Self-compassion as self-protection: using meditation to cope with entrepreneurial fear of failure

(1)

Running head: SELF-COMPASSION AS SELF-PROTECTION

Self-compassion as self-protection:

Using meditation to cope with entrepreneurial fear of failure

Pauline Boering

Master thesis MSc Entrepreneurship, August 2018 University of Amsterdam, VU University Amsterdam

Student number: 12013269 Supervisor: Dr. Y. Engel

(2)

Statement of originality

This document is written by Student Pauline Boering who declares to take full responsibility for the contents of this document. I declare that the text and the work presented in this document are original and that no sources other than those mentioned in the text and its references have been used in creating it. The Faculty of Economics and Business is responsible solely for the supervision of completion of the work, not for the contents.

(3)

Abstract

This study examines the impact of meditation, through self-compassion, on entrepreneurial fear of failure, further seeking to investigate whether entrepreneurs’ gender moderates this relationship. We conducted an online experiment where entrepreneurs were randomized to either follow a brief Loving-Kindness Meditation (LKM; treatment group) or listen to an informative TED Talk about meditation (control group). Responding to a fear inducing entrepreneurial scenario, participants then rated their perceived level of fear of failure in this situation. Results indicate that LKM has a positive and

significant influence on self-compassion, and a negative significant effect on fear of failure. However, our data did not support the hypothesis that self-compassion mediates the effect of LKM on fear of failure. In addition, we do not find the hypothesized gender differences in the magnitude of the effect. These results are discussed with regard to their theoretical and practical contributions.

(4)

Table of contents

Introduction 5

Theoretical background 7

Loving-Kindness Meditation and self-compassion 7

Self-compassion and entrepreneurial fear of failure 10

The moderating role of gender 12

Methodology 16

Methods 16

Sample 16

Material and procedure 17

Measures 18

Entrepreneurial fear of failure. 18

Self-compassion. 18 Control variables. 18 Manipulation check. 19 Scenario check. 19 Results 20 Preliminary results 20 Randomization check. 20 Correlations. 22 Manipulation check. 24 Hypothesis testing 24 Discussion 27 Conclusion 31 References 32

Appendix A - A priori sample size calculation 38

Appendix B - Descriptive table per group 39

Appendix C - Eligibility and exclusion criteria 42

Appendix D - Survey, scales and measures 43

Appendix E - Exploratory factor analysis 58

(5)

Introduction

“The biggest consequence would be my immediate feeling of failure. I would wallow in it and be ashamed of myself for putting my husband and I in a position where I had to stay at my full time job

and experience further unhappiness”.

This quotation from an entrepreneur participating in our study vividly demonstrates the important and ever-present role of fear of failure in entrepreneurship. Still, and while there is an increased attention to examine fear of failure in entrepreneurship (Cacciotti & Hayton, 2014; Cacciotti, Hayton, Mitchell, & Giazitzoglu, 2016), scholars have studied the construct from different theoretical perspectives using conflicting definitions and measures and a fixed method, thereby restricting the validity of current findings (Cacciotti et al., 2016). Additionally, there is little comprehension of how fear of failure is experienced in the entrepreneurial process, where entrepreneurs face several obstacles and

uncertainties on a regular basis (Cacciotti et al., 2016). Fear of failure can have a contradictory effect on starting a firm, either hindering or motivating it contingent on the type of fear of failure experienced or an individual’s characteristic (Mitchell & Shepherd, 2011). These highlight the need to further investigate how to mitigate the impact of fear of failure within an entrepreneurial setting and how entrepreneurs can learn to cope with fear of failure.

