Table 1 Literature for review Authors...

Table 1

Literature for review

Authors	Year	Research method	Country	Journal	Sample	[1] Concrete experience	[2] Reflective observation	[3] Abstract conceptualization	[4] Active experimentation	Key contributions
Amankwah-Amoah et al.	2018	Empirical (qualitative)	UK, UK, UK	Group and Organization Management	22 entrepreneurs who failed (phase 1); 15 entrepreneurs from phase 1, who subsequently re-engaged in entrepreneurship (phase 2) [Country: Ghana]		2		4	The authors develop an evolutionary phase model to explain how prior business failure experience influences successive newly started businesses. Applying a multiple case analysis, they discover four sub-processes: grief and despair (1), transition (2), formation (3) and legacy (4). While the first two stages are associated with reflecting and learning, the subsequent stages involve processes of imprinting entrepreneurial knowledge on successive ventures
Boso	2019	Empirical (quantitative)	GH, US, UK, GH	Journal of Business Research	240 entrepreneurs who re-emerged after business failure	1			4	Business failure experience only influences subsequent venture performance if it is channeled through entrepreneurial learning. A model is created and successfully tested that links business failure to new venture performance. Thereby, learning is found to play a mediating role. The influence of learning on new venture performance is moderated by the entrepreneur’s alertness
Byrne and Shepherd	2015	Empirical (qualitative)	UK, US	Entrepreneurship Theory and Practice	Interviews with 13 entrepreneurs who failed [Country: United Kingdom]		2	3		The authors examine the relationship between emotion and perceived learning. In fact, they ask entrepreneurs for their emotional state upon and after business failure. Most perceived learning is reported by those who initially felt negative emotions changing to positive emotional status after the failure. This implies that negative emotions act as trigger for sensemaking, whereas positive emotions are important for broadening and building knowledge
Coad	2014	Conceptual	UK	International Small Business Journal		1			4	Critical evaluation of the tendency to see business failure–based on the assumption of being a valuable opportunity for learning–as something positive. The author reminds of the lack of large-scale empirical evidence supporting the positive effect of failure on learning
Cope	2011	Empirical (qualitative)	UK	Journal of Business Venturing	8 failed entrepreneurs [Country: United Kingdom and United States]	1	2	3		Cope argues that learning from failure is a process highly related with emotional feelings. After an initial hiatus, the entrepreneur typically enters a stage of deep, critical reflection which may lead to future reflective action (thus re-engagement in entrepreneurial activities). Outcomes of this reflective process may be various learning contents: They comprise learning about oneself, about one's venture, about networks and about venture management
Corner et al.	2017	Empirical (qualitative)	NZ, NZ, NZ	International Small Business Journal: Researching Entrepreneurship	11 failed entrepreneurs [Country: New Zealand]		2			Applying a qualitative research approach, the authors find that the majority of entrepreneurs within their sample show emotional resilience after their failure. This insight challenges the common assumption that entrepreneurs have to pass through a process of recovery after failure in order to learn and successfully re-emerge
Dias and Teixeira	2017	Empirical (qualitative)	PT, PT	European Journal of Management and Business Economics	6 failed entrepreneurs, 3 from the north of Europe, 3 from the south [Country: Various in Europe]	1	2		4	This qualitative study on business failure investigates – on the basis of the conceptualization of Ucbasaran et al. (2013) – the aftermath of failure events. Thereby, one aspect examined was learning. The results are in line with the theoretical reasoning of Ucbasaran et al. (2013)
Eggers and Song	2015	Empirical (quantitative)	US, CN	Academy of Management Journal	253 serial entrepreneurs [Country: China (Beijing)]		2		4	Eggers and Song find that learning from failure is difficult due to erroneous attributions: Entrepreneurs attribute the reasons for their failure primarily to external factors. Therefore, they change these factors (namely: the sector) when opening their subsequent business while retaining other internal aspects (management etc.). Therefore, sector-specific knowledge cannot be transferred properly leading to poorer performance
Espinoza-Benavides and Díaz	2019	Empirical (quantitative)	CL, CL	International Journal of Entrepreneurial Behavior and Research	2,024 entrepreneurs of whom 233 previously experienced a business failure [Country: Chile]			3	4	The study compares personal characteristics of entrepreneurs who re-engage after a prior entrepreneurial failure with characteristics of first-time entrepreneurs. Among other differences, the authors find that “failed” entrepreneurs possess significantly superior skills and knowledge, which are attributed to learning
