is given much significance as the number of businesses that were considered were fairly good quality was given greater preference. Hence, only small businesses were essentially considered.

Critical examination of methodology

Data collection was done through interviews, observation and archival data. This was important as per the context as the businesses being considered had already stopped their operation and needed to be traced through the record from the archives. 13 interviews were also important as essential qualitative data in regard to the research problem could be gathered. The data was gathered through six month to get enough time to gather efficient data that was related to the problem of the research. The interview process is also smoothly organized in three sections to get all the right information. The interviewers focused towards gathering essential trust of the entrepreneurs in order to gain significant data. The interview techniques that were implemented were to enable the gathering of sufficient information from the research process. It is important to note that this has helped in the effective presentation of data.

The data analysis technique that were implemented were unique and difficult to a certain extent. The comparison of the groups of cases is important in the study as the actual findings had to be tallied. The allocation of data into case files enhances the organization of the study. Moving forward the nodal categories helped in the better presentation of the data and the cross case analysis definitely helped towards the comparative analysis of the topic. The nodes of interest helped towards pointing out the data that were the most important for the essential understanding of the subject matter. The coding process helped in the effective determination of the various categories of cases that were considered for the study. The study might not have provided very important and extensive data if the data gathering process was not designed by this. The methodology is systematic and helped towards the better presentation of data given the apparently difficult nature of the study that was conducted.

Epistemological assumptions were considered in the study as per the importance they hold towards the greater understanding of the subject matter. The ontological assumptions were based on the theories concerning the significant aspects related to entrepreneurship and its meaning to the entrepreneur. According to Mason (2017, p.16) epistemology is the questions that one can consider as evidence of certain occurrence. The second question formed is in regards to answering the given question. As per the epistemological considerations the businesses that were sampled were ideal for the development of understanding of the various elements that are intrinsically connected with failed businesses. The ontological assumption of the study is that the small businesses are very deeply connected with the entrepreneurs. This assumption is rooted in the fact that small businesses are owned and operated at much smaller scale than the large enterprises (Mandl, Berger & Kuckertz, 2016, p.56). In these businesses the entrepreneurs tend to be more directly linked with the operational aspects of businesses. Hence, it becomes important that these businesses are considered in order to understand the greater significance of the emotional factors connected with business failures. The small entrepreneurs essentially feel greater emotional stress and issues due to their better attachment with their businesses. The epistemological assumptions were genuine as they consider the very normal negative emotional effects on the entrepreneurs of failed businesses. The study considers emotional narratives to determine their consequential effect on the prospects of the same entrepreneurs to start newer ventures. The assumptions that are made in the essay remain true to the actual topic of the essay. Epistemological assumptions are focused towards developing greater knowledge of a subject matter with regards to the methods in which it can be studied, its validity, scope and the various justifiable assumptions that can be tested for finding out its significance. In this article the assumptions have been made on the basis of essential emotional aspects that affect the entrepreneurs upon the failures of their businesses. The ontological perspectives concern itself with the nature of being. In this case the entrepreneur and the small business that they run are associated deeply with one another (Walsh & Cunningham, 2016). Hence, the article can effectively test the assumptions as the facts are derived from realistic situational perspectives. The epistemological perspectives of the article put to test the reactionary aspects of the owners of failed businesses along with the people that form part of their businesses. However, the assumption does not stop there and is actually taken as the principle reason for the person not being able to move forward to invest in new ventures. It is assumed that the emotional effects felt after a business is lost actually negatively affects the proposition of newer businesses that can be started by the same entrepreneur. However, the study also test the heterogeneity of the emotional aspects that can affect the running of businesses. Thus, 13 different businesses have been considered in order to understand their relative effects on the emotional factors affecting the entrepreneurs.

Critical examination of epistemological and ontological assumptions

Data collection process is an essential aspect of any research. Hence a significantly extensive data collection procedure have been implemented. The data collection process take into consideration gathering data through interviews, observations and archive records. The most commonly used data gathering method was interview data gathering. Thus, the study was conducted with the help of 13 interviews of 13 entrepreneurs that have experienced business failures. The data collection techniques implemented remained true to the nature of the study. The entrepreneurs were given enough time to provide their valuable opinions. The interviews were not taken in dedicated work spaces. This was because of the non-availability of corporate offices as most of the entrepreneurs interviewed had lost their businesses (Byrne & Shepherd, 2015,p.6). However, the spaces that were used were coffee shops or comfortable public spaces where the interviewees could express their true emotions comfortably. The dedicated time for the interviews were 60 minutes. This was quite an ample time given to the interviewees as the main information for the study depended on the specific interviews that were conducted. The authors also took notes in order to ensure better presentation of data. The interview was divided into various segments, namely background and description, emotional impact and discussion of post business closure events. This data gathering mechanism was very effective as it created an environment for gathering data considering all the vital perspectives connected with the study topic.

The research was enhanced through the collection of valuable data from the other sources concerning the various effects of business closures on the entrepreneurs. The secondary data were mostly gathered from archival sources. It was important that both the primary and secondary data were extensively gathered. Hence, the interview transcripts were gathered in 390 pages. The secondary data that was gathered was also extensive and amounted to 598 pages. Processes such as these automatically increase the credibility and presentation of the study due to the precision with which data is gathered and treated. The various levels of data gathering was essential as it helped to determine a clearer picture in regards to the emotional effect on entrepreneurs upon the failures of their businesses. The interviewers concentrated on gathering essential trust of the entrepreneurs in order to gain significant data. The interview techniques that were implemented were to enable the gathering of sufficient information from the research process. It is important to note that this has helped in the effective presentation of data. In all, the data gathering techniques implemented created a good platform for the subsequent processes for the analysis of the data (Kücher, Feldbauer-Durstmüller & Duller, 2015, p.300). The effective analysis of the subject matter became possible for the data gathering function.

