Value of Failure

There is a clear economic and social rationale in providing a second chance to failed entrepreneurs and deriving positive experiences from negative situations. Value of Failure is a comprehensive attempt at understanding the various aspects of the phenomenon of business failure. The book covers various aspects of second-chance entrepreneurs (and economic failure in general) and opportunities for changing general perception toward the phenomenon. It enables readers to understand business failure from the perspective of institutional theory; economic failure in the process of small business growth in the context of the shadow economy; Schumpeter’s theory of ‘creative destruction’ and the fear of failure; sustainable economic growth and development; and system approach to failures and their impact on the enterprise operation.