Frota Vasconcellos Dias and Martens	2019	Empirical (qualitative)	BR, BR	Brazilian Journal of Management	3 failed entrepreneurs [Country: Brazil]	1	2	3	4	The study analyzes the entrepreneurial learning of three micro and small-size company founders, who – following failure – re-engaged in entrepreneurial activity. Findings demonstrate that reflection following the failure event leads to learning that has the potential to positively influence subsequent venture emergence and performance
He et al.	2018	Empirical (quantitative)	CH, CH, US, CH	Entrepreneurship Theory and Practice	142 entrepreneurs in the IT industry [Countries: Finland and United States]	1	2			The authors develop and test a model that links failure velocity and learning behaviors. They find an inverted U-shaped relationship between failure velocity and learning behaviors. Further, they investigate emotion regulation to moderate this relationship
Heinze	2013	Empirical (qualitative)	UK	Small Enterprise Research	6 failed entrepreneurs [Country: United Kingdom]	1	2			The study explores the sensemaking of six entrepreneurs who experienced business failure. Particular attention is paid to the influence of the entrepreneurs’ social environment. Findings reveal that social interactions triggered strong emotions that interfere with learning. Further, evidence on learning and emotions is provided that supports the work of Cope (2011) and Shepherd (2003)
Huovinen and Tihula	2008	Empirical (qualitative)	FI, FI	International Journal of Entrepreneurial Behavior and Research	1 portfolio entrepreneur [Country: Finland]	1	2	3	4	Examining the experiences of a portfolio entrepreneur, the authors test and confirm the conceptual framework of Politis (2005) empirically
Jenkins and McKelvie	2016	Conceptual	SE, US	International Small Business Journal		1				The authors discuss and map existing conceptualizations of failure. The emerging framework distinguishes between objective and subjective as well as individual-level and firm-level failures. Based on this structure, the various conceptualizations, their origins in literature and potential future application fields are discussed and links to learning provided
Lafuente et al.	2019	Empirical (mixed)	ES, FR, UK, PT	Applied Psychology	380 serial entrepreneurs of which 31% had re-emerged after failure [Country: Spain]			3	4	The study finds that serial entrepreneurs show significantly improved cognitive capacity and increased levels of international orientation compared to their novice counterparts. These differences apply to cases of prior failure and prior success both. However, previously failed entrepreneurs were found—despite reporting rich learning—to be less likely to re-engage in entrepreneurship
Lin et al.	2019	Empirical (quantitative)	CN, US, CN	International Entrepreneurship and Management Journal	253 serial entrepreneurs, of which 144 had a failure experience				4	The study links learning from failure with changes in strategic behavior upon entrepreneurial re-emergence. Applying a perspective of strategic incrementalism, the authors provide evidence that previously failed entrepreneurs, who engage intensively in learning, exhibit in their new venturing episodes more proactive strategic actions
Liu et al.	2019	Empirical (quantitative)	CN, US, CN, CN	Journal of Business Venturing	180 failed entrepreneurs [Country: China]		2			The authors find that narcissism has a negative impact on learning from failure. This particularly applies in cases when the costs of failure (especially: social costs) are high
Mantere et al.	2013	Empirical (qualitative)	FI, FI, FI	Journal of Business Venturing	18 interviews with stakeholders of 3 failed companies		2			The study finds attribution differences of entrepreneurial failure between entrepreneurs, hired executives, employees and the media. Further, a fine-grained set of possible attributions is provided, forming a continuum between internal and external attribution
Mueller and Shepherd	2016	Empirical (mixed)	US, US	Entrepreneurship Theory and Practice	114 entrepreneurs; mainly high-tech industry [Country: United States]	1		3		The authors find that failure is linked to a specific type of thinking–structural alignment. Structural alignment involves cognitive processes of comparison between items or ideas that results in useful implications. It thus can foster learning–especially (as discussed in the current study) about better opportunity recognition. While the main effect between failure experience and the use of structural alignment processes was not significant, this study found that when coupled with the proper cognitive tools (expert opportunity prototypes, cognitive style), failure experience can be beneficial in the long run, helping to equip individuals for success in subsequent ventures (at least in the identification of opportunities)