Studies in psychology show that self-compassion is a powerful source in coping, especially in coping with negative situations in life (Neff, Hsieh, & Dejitterat, 2005; Allen & Leary, 2010; Mosewich, Kowalski, Sabiston, Sedgwick, & Tracy, 2011). In addition, self-compassion is linked to several psychological benefits and mental health (Vettese, Dyer Li & Wekerle, 2011; Neff & McGehee, 2010). This leads to increased attention on promoting interventions that may enhance self-compassion, such as Loving-Kindness Meditation (LKM) (Finlay-Jones, Rees, & Kane, 2015). LKM, a traditional

Buddhist meditation, has the goal to stimulate and direct positive feelings to oneself, strangers and loved ones and has proven to develop and enhance self-compassion (Hofmann, Grossman, & Hinton, 2011; Carson et al., 2005; Weibel, 2007; Smeets, Neff, Alberts, & Peters, 2014; Boellinghaus, Jones, & Hutton, 2014; Neff & Germer, 2013). However, to date, self-compassion is rarely studied in the entrepreneurial context (Shepherd & Cardon, 2009), and LKM interventions have not incorporated gender differences with regards to self-compassion (Yarnell et al., 2015). This is imperative because research demonstrates that female entrepreneurs experience higher fear of failure than male

(6)

entrepreneurs (Langowitz & Minniti, 2007; Wagner, 2007). Thus, the primary aim of the current study is to investigate how entrepreneurs and in particular how female entrepreneurs can better deal with entrepreneurial fear of failure (EFF) by cultivating self-compassion through a brief LKM training. In other words: To what extent is self-compassion, as cultivated through a brief LKM, negatively associated with entrepreneurs’ fear of failure when encountering a threatening venture obstacle, and whether entrepreneurs’ gender moderates this relationship?

To answer this, an online experiment was conducted where entrepreneurs were randomly assigned to either a brief LKM (treatment group) or to an informative TED Talk about meditation (control group), followed by an introduction of a fearful entrepreneurial scenario. As LKM enhances self-compassion, which enables to better cope with fear of failure, it was expected that compared to the control group, the treatment group would have a stronger increase in self-compassion, which significantly would reduce EFF. Because female entrepreneurs experience higher fear of failure compared to male entrepreneurs, the effect is estimated to be more substantial for female than male entrepreneurs.

Generally, the study seeks to contribute to the entrepreneurship literature by first demonstrating that fear of failure is activated by confronting entrepreneurs with a fear inducing scenario and exploring their different individual reactions (Kollmann, Stöckmann, & Kensbock, 2017). Second, experimental substantiation of the impact of LKM on fear of failure of entrepreneurs is presented and since fear of failure impacts wellbeing and entrepreneurial performance (Cacciotti et al., 2016); it is of importance that entrepreneurs become aware of this effective technique. Also, the study has practical implications for entrepreneurs undergoing fear of failure. As LKM is usually done face-to-face (Galante, Bekkers, Mitchell, & Gallacher, 2016), the potential and power of a brief online LKM provides entrepreneurs with a clear and ready to use tool that fits their hectic schedules to deal with fear of failure. Additionally, LKM enhances self-compassion, which is a valuable antecedent of physical and mental health (Vettese et al., 2011; Neff & McGehee, 2010). This skill can be trained with a brief LKM and thus has enormous potential to help entrepreneurs flourish.

The remainder of the study is structured as follows: first, LKM is briefly reviewed, while paying special attention to self-compassion. Thereafter, the impact of self-compassion on EFF is evaluated. In the same section, an overview of gender differences in self-compassion can be found. Second, the experimental design is explained accompanied by the measures used in the study. Third,

(7)

the results are presented, followed by implications for theory and practice and the conclusion of the study.

Theoretical background Loving-Kindness Meditation and self-compassion

LKM has only recently been introduced in Western psychology (Boellinghaus et al., 2014; Hofmann et al., 2011) and is commonly referred to as Metta in Pali, which can be translated as ‘’love’’ or ‘’loving-kindness’’ (Salzberg, 2002, p. 22). The aim of LKM is to address and evoke positive feelings and towards oneself and others (Kreplin, Farias, & Brazil, 2018). In their fundamental forms, LKM

exercises are considered fairly simple and can be practiced in different postures at any time of the day (Hofmann et al., 2011). Generally, in LKM there are four short phrases that are used repetitively. These phrases are: may I be free from danger, may I have mental happiness, may I have physical happiness and may I have ease of well-being (Salzberg, 2002, p.37). In LKM, there are six phases an individual passes through, from easy to more challenging, which include: (1) the self, (2) a good friend (3) a neutral person (4) a difficult person, (5) the aforementioned people (switching between them) and (6) the entire universe (Hofmann et al., 2011, p.1128). Once passing through the phases, the phrases change accordingly to the person one is envisioning (Kearney et al., 2013).