Data analysis and result display became an important feature of the study because of the extensive nature of the information that was gathered. The critical examination of this part becomes necessary as the implications of the entire study are dependent on this part of the study. The analysis technique used thus required to be optimized as per the essential requirements of the study. Hence, it became much important that analysis techniques that can help to find the deeper aspects related to the subject matter be used for the research. Essentially, the analysis technique was devised in order to complement the multiple case study method used for the research. Various cases were formed corresponding to each entrepreneur. Subsequently, the cases were used in order to develop effective conceptual frameworks. The data gathered were coded according to various categories. The coding helped towards generating comparative understanding of the subject. According to St. Pierre & Jackson (2014, p.716) effecting coding requires coding of data and assuming that data is divided into many fragments in order to enhance the analysis of the data. This was an effective step towards the better analysis of the subject matter. This was because at first the data was gathered and then classified into various fields of information. The authors did not consider judging the findings until after all the significant coding processes ended. The differences and the similarities of the information were already being noticed however at this point. Moving forward for the further analysis of the data cross case judgements were used. The codification of data and the formation of data nodes helped in the process of cross-evaluation. The analysis was further done on the basis of assessing the constructed levels of the various cases. An important analysis was made of the cases through developing consensus regarding the variables that were generated from the classification of similar and different case results. The factor that received 96% agreement of the raters got selected as significant findings of interest. According to the authors codification was necessary in order to gain deeper insights into the subject matter. This has definitely helped towards the better analysis of a seemingly complex study. The 13 entrepreneurs were interviewed and the findings were classified into information nodes. The findings derived from the secondary research were then analysed comparatively. Hence, this has helped towards the efficient mixing of data and the effective analysis of the same.

Quality becomes an important aspect in the effective presentation of research data. Thus, it becomes important that the right steps are taken towards the maintenance of quality. The quality requirements that are to be considered the most for the research was the credibility of the provided information. The information was largely credible due to the choice of the interviewees. This is because the interviewees were selected from a group of entrepreneurs who had faced failure while running their businesses. The quality of information was further enhanced through the data gathering process that was implemented. The data was gathered very effectively and over long periods of time. Each individual entrepreneur was given 60 minutes to effectively give out the most important information related to the research. The data gathering was further layered in order to gain the best possible real time information. The maintenance of quality of data was done through the longer periods of time allotted for data gathering. The emotional aspects of the interviewees were given much more importance due to the same being linked with the intrinsic understanding of the subject matter. The businesses were ideal in investigating the essential matters further. The emotional aspects were very clearly understandable from the evaluation of the businesses and their entrepreneurs. The most important positive and wanted aspects of quality of information is whether it can be easily understandable from the fact that the interviewees did show desired or tested features during the data gathering process (Fusch & Ness, 2015,p.604). The interviewees were further classified in accordance to whether they were doing well or not doing well. This classification increased the authenticity of the gathered information. Essentially the data gathered was high in quality as the interviewees showed their disappointments, anger, frustration, loneliness and regret. This increased the aspects of quality of the research. It helped in actually assessing the significance of negative emotions and the ways in which they can affect the entrepreneurial tendencies of people (Amankwah-Amoah, 2015, p107). It was found that negative emotions actually obstruct the learning processes of the entrepreneurs. Hence, the quality of information can be said to be good enough in order to bring out positive information. The layered processes of data gathering and the complex analysis techniques have greatly helped towards making the quality more effective. The measures taken to enhance the quality of the study was multifaceted and encompassed almost all the essential aspects of the research. The study became much important due to the effective formation of the methodology, the gathering of data and literature, the analysis of the gathered data and the derivation of essential findings. The systematic presentation of the findings and the regularities in making the readers understand the concepts clearly worked in the favour of quality.

The final evaluation of the article can be made in accordance with the research methodology, the data gathering, the analysis and the findings. The essential strength of the study lies in the techniques that were implemented for the gathering and the analysis of data. The most important aspects of the research were highlighted and explained before the analysis of the data. The authors mention very clearly at the beginning the purpose, aim and scope of the research. Thus, the readers are aware about the subject of the research from the very beginning. Moving forward the methodology and its significance towards understanding the emotional aspects that affect the entrepreneurs upon failure of their businesses are given. The analysis techniques are very clearly stated and the actual reason for carrying out the research has been clearly stated. The implications that are derived are satisfactory.

The weakness of the study can be said to be its length. The extensive analysis, evaluation and presentation of data have made the study very lengthy. The study has also used an analysis technique that have increased the complexity of the analysis and evaluation of the subject. Moreover, much usage of secondary sources have added to the lengthiness and complexity of data. This undermines the essential findings that have been derived through the analysis. The length of the study sometimes makes it very difficult to understand the extensive implications of the findings that were derived through the study. The study becomes somewhat difficult to comprehend after a time due to the complexity and various perspective through which the information was treated.

The limitations of the study are concerning the limited number of interviews that were taken. The study only considered 13 business. However, it would have been more effective if more research data were available. The implications generated were inclined towards being accurate but needed more evidences in support of it. Hence, the study could have made the use of more data and lesser amount of secondary sources.

Conclusion

In conclusion, it can be said that the study effectively analyses the subject matter. The different aspects that affect the subject have been very crucially evaluated. The study becomes much important towards future such researches that will be conducted. The study have been effectively presented.

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