Nahata	2019	Empirical (quantitative)	US	Journal of Corporate Finance	1,262 VC-backed IPOs; in 357 cases, at least one founder is a serial entrepreneur; 83 of these serial entrepreneurs “failed” in their prior endeavor [Country: United States]	1		3	4	The study reveals that on the strength of their entrepreneurial learning, serial entrepreneurs negotiate more favorable venture capital deal terms than their novice counterparts. Specifically, they achieve greater board control, suffer less dilution of equity, are more likely to retain their CEO positions, and receive higher valuations from venture capitalists. This pattern applies to previously “failed” entrepreneurs as well as to successful ones
Nielsen and Sarasvathy	2016	Empirical (quantitative)	DK, US	Academy of Management Discoveries	1,418 restarters and 39,841 one-time entrepreneurs [Country: Denmark]				4	Nielsen and Sarasvathy argue that entrepreneurial learning is possible, but it does not happen automatically. It requires, in particular, a stock of knowledge – in order to allow highly educated entrepreneurs to learn from exit. On the other side, entrepreneurs who see business failure per se as a rich source for learning, might fail due to overconfidence bias
Paik	2014	Empirical (quantitative)	US	Strategic Entrepreneurship Journal	172 firms in semi-conductor industry [Country: United States]	1			4	According to Paik, serial entrepreneurs perform – regardless of their prior venture experience being a success or failure – better than novice entrepreneurs
Parker	2013	Empirical (quantitative)	CA	Journal of Business Venturing	707 entrepreneurs of whom 226 experienced two or more times of self-employment [Country: United States]	1			4	Based on an investigation of performance trajectories of serial entrepreneurs the authors find that learning does exist. However, according to human capital theory, this positive influence depreciates over time, limiting the possibility of “cumulative learning”
Pittaway and Thorpe	2012	Conceptual	US, UK	Entrepreneurship and Regional Development		1	2	3		Review and evaluation of the contribution to entrepreneurial learning by Jason Cope. Divided into three sub-chapters the paper illustrates Cope's research summarizing it into a conceptual framework
Politis	2005	Conceptual	SE	Entrepreneurship Theory and Practice			2	3		Politis conceptualizes learning as a process that transforms various kinds of entrepreneurial career experience (start-up/management/industry related) into entrepreneurial knowledge. This knowledge can either lead to improved opportunity recognition or superior coping capacity with the liabilities of newness. The extent to which each form of knowledge is created is influenced by the manner of transformation. This can either be via exploitation, meaning that the entrepreneur acts according to his/her existing knowledge or exploration, a process of going new paths. The actual manner of transformation is influenced by the outcomes of previous events, predominant logic or reasoning and the entrepreneur's career orientation
Politis and Gabrielsson	2009	Empirical (quantitative)	SE, SE	International Journal of Entrepreneurial Behavior and Research	231 entrepreneurs who re-engaged in entrepreneurial activities [Country: Sweden]		2			The study finds that critical experiences in terms of founding and closing businesses positively impact the attitude toward business failure
Pretorius and le Roux	2011	Empirical (qualitative)	ZA, ZA	SA Journal of Human Resource Management	1 single case study [Country: South Africa]	1	2		4	The study explores the case of an entrepreneur, who experienced repeated failures (in total six) over a time span of 20 years. The obvious lack of learning is attributed to the fact that the entrepreneur never had entered a stage of reflection. Instead, following business failure he immediately re-emerged in another entrepreneurial endeavor
Rerup	2005	Conceptual	CA	Scandinavian Journal of Management					4	Rerup focuses on the transformation of learning to a useful factor of success for a new venture. Drawing on mindfulness, he explains that in situations with high similarity between two ventures and low level of change, extended levels of (costly) mindfulness might be suboptimal. Thus, mindfulness is an important factor, however not only positive and thus shall be used in situations of dynamic, ill-structured, ambiguous and unpredictable entrepreneurial circumstances
Shepherd	2003	Conceptual	US	Academy of Management Review		1	2			Business failure typically leads to person-related levels of grief. Grief is a negative emotion that can distract the entrepreneur from objective reflection of the business failure. Thus, Shepherd suggests to oscillate between focusing on healing from the negative emotion (restoration orientation) and focusing on the failure and its causes (loss orientation) as the best path toward learning