There are several benefits related to practicing LKM as one experiences various thoughts and feelings during the exercise. Usually, studies examining the effects of LKM have a duration of multiple weeks. However, even studies that used a brief LKM session found significant benefits. Hutcherson, Seppala and Gross (2008) examined the effect of a brief, 7-minute, LKM exercise on social

connectedness and positivity, compared to a control group. The control group was exposed to a neutral imagery task with the exact same duration. They demonstrated that a brief LKM exercise had a significant effect on positivity against strangers and led to an increased feeling of social connection. Aspy and Proeve (2017) study, where participants listened to a 14-minute guided recording, found that the LKM group showed higher nature and social connectedness compared to the control group. This study suggested that LKM is a tool to enhance well-being by means of improved connectedness. Another brief, 15-minute, study by Logie and Frewen (2015) randomized participants into three groups: LKM, Mindfulness Meditation (MM) or a control group. They established that LKM and MM were related to an increase in positive emotions directed towards others and the self.

(8)

Fredrickson et al. (2008) revealed that a 7-week LKM training, with 60-minute group sessions, increased positive emotions such as joy and love. In turn, these positive emotions increase different personal resources such as self-acceptance and mindful attention. These personal resources

facilitated in becoming more content with one’s life and having less signs of depression. Moreover, an increase in LKM led to a decrease in illness symptoms. They indicate that when people commence a LKM exercise, they immediately generate positive emotions. In the long term, LKM practice leads to increased personal resources, which in turn increases their well-being. Lutz, Brefczynski-Lewis, Johnston and Davidson (2008), with a neuroimaging technique, examined the brain circuitry in a state of compassion among novice and expert meditators. They established that LKM enhances

perspective taking and emotion sharing.

Next to the more general benefits of LKM, several studies examine the effect of LKM on self-compassion and established that it is an effective tool to develop self-self-compassion. For instance, Weibel (2007) randomized participants to a Loving-Kindness group or to a control group and

established that LKM resulted in an enhancement of self-compassion; a result that was maintained in the two-month follow-up. Another study, among adults, found that self-compassion significantly increased after an eight-week intervention program that included LKM (Neff & Germer, 2013). These effects were sustained at a half year and one year follow-up. However, the study had no specific strategy to disguise the random allocation (Galante, Galante, Bekkers, & Gallacher, 2014). Weibel (2007) and Neff and Germer (2013) used a passive control group to reach these outcomes (Galante et al., 2014). Boellinghaus et al. (2014) meta-analysis reviewed the effect of LKM on other-focused concern and self-compassion. They argue that there is preliminary substantiation that LKM increases other-focused concern and self-compassion. Smeets et al. (2014) study involved an informal form of LKM and proved that it caused a significant increase in self-compassion.

Self-compassion is an important concept in Buddhist philosophy and is connected to the general compassion definition (Neff, 2003a). The concept compassion refers to being affected and feeling a concern for another’s pain, and wishing to respond with kindness to alleviate it (Neff & Vonk, 2009). Thus, compassion is usually directed to others, while self-compassion has a distinct way to feel and think about oneself (Neff & Vonk, 2009). A key distinctive characteristic is that self-compassion is aimed at one’s suffering (Hollis-Walker & Colosimo, 2011), where it is applicable to all experiences of suffering, such as experiences arising from personal shortages, failures or even upsetting life events

(9)

(Albertson, Neff, & Dill-Shackleford, 2015). According to Neff (2003a) self-compassion exists of three main components, which include (1) self-kindness versus self-judgment; (2) common humanity versus isolation; and (3) mindfulness versus over identification. These components integrate and together connect and form a self-compassionate mindset when confronting experiences of suffering (Neff & Germer, 2017). Neff (2003a) describes self-kindness as, instead of being sternly self-critical in painful or failing situations, being understanding and kind against oneself. In other words, treating ourselves like we would treat a close friend with patience, gentleness and empathy. Neff (2003a) states that people are often more harsh and cruel to themselves than they are to close friends or strangers. Common humanity is depicted as, contrary to seeing one’s own experiences as isolating and separating, belonging to a greater human experience. The third component is, instead of

overidentifying with agonizing thoughts and feelings, holding them in a balance. Thus, by directing more positive feelings of connectedness and kindness towards oneself, one neutralizes negative emotional patterns, which is an effective tool to regulate one’s emotions (Neff et al., 2005; Neff, 2003a).

