How emotions rule every stage of the entrepreneurial process
Governments often see entrepreneurs as the engines of innovation, job creation and economic growth. In the UK alone, small and medium enterprises account for 99.8% of the business population and employ more than 16 million people. However, entrepreneurship is not just a strategic or financial undertaking. It’s primarily an emotional journey. From the spark of an idea to the triumphs and failures of running a business, emotions constantly shape how entrepreneurs think, decide, act and relate to others. Recent research I led draws on 276 studies to show that emotions don’t just accompany entrepreneurship – they drive it. Far from being distractions, emotions – like passion, fear, anxiety and compassion – and emotional intelligence can make or break a venture. Here are four ways they shape the entrepreneurial journey.Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.
1. The double edge of passion
Ask any entrepreneur what keeps them going through long hours, tight budgets and personal sacrifice, and you’ll probably hear the word “passion”. Passion is one of the most studied emotions in entrepreneurship – for good reason. It fuels creativity, motivates persistence and can inspire others. Investors are more likely to back passionate founders and employees feel more engaged when their leaders show authentic enthusiasm. Passionate storytelling resonates with customers. Most of the benefits linked to passion emerge when entrepreneurs choose to pursue ventures that align with their identity and values. This aspect of the emotion is called “harmonious passion”, and it leads to greater wellbeing, better work-life balance and sustained motivation. But passion also has a darker side, called obsessive passion. This is a type of emotional experience driven by internal pressures (self-worth, for example) or external expectations (status or validation). Entrepreneurs with high levels of obsessive passion often become workaholics, suffer burnout and cannot walk away from their enterprises. This is even the case when their ventures are experiencing sustained failures. Passion can be a superpower. But like any power, it needs to be wielded with care.2. Fear and anxiety: not always the enemy
Starting a business is inherently risky. Founders often deal with uncertain markets, fluctuating cash flow and high personal stakes. Unsurprisingly, fear and anxiety are common companions in this journey. These emotions are often framed negatively, but our research shows that they serve vital functions. Fear can make entrepreneurs more vigilant and help them anticipate challenges. Anxiety can enhance performance under pressure, such as during investor pitches or public launches. These can act like emotional smoke alarms, warning entrepreneurs about potential problems before they spiral. However, problems arise when these emotions become overwhelming. Chronic fear of failure can prevent entrepreneurs from taking calculated risks. It can lead to perfectionism, decision paralysis or the premature abandonment of promising ideas. The key is not to suppress fear or anxiety but to manage these emotions. Practices like journaling, peer mentorship and mindfulness training are valuable tools. They can help entrepreneurs reflect and use fear and anxiety constructively rather than letting it control them.