Shepherd et al.	2009	Conceptual	US, SE, US	Journal of Business Venturing		1	2			The authors discuss the phenomenon of delaying business failure. This behavior typically leads to high financial costs and thus harms recovery. Yet, under some circumstances, delaying a failure may help to balance financial and emotional costs. As a result, the overall recovery and subsequent entrepreneurial action can be promoted
Singh et al.	2015	Empirical (qualitative)	NZ, NZ, NZ	Journal of Business Venturing	12 failed entrepreneurs [Country: New Zealand]		2		4	The study explores the role of stigma for learning from failure. Stigma ends when the failed entrepreneur experiences a so-called epiphany, a moment of insight. From this moment he or she sees failure as something positive and is ready to make use of learning outcomes–either in form of entrepreneurial re-engagement or alternative applications (e.g. consultancy)
Singh et al.	2007	Empirical (qualitative)	NZ, NZ, NZ	Journal of Management and Organization	5 ex-entrepreneurs who experienced failure [Country: New Zealand]			3		According to this qualitative study, business failures lead to economic, social, psychological and physiological learning outcomes
Stam et al.	2008	Empirical (quantitative)	NL, DE, US	Journal of Evolutionary Economics	240 entrepreneurs who closed their business [Country: The Netherlands]				4	The authors argue that one visible outcome of learning is the fact that even in case of failure people re-engage in entrepreneurial activity. If they did not believe in learning–from the perspective of the homo oeconomicus–there would be no reason to restart
Ucbasaran et al.	2013	Conceptual	UK, US, UK, UK	Journal of Management		1	2		4	Ucbasaran et al. (2013) argue that failure triggers sensemaking, a process consisting of interrelated stages of scanning, interpretation and learning. This process is influenced by attributions and emotions. The outcome may be a change in behavior
Ucbasaran et al.	2011	Empirical (quantitative)	UK, UK, UK	Harvard Business Review	576 serial-/portfolio entrepreneurs [Country: United Kingdom]		2			Serial entrepreneurs are found not to reflect on failures and thus do not learn from one attempt to the next. The reasons are overconfidence and wrong attributions. In fact, serial entrepreneurs (different to portfolio entrepreneurs) — potentially as a coping mechanism–attribute the causes of failures to external factors
Ucbasaran et al.	2010	Empirical (quantitative)	UK, UK, UK, UK	Journal of Business Venturing	576 entrepreneurs (278 novice and 298 repeat entrepreneurs) [Country: United Kingdom]			3		Ucbasaran et al. (2010) argue that over-optimism is a specific trait of entrepreneurs and at the same time an important antecedent to failure. While portfolio entrepreneurs–through experience–become more realistic (decreasing the tendency of being over-optimistic), this is not true for serial entrepreneurs
Walsh and Cunningham	2017	Empirical (qualitative)	ES, UK	International Journal of Entrepreneurial Behavior and Research	30 entrepreneurs from ICT industry, who reentered in entrepreneurship after failure [Country: Ireland]		2	3		The study finds that the attribution of business failure influences the entrepreneur's response and subsequently the learning focus
Wei et al.	2019	Conceptual followed an empirical illustration (qualitative)	CN, CN, CN, CN	Frontiers in Psychology	1 single case study [Country: China]	1	2			Based on a literature analysis, 24 factors influencing entrepreneurial learning from failure are detected. These factors are grouped in a hierarchical order. The emerging system is subsequently empirically evaluated by one single case study
Yamakawa and Cardon	2015	Empirical (quantitative)	US, US	Small Business Economics	220 entrepreneurs who previously failed and reentered into self-employment [Country: Japan]		2		4	Yamakawa and Cardon find that failure ascriptions (how the core causal characteristics of a failure are identified) influence perceived learning from failure. In fact, internal unstable failure ascriptions lead to higher perceived learning, whereas external stable ascriptions deteriorate learning potential. Further, in the case of internal unstable ascriptions, a short time between failure and restart positively influences perceived learning. In the case of external ascriptions, domain abandonment further lowers perceived learning from failure in the new venture
Yamakawa et al.	2015	Empirical (quantitative)	US, US, US	Entrepreneurship Theory and Practice	203 entrepreneurs who experienced business failure [Country: Japan]		2		4	Failure does not automatically lead to learning and thus superior venture performance in the future. According to this study, to promote learning, internal attribution of failure is necessary. However, excessively high levels of internal attributions may lead to a sense of shame and guilt preventing the entrepreneur from re-engaging in entrepreneurial activities. Further, the extent of failure experiences may have an inverted U-relationship with learning: in general, failure is seen to be a valuable basis for learning to take place but at a certain level, factors like negative emotions may limit learning