Next to being viewed as a valuable emotion regulation mechanism (Neff, 2003a), self-compassion is linked to well-being and positive states of minds. According to Vettese et al., (2011) and Neff and McGehee (2010) compassion increases mental health. Other benefits of self-compassion include increased optimism, happiness, joy, curiosity, greater life satisfaction, spirituality and self-improvement motivation (Neff, 2003a; Neff, Kirkpatrick, & Rude, 2007; Lutz et al., 2008; Neely, Schallert, Mohammed, Roberts, & Chen, 2009; Allen & Leary, 2010; Gilbert & Proctor, 2006; Birnie, Speca, & Carlson, 2010; Terry & Leary, 2011; Neff, 2003b; Leary, Tate, Adams, Allen, & Hancock, 2007). Other research findings proved that self-compassion is negatively linked to social comparison, thought suppression, rumination, shame, anger, public self-consciousness, neurotic perfectionism, need for cognitive closure and self-criticism (Neff, 2003a; Raes, 2010; Neff et al., 2007; Gilbert & Procter, 2006; Neff, 2003b; Neff & Vonk, 2009). Also, increased self-compassion is related to less stress, depression and anxiety, which are thought to be the most consistent research findings in the literature (Neff, 2016). Looking at the above arguments, LKM has several psychological benefits and has specifically been found to cultivate and increase self-compassion. This led to the following hypothesis:

(10)

Self-compassion and entrepreneurial fear of failure

As stated, self-compassion provides several psychological benefits. However, for a very long time psychologists viewed self-esteem as the greatest guide to psychological health (Neff, 2003a). In comparison with esteem, compassion avoids the problematic aspects such as

self-centeredness, narcissism, predjudism and the absence of interest for other individuals (Neff, 2016; Neff, 2003b). Next to this, high self-esteem is linked to aggression and anger to individuals that endanger the ego (Neff, 2016). Another problematic aspect is that it is dependent on success (Neff, 2016). In many ways, people only feel good if they succeed in areas that are important for them (Neff, 2016). For entrepreneurs, their business is extremely important as they consider themselves

personally responsible for the success of the firm (Shephard, Wiklund, & Haynie, 2009). Additionally, they often view a business as an extension of themselves (Shepherd et al., 2009). So, what happens to their feelings when they deal with EFF?

To examine EFF, Cacciotti et al. (2016) indicate that there are three different theoretical perspectives: (1) economic; (2) social psychological; and (3) psychological. From an economic perspective, fear of failure is related to risk perception, which impacts the occupational choice to become an entrepreneur (Cacciotti et al., 2016). In other words, when people experience higher fear of failure, it decreases their likelihood to commence a new business. Looking at EFF from a social psychological perspective, fear of failure can be seen as a socio-cultural characteristic that is significantly impacted by cultural norms incorporated within one’s self and considered similar to risk aversion (Cacciotti et al., 2016). Helms (2003) established that risk aversion hinders entrepreneurial activity. A limitation is that these studies mainly use data of the Global Entrepreneurship Monitor (GEM), where the phrasing fear of failure assumes a fixed relationship of the behaviors linked to fear of failure (Cacciotti et al., 2016).