Authors	Year	Research method	Country	Journal	Sample	[1] Concrete experience	[2] Reflective observation	[3]Abstract conceptualization	[4]Active experimentation	Key contributions
Amankwah-Amoah et al.	2018	Empirical (qualitative)	UK, UK, UK	Group and Organization Management	22 entrepreneurs who failed (phase 1); 15 entrepreneurs from phase 1, who subsequently re-engaged in entrepreneurship (phase 2)[Country: Ghana]		2		4	The authors develop an evolutionary phase model to explain how prior business failure experience influences successive newly started businesses. Applying a multiple case analysis, they discover four sub-processes: grief and despair (1), transition (2), formation (3) and legacy (4). While the first two stages are associated with reflecting and learning, the subsequent stages involve processes of imprinting entrepreneurial knowledge on successive ventures
Boso	2019	Empirical (quantitative)	GH, US, UK, GH	Journal of Business Research	240 entrepreneurs who re-emerged after business failure	1			4	Business failure experience only influences subsequent venture performance if it is channeled through entrepreneurial learning. A model is created and successfully tested that links business failure to new venture performance. Thereby, learning is found to play a mediating role. The influence of learning on new venture performance is moderated by the entrepreneur’s alertness
Byrne and Shepherd	2015	Empirical (qualitative)	UK, US	Entrepreneurship Theory and Practice	Interviews with 13 entrepreneurs who failed[Country: United Kingdom]		2	3		The authors examine the relationship between emotion and perceived learning. In fact, they ask entrepreneurs for their emotional state upon and after business failure. Most perceived learning is reported by those who initially felt negative emotions changing to positive emotional status after the failure. This implies that negative emotions act as trigger for sensemaking, whereas positive emotions are important for broadening and building knowledge
Coad	2014	Conceptual	UK	International Small Business Journal		1			4	Critical evaluation of the tendency to see business failure–based on the assumption of being a valuable opportunity for learning–as something positive. The author reminds of the lack of large-scale empirical evidence supporting the positive effect of failure on learning
Cope	2011	Empirical (qualitative)	UK	Journal of Business Venturing	8 failed entrepreneurs[Country: United Kingdom and United States]	1	2	3		Cope argues that learning from failure is a process highly related with emotional feelings. After an initial hiatus, the entrepreneur typically enters a stage of deep, critical reflection which may lead to future reflective action (thus re-engagement in entrepreneurial activities). Outcomes of this reflective process may be various learning contents: They comprise learning about oneself, about one's venture, about networks and about venture management
Corner et al.	2017	Empirical (qualitative)	NZ, NZ, NZ	International Small Business Journal: Researching Entrepreneurship	11 failed entrepreneurs [Country: New Zealand]		2			Applying a qualitative research approach, the authors find that the majority of entrepreneurs within their sample show emotional resilience after their failure. This insight challenges the common assumption that entrepreneurs have to pass through a process of recovery after failure in order to learn and successfully re-emerge
Dias and Teixeira	2017	Empirical (qualitative)	PT, PT	European Journal of Management and Business Economics	6 failed entrepreneurs, 3 from the north of Europe, 3 from the south[Country: Various in Europe]	1	2		4	This qualitative study on business failure investigates – on the basis of the conceptualization of Ucbasaran et al. (2013) – the aftermath of failure events. Thereby, one aspect examined was learning. The results are in line with the theoretical reasoning of Ucbasaran et al. (2013)
Eggers and Song	2015	Empirical (quantitative)	US, CN	Academy of Management Journal	253 serial entrepreneurs [Country: China (Beijing)]		2		4	Eggers and Song find that learning from failure is difficult due to erroneous attributions: Entrepreneurs attribute the reasons for their failure primarily to external factors. Therefore, they change these factors (namely: the sector) when opening their subsequent business while retaining other internal aspects (management etc.). Therefore, sector-specific knowledge cannot be transferred properly leading to poorer performance
Espinoza-Benavides and Díaz	2019	Empirical (quantitative)	CL, CL	International Journal of Entrepreneurial Behavior and Research	2,024 entrepreneurs of whom 233 previously experienced a business failure[Country: Chile]			3	4	The study compares personal characteristics of entrepreneurs who re-engage after a prior entrepreneurial failure with characteristics of first-time entrepreneurs. Among other differences, the authors find that “failed” entrepreneurs possess significantly superior skills and knowledge, which are attributed to learning
Frota Vasconcellos Dias and Martens	2019	Empirical (qualitative)	BR, BR	Brazilian Journal of Management	3 failed entrepreneurs[Country: Brazil]	1	2	3	4	The study analyzes the entrepreneurial learning of three micro and small-size company founders, who – following failure – re-engaged in entrepreneurial activity. Findings demonstrate that reflection following the failure event leads to learning that has the potential to positively influence subsequent venture emergence and performance
He et al.	2018	Empirical (quantitative)	CH, CH, US, CH	Entrepreneurship Theory and Practice	142 entrepreneurs in the IT industry[Countries: Finland and United States]	1	2			The authors develop and test a model that links failure velocity and learning behaviors. They find an inverted U-shaped relationship between failure velocity and learning behaviors. Further, they investigate emotion regulation to moderate this relationship
Heinze	2013	Empirical (qualitative)	UK	Small Enterprise Research	6 failed entrepreneurs[Country: United Kingdom]	1	2			The study explores the sensemaking of six entrepreneurs who experienced business failure. Particular attention is paid to the influence of the entrepreneurs’ social environment. Findings reveal that social interactions triggered strong emotions that interfere with learning. Further, evidence on learning and emotions is provided that supports the work of Cope (2011) and Shepherd (2003)
Huovinen and Tihula	2008	Empirical (qualitative)	FI, FI	International Journal of Entrepreneurial Behavior and Research	1 portfolio entrepreneur[Country: Finland]	1	2	3	4	Examining the experiences of a portfolio entrepreneur, the authors test and confirm the conceptual framework of Politis (2005) empirically
Jenkins and McKelvie	2016	Conceptual	SE, US	International Small Business Journal		1				The authors discuss and map existing conceptualizations of failure. The emerging framework distinguishes between objective and subjective as well as individual-level and firm-level failures. Based on this structure, the various conceptualizations, their origins in literature and potential future application fields are discussed and links to learning provided
Lafuente et al.	2019	Empirical (mixed)	ES, FR, UK, PT	Applied Psychology	380 serial entrepreneurs of which 31% had re-emerged after failure[Country: Spain]			3	4	The study finds that serial entrepreneurs show significantly improved cognitive capacity and increased levels of international orientation compared to their novice counterparts. These differences apply to cases of prior failure and prior success both. However, previously failed entrepreneurs were found—despite reporting rich learning—to be less likely to re-engage in entrepreneurship
Lin et al.	2019	Empirical (quantitative)	CN, US, CN	International Entrepreneurship and Management Journal	253 serial entrepreneurs, of which 144 had a failure experience				4	The study links learning from failure with changes in strategic behavior upon entrepreneurial re-emergence. Applying a perspective of strategic incrementalism, the authors provide evidence that previously failed entrepreneurs, who engage intensively in learning, exhibit in their new venturing episodes more proactive strategic actions
Liu et al.	2019	Empirical (quantitative)	CN, US, CN, CN	Journal of Business Venturing	180 failed entrepreneurs[Country: China]		2			The authors find that narcissism has a negative impact on learning from failure. This particularly applies in cases when the costs of failure (especially: social costs) are high
Mantere et al.	2013	Empirical (qualitative)	FI, FI, FI	Journal of Business Venturing	18 interviews with stakeholders of 3 failed companies		2			The study finds attribution differences of entrepreneurial failure between entrepreneurs, hired executives, employees and the media. Further, a fine-grained set of possible attributions is provided, forming a continuum between internal and external attribution
Mueller and Shepherd	2016	Empirical (mixed)	US, US	Entrepreneurship Theory and Practice	114 entrepreneurs; mainly high-tech industry [Country: United States]	1		3		The authors find that failure is linked to a specific type of thinking–structural alignment. Structural alignment involves cognitive processes of comparison between items or ideas that results in useful implications. It thus can foster learning–especially (as discussed in the current study) about better opportunity recognition. While the main effect between failure experience and the use of structural alignment processes was not significant, this study found that when coupled with the proper cognitive tools (expert opportunity prototypes, cognitive style), failure experience can be beneficial in the long run, helping to equip individuals for success in subsequent ventures (at least in the identification of opportunities)