From a psychological angle, fear of failure is defined as a negative emotion (Cacciotti et al., 2016). This feeling results from the expectation of possibly failing and is linked to behavioral and psychological outcomes (Cacciotti et al., 2016). Li (2011) indicates that people’s feelings and judgment about the success of a firm impact the probability to start a new firm. Results show that when entrepreneurs believe they will create a successful business, it increases their appeal to start a new business. Also, people perceive a new firm as an opportunity when they demonstrate less fear of failure. Kollmann et al. (2017) take on a social cognitive perspective, where fear of failure is

(11)

characterized as a responsive avoidance motive, which is initiated by barriers in the course of starting a novel business. According to Kollmann et al. (2017) human behavior is formed and contingent upon an individual's environmental and personal characteristics. To sum up, once an individual is presented with possibly failing in a particular situation, their aim to refrain from failure is initiated. Consequently, fear of failure drives their behavior.

Building on a social cognitive perspective, Cacciotti et al. (2016) introduced a new conceptualization of EFF. They indicate that an individual’s fear of failure pertains to particular sources, which can be placed in a broader context. They contextualize fear of failure as having seven potential sources, either externally or internally situated, as fear is experienced in an external situation (the social and physical environment) and an individual's’ internal cognitive evaluation. In this view, fear of failure depicts a dynamic process between internal assessments and external situated cues (Cacciotti et al., 2016). The sources pertaining to the external situation include: ability to finance the firm, financial security and the firm’s ability to execute. Social esteem, personal ability, potential of the idea and opportunity cost are internally situated. This study combines the view of Cacciotti et al. (2016) and Kollmann et al. (2017) as compared to the economic, social psychological and psychological perspective; they incorporate a more dynamic conceptualization of EFF.

Looking at the economic, social psychological and psychological perspective, it can be concluded that fear of failure has an adverse influence on entrepreneurial activity and the inclination to start a business. In particular, entrepreneurs fear the consequences of failure, thus necessitating a coping mechanism to deal with these negative feelings. Allen and Leary (2010) argue that self-compassion plays a critical role in coping with fear of failure. They propose that self-self-compassion is an imperative coping mechanism when individuals encounter unfavorable life events as individuals experience less anxiety when dealing with them. Also, individuals are less likely to refrain from challenging situations. According to Neff et al. (2005), people that possess self-compassion experience less fear of failure when facing difficult challenges, as they are more likely to be

intrinsically motivated. These individuals showed more flexible ways to cope with failure. Mosewich et al. (2011) study, among young female athletes, established that self-compassion was negatively linked to fear of failure. Thus, self-compassion is an imperative coping mechanism to deal with fear of failure, leading to the following hypothesis:

(12)

When considering the above stated arguments, LKM is an effective tool to enhance self-compassion, which in turn is a coping mechanism to deal with fear of failure. Consequently, the following

hypothesis is developed:

Hypothesis 3 (H3): Self-compassion mediates the negative relationship between LKM and EFF, when entrepreneurs encounter a threatening situation for their venture.

The moderating role of gender

As self-compassion is linked to psychological benefits and mental health, there is increased attention on promoting interventions to improve self-compassion (Finlay-Jones et al., 2015). However, until now, interventions have not incorporated gender differences with regards to self-compassion (Yarnell et al., 2015). According to Yarnell et al. (2015) there is a need to hypothesize gender differences in self-compassion, however the direction remains unclear as there is contradicting evidence among the multiple authors that investigated these differences, see table 1 for an overview. Supporting evidence suggests that females, in general, have lower levels of self-compassion than males because they tend to ruminate more and are more self-critical. Contrarily, females are considered and seen as more empathic than males and have a more independent sense of self, implying no significant differences in their levels of self-compassion.

(13)

Table 1

(14)

Looking at fear of failure, the literature suggests that female entrepreneurs experience fear of failure at the start of their business (Itani, Sidani, & Baalbaki, 2011). Besides this, usually, women are less probable to commence a firm than men as they experience higher fear of failure (Koellinger, Minniti &, Schade, 2013; Sánchez Cañizares & Fuentes García, 2010; Noguera, Alvarez, & Urbano, 2013; Wagner, 2007; Langowitz & Minitti, 2007). These studies research the motives of women to become entrepreneurs and suggest that fear of failure is considered an explanation not to start a business, an important reason in the gap in entrepreneurship by gender (Wagner, 2007). Additionally, a report on women’s entrepreneurship (GEM, 2016) established that female entrepreneurs have higher fear of failure than male entrepreneurs. Thus, it can be stated that female entrepreneurs will experience higher fear of failure than male entrepreneurs when faced with a threatening situation for their business. The gender difference in the direction from LKM to self-compassion will not be

hypothesized, as there is contradicting evidence with regards to self-compassion. Thus, it is predicted that female entrepreneurs will, indirectly, benefit more from an increase in self-compassion, enabling them to better cope with a fearful situation. In other words, it is expected that there is a stronger indirect effect of LKM, through self-compassion, on EFF, with self-compassion having a greater effect on the reduction of EFF of female entrepreneurs than male entrepreneurs. This is formulated in the following hypothesis:

Hypothesis 4 (H4): Gender moderates the relationship between SC and EFF, in which self-compassion has a greater effect on the reduction of EFF of female entrepreneurs than male entrepreneurs, when entrepreneurs encounter a threatening situation for their venture.

(15)

Building on the literature review, a moderated mediation model is developed (Fig. 1), which posits that LKM is associated with less EFF through enhanced self-compassion. Also, it is expected that gender moderates (strengthens) the relationship between self-compassion and EFF.

(16)

Methodology Methods

To test the above stated hypotheses, an online experiment was conducted to examine the impact of a brief, 9-minute, session of LKM, through self-compassion, on EFF among entrepreneurs.

Sample

A minimum number of participants were determined to discover a change in self-compassion (see Appendix A, for the a priori sample size calculation). In total, 291 participants started the survey and the final sample consisted of 103 entrepreneurs; 51 in the control group and 52 in the treatment group. Participants were 42.7% female and 56.3% male and had a mean age of 35 (SD = 13.36). Most participants (55.3%) had former meditation experience. Most entrepreneurs indicated to have an average meditative practice of once per month (18.4%). Most participants were from the Netherlands (56.3%) and had a bachelor’s degree (58.3%). The majority of the participants has a business

situated in the arts, entertainment and recreation industry (20.4%) and are a sole proprietor (33%). On average, entrepreneurs started one business and indicated that their business was too young to know about success or failure (51.5%). For a further breakdown per group, see Appendix B.

Two criteria were set to determine the eligibility of the participants. The participants were not eligible to complete the survey if they were under 18 years old and if they indicated that they are not an entrepreneur. Next to this, pre-set criteria were created to exclude participants from the sample. These six exclusion criteria entailed the following: (1) participant who dropped out before starting the audio, (2) participant who did not listen to the entire nine minutes of the audio fragment, (3) participant who failed to answer one of the two attention check questions correctly, (4) participant who stayed more than 15 minutes on the page of the audio fragment, (5) participant who stated that they were unable to listen to the audio fragment because of technical problems and (6) participant who did not answer key questions (missing data) (see Appendix C, for the number of ineligible and excluded participants).

Participants were chosen because of the convenient accessibility; hence a convenience sampling technique was used to collect the data. Participants, in both researchers network, were approached to participate in the survey through an anonymous link, email, telephone and social media (Facebook, LinkedIn and Twitter). On social media, the survey was posted on specific

entrepreneur groups, such as Millennials for better business and Ondernemers, Bedrijven en ZZP-ers. Moreover, a snowball sampling technique was used, where participants, both in person and through

(17)

the survey, were asked if they could provide the phone number or email address of acquaintances that might be interested in participating. In addition, co-working spaces were visited such as Spaces Zuid and WeWork as well as startup hubs like ImpactHub Amsterdam. As the number of female entrepreneurs in Europe is about one third compared to male entrepreneurs (EU, 2016), a different sampling strategy was adopted. Therefore, platforms developed for female entrepreneurs who aim to expand and develop their business, such as Women Entrepreneur Netherlands (WEN), were

approached. Next to this, other female entrepreneur groups on Facebook were contacted to enlarge the amount of female entrepreneurs in the study.