Nahata	2019	Empirical (quantitative)	US	Journal of Corporate Finance	1,262 VC-backed IPOs; in 357 cases, at least one founder is a serial entrepreneur; 83 of these serial entrepreneurs “failed” in their prior endeavor[Country: United States]	1		3	4	The study reveals that on the strength of their entrepreneurial learning, serial entrepreneurs negotiate more favorable venture capital deal terms than their novice counterparts. Specifically, they achieve greater board control, suffer less dilution of equity, are more likely to retain their CEO positions, and receive higher valuations from venture capitalists. This pattern applies to previously “failed” entrepreneurs as well as to successful ones
Nielsen and Sarasvathy	2016	Empirical (quantitative)	DK, US	Academy of Management Discoveries	1,418 restarters and 39,841 one-time entrepreneurs[Country: Denmark]				4	Nielsen and Sarasvathy argue that entrepreneurial learning is possible, but it does not happen automatically. It requires, in particular, a stock of knowledge – in order to allow highly educated entrepreneurs to learn from exit. On the other side, entrepreneurs who see business failure per se as a rich source for learning, might fail due to overconfidence bias
Paik	2014	Empirical (quantitative)	US	Strategic Entrepreneurship Journal	172 firms in semi-conductor industry [Country: United States]	1			4	According to Paik, serial entrepreneurs perform – regardless of their prior venture experience being a success or failure – better than novice entrepreneurs
Parker	2013	Empirical (quantitative)	CA	Journal of Business Venturing	707 entrepreneurs of whom 226 experienced two or more times of self-employment [Country: United States]	1			4	Based on an investigation of performance trajectories of serial entrepreneurs the authors find that learning does exist. However, according to human capital theory, this positive influence depreciates over time, limiting the possibility of “cumulative learning”
Pittaway and Thorpe	2012	Conceptual	US, UK	Entrepreneurship and Regional Development		1	2	3		Review and evaluation of the contribution to entrepreneurial learning by Jason Cope. Divided into three sub-chapters the paper illustrates Cope's research summarizing it into a conceptual framework
Politis	2005	Conceptual	SE	Entrepreneurship Theory and Practice			2	3		Politis conceptualizes learning as a process that transforms various kinds of entrepreneurial career experience (start-up/management/industry related) into entrepreneurial knowledge. This knowledge can either lead to improved opportunity recognition or superior coping capacity with the liabilities of newness. The extent to which each form of knowledge is created is influenced by the manner of transformation. This can either be via exploitation, meaning that the entrepreneur acts according to his/her existing knowledge or exploration, a process of going new paths. The actual manner of transformation is influenced by the outcomes of previous events, predominant logic or reasoning and the entrepreneur's career orientation
Politis and Gabrielsson	2009	Empirical (quantitative)	SE, SE	International Journal of Entrepreneurial Behavior and Research	231 entrepreneurs who re-engaged in entrepreneurial activities [Country: Sweden]		2			The study finds that critical experiences in terms of founding and closing businesses positively impact the attitude toward business failure
Pretorius and le Roux	2011	Empirical (qualitative)	ZA, ZA	SA Journal of Human Resource Management	1 single case study[Country: South Africa]	1	2		4	The study explores the case of an entrepreneur, who experienced repeated failures (in total six) over a time span of 20 years. The obvious lack of learning is attributed to the fact that the entrepreneur never had entered a stage of reflection. Instead, following business failure he immediately re-emerged in another entrepreneurial endeavor
Rerup	2005	Conceptual	CA	Scandinavian Journal of Management					4	Rerup focuses on the transformation of learning to a useful factor of success for a new venture. Drawing on mindfulness, he explains that in situations with high similarity between two ventures and low level of change, extended levels of (costly) mindfulness might be suboptimal. Thus, mindfulness is an important factor, however not only positive and thus shall be used in situations of dynamic, ill-structured, ambiguous and unpredictable entrepreneurial circumstances
Shepherd	2003	Conceptual	US	Academy of Management Review		1	2			Business failure typically leads to person-related levels of grief. Grief is a negative emotion that can distract the entrepreneur from objective reflection of the business failure. Thus, Shepherd suggests to oscillate between focusing on healing from the negative emotion (restoration orientation) and focusing on the failure and its causes (loss orientation) as the best path toward learning
Shepherd et al.	2009	Conceptual	US, SE, US	Journal of Business Venturing		1	2			The authors discuss the phenomenon of delaying business failure. This behavior typically leads to high financial costs and thus harms recovery. Yet, under some circumstances, delaying a failure may help to balance financial and emotional costs. As a result, the overall recovery and subsequent entrepreneurial action can be promoted
Singh et al.	2015	Empirical (qualitative)	NZ, NZ, NZ	Journal of Business Venturing	12 failed entrepreneurs [Country: New Zealand]		2		4	The study explores the role of stigma for learning from failure. Stigma ends when the failed entrepreneur experiences a so-called epiphany, a moment of insight. From this moment he or she sees failure as something positive and is ready to make use of learning outcomes–either in form of entrepreneurial re-engagement or alternative applications (e.g. consultancy)
Singh et al.	2007	Empirical (qualitative)	NZ, NZ, NZ	Journal of Management and Organization	5 ex-entrepreneurs who experienced failure [Country: New Zealand]			3		According to this qualitative study, business failures lead to economic, social, psychological and physiological learning outcomes
Stam et al.	2008	Empirical (quantitative)	NL, DE, US	Journal of Evolutionary Economics	240 entrepreneurs who closed their business [Country: The Netherlands]				4	The authors argue that one visible outcome of learning is the fact that even in case of failure people re-engage in entrepreneurial activity. If they did not believe in learning–from the perspective of the homo oeconomicus–there would be no reason to restart
Ucbasaran et al.	2013	Conceptual	UK, US, UK, UK	Journal of Management		1	2		4	Ucbasaran et al. (2013) argue that failure triggers sensemaking, a process consisting of interrelated stages of scanning, interpretation and learning. This process is influenced by attributions and emotions. The outcome may be a change in behavior
Ucbasaran et al.	2011	Empirical (quantitative)	UK, UK, UK	Harvard Business Review	576 serial-/portfolio entrepreneurs[Country: United Kingdom]		2			Serial entrepreneurs are found not to reflect on failures and thus do not learn from one attempt to the next. The reasons are overconfidence and wrong attributions. In fact, serial entrepreneurs (different to portfolio entrepreneurs) — potentially as a coping mechanism–attribute the causes of failures to external factors
Ucbasaran et al.	2010	Empirical (quantitative)	UK, UK, UK, UK	Journal of Business Venturing	576 entrepreneurs (278 novice and 298 repeat entrepreneurs)[Country: United Kingdom]			3		Ucbasaran et al. (2010) argue that over-optimism is a specific trait of entrepreneurs and at the same time an important antecedent to failure. While portfolio entrepreneurs–through experience–become more realistic (decreasing the tendency of being over-optimistic), this is not true for serial entrepreneurs
Walsh and Cunningham	2017	Empirical (qualitative)	ES, UK	International Journal of Entrepreneurial Behavior and Research	30 entrepreneurs from ICT industry, who reentered in entrepreneurship after failure[Country: Ireland]		2	3		The study finds that the attribution of business failure influences the entrepreneur's response and subsequently the learning focus
Wei et al.	2019	Conceptual followed an empirical illustration (qualitative)	CN, CN, CN, CN	Frontiers in Psychology	1 single case study[Country: China]	1	2			Based on a literature analysis, 24 factors influencing entrepreneurial learning from failure are detected. These factors are grouped in a hierarchical order. The emerging system is subsequently empirically evaluated by one single case study
Yamakawa and Cardon	2015	Empirical (quantitative)	US, US	Small Business Economics	220 entrepreneurs who previously failed and reentered into self-employment[Country: Japan]		2		4	Yamakawa and Cardon find that failure ascriptions (how the core causal characteristics of a failure are identified) influence perceived learning from failure. In fact, internal unstable failure ascriptions lead to higher perceived learning, whereas external stable ascriptions deteriorate learning potential. Further, in the case of internal unstable ascriptions, a short time between failure and restart positively influences perceived learning. In the case of external ascriptions, domain abandonment further lowers perceived learning from failure in the new venture
Yamakawa et al.	2015	Empirical (quantitative)	US, US, US	Entrepreneurship Theory and Practice	203 entrepreneurs who experienced business failure[Country: Japan]		2		4	Failure does not automatically lead to learning and thus superior venture performance in the future. According to this study, to promote learning, internal attribution of failure is necessary. However, excessively high levels of internal attributions may lead to a sense of shame and guilt preventing the entrepreneur from re-engaging in entrepreneurial activities. Further, the extent of failure experiences may have an inverted U-relationship with learning: in general, failure is seen to be a valuable basis for learning to take place but at a certain level, factors like negative emotions may limit learning

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