Material and procedure

Participants completed an online experiment in the form of a 20-minute survey to estimate their fear of failure. At the beginning, participants were informed that the aim of the study is to find out more about the role of meditation in how people deal with entrepreneurial situations and were informed that the survey consisted of a brief audio recording in which they needed to use headphones. Thereafter, participants were asked additional questions, such as meditation experience, and demographic questions about the business of the entrepreneur. Subsequently, participants were asked to rate statements about their workday experience and their behavior. This was done to measure the participant’s level of self-compassion and trait mindfulness before exposing them to a LKM or control audio fragment. The 9-minute LKM audio fragment was retrieved from Williams and Penman (2011), obtainable online at (https://anon.to/r6cdxx). The control audio consisted of an 8:56 minute TED Talk about meditation by Andy Puddicombe without actually practicing meditation (available at:

https://anon.to/TuobrF). The audio fragments were somewhat adapted to ensure they had the same duration. Participants were unaware of the two groups as they were randomized automatically during the survey.

After the audio recording, participants were presented with a manipulation check, to assess whether the experiment had the desired effect. Consequently, participants were asked to imagine their business as vividly as possible and were presented with a fearful entrepreneurial scenario where there was a sharp drop in demand for their products and services. Participants were told that there was no immediate explanation that could be attributed to the situation and that they were the sole responsible for this drop in demand. They were asked to imagine, as intensively as they could, the consequences of this particular situation. A scenario introduction was used as it is an effective way to

(18)

induce fear and it proposes a new view on fear of failure, which allows assessing an individual’s reaction to barriers encountered (Kollmann et al., 2017). Thereafter, participants were encouraged to describe in at least one sentence the consequences of the situation. To estimate their EFF,

participants were requested to rate statements based on their level of agreement or disagreement. It was examined if participants in the treatment group responded differently to these statements compared to the control group, to investigate whether LKM, through self-compassion, is an effective tool to deal with fear of failure. At the end of the experiment, participants were asked to evaluate the scenario and to provide general demographic characteristics, followed by a debrief and were thanked for their collaboration.

Measures

The measures and scales used in this study are displayed in Appendix D.

Entrepreneurial fear of failure. To measure EFF, a scale was used from Lang and Fries (2006). Kollmann et al. (2017) used the same scale to assess fear of failure. Participants could rate seven statements on a scale from 1 (strongly agree) to 7 (strongly disagree). A sample item is, ‘’In such a new situation, even if nobody would be watching, I would feel quite anxious’’. The

corresponding Cronbach’s alpha was .83.

Self-compassion. Before an audio fragment was displayed, the self-compassion scale short version (SCS-SF), consisting of twelve items instead of twenty-six items, was used to measure the baseline trait self-compassion score for each participant (Raes, Pommier, Neff, & Van Gucht, 2011). The items were measured on a 5-point scale ranging from 1 (almost never) to 5 (almost always). One of the twelve items is, “When something painful happens I try to take a balanced view of the situation”. After the audio fragment, the level of state compassion was measured by using the

self-compassion scale developed by Zhang and Chen (2016), which consists of four items. A sample item is, ‘’I was trying to take a balanced view of things’’. A Cronbach’s alpha of .85 was found for the twelve-item scale and .88 for the four-item self-compassion scale.

Control variables. The control variables included the following general demographic variables: respondent’s gender, age, nationality and education level. Next to this, there are several control variables relating to the entrepreneurs company including, whether their business (es) succeeded or failed, amount of co-founders, legal structure of the company and industry. Moreover, trait mindfulness was controlled for by using the short Mindful Attention Awareness Scale (MAAS)

(19)

scale, which is retrieved from Dane and Brummel (2014). The seven items were measured on a 6-point scale ranging from 1 (almost always) to 6 (almost never). A sample item is, “I find myself doing things without paying attention”. The Cronbach’s alpha was .79. Additionally, participants were asked to indicate their meditation experience or other related contemplative practices, which could range from never to daily. This was used to control for the impact of the level of experience and the meditation regularity on the study.

Manipulation check. To ensure the experiment had the intended effect, a manipulation check was implemented. The scale was adopted from Hafenbrack, Kinias and Barsade (2014). The three items were measured on a 7-point likert scale ranging from 1 (strongly disagree) to 7 (strongly agree). A sample item is, “I was focused on my breathing”. The Cronbach’s alpha was .87.

Scenario check. A scenario check was conducted to examine how respondents evaluated the introduced scenario. This consisted of four items measured on a 7-point likert scale ranging from 1 (strongly disagree) to 7 (strongly agree). The four individual items each measure different elements of a respondent’s perception of the scenario. A sample item is, “The scenario itself was realistic and believable”.

(20)

Results Preliminary results

The first set of analyses entailed an exploratory factor analysis for the variables fear of failure, trait self-compassion at baseline, state self-compassion after baseline, trait mindfulness and manipulation check (Appendix E), followed by testing variables used for the randomization check on assumptions for normality (Appendix F) and homogeneity of variances (table 2). The variables self-compassion, trait mindfulness and fear of failure were normally distributed. As anticipated, the scenario check, the demographic control variables (age, education) and the control variables belonging to the business of the entrepreneur (co-founders, industry, entrepreneurial experience and legal structure) and

meditation experience were not normally distributed. Looking at the demographic characteristics of the business, on average entrepreneurs had two co-founders. However, there were two significant outliers, in which entrepreneurs indicated to have eight or ten co-founders. When removing these outliers, the results did not change drastically. Therefore, the decision has been made to keep them in the data set. Additionally, a large percentage of entrepreneurs was between the 20 and 30 years and between 50 and 60 years. The young entrepreneurs can be because they were recruited on social media. Both groups, young and older entrepreneurs, might be as a result of the personal network (e.g. friends, family members and acquaintances). Other variables did not have large outliers, thus it has been determined to not eliminate them. As a few variables violated the assumption of normality, an additional Welch t-test was used, yielding the same results (see table 2).

Randomization check. The second set of analyses entailed a randomization check that compared the treatment group to the control group on the study variables before the manipulation, scenario check and relevant control variables by means of an independent t-test or chi-square test. Independent t-tests showed that the treatment group and control group did not differ with regard to trait mindfulness (p = .88), self-compassion (p = .87), age (p = .41), entrepreneurial experience (p = .48), scenario check (p = .32) and co-founders (p = .20), demonstrating successful randomization. Chi-square tests also revealed successful randomization as the treatment group and control group were not distinct regarding meditation experience (p =. 75), gender (p = 0.07), industry (p = .25) and education (p =. 88). The legal structure of the company (p <. 05) and nationality (p <. 05) were found to be significantly distinct for the treatment and control group. The test results for randomization are displayed in table 2.

(21)

Table 2

Test results for the randomization check using an independent t-test, χ2 -test, Levene’s test and Shapiro-Wilk test.

Variables T-test /

χ2 -test Welch test Df F-test¹ Shapiro-Wilk

T-test W P (1) Self-compassion .16 .16 101 .53 .98 .13 (2) Trait mindfulness .154 .154 101 .23 .98 .25 (3) Age -.82 -.83 101 2.78 .82 <. 001 (4) Scenario check 1.00 1.01 100 .18 .97 <. 05 (5) Entrepreneurial experience .71 .71 101 .29 .66 <. 001 (6) Co-founders -1.28 -1.29 101 .55 .67 <. 001 χ2 -test (7) Meditation experience² 3.76 6 (8) Gender 3.38 1 (9) Education² 5,36 8 (10) Legal structure² 10.07* 4 (11) Industry² 18.21 16 (12) Nationality 4.72* 1

(22)

Correlations. Subsequently, the correlations between the study variables were investigated. As expected, the correlations demonstrate that EFF had a significant negative relationship with self-compassion (r = -.56, p < .001), implying that entrepreneurs who score high on self-self-compassion, score relatively low on fear of failure and vice versa. In line with the predictions, trait mindfulness had a significant negative relationship with EFF (r = -.46, p < .001), a positive relationship with trait self-compassion (r = .54, p < .001) and a positive relationship with state self-self-compassion after baseline (r =. 22, p < .05). As anticipated, the manipulation check had a significant positive relationship with self-compassion after baseline (r = .63, p <. 001). Regarding gender differences, gender was not

correlated with EFF (r = .16, p = .11), trait self-compassion (r =. 12, p = .23) or state self-compassion after baseline (r = .05, p = .62). An unexpected relationship between variables has been found where self-compassion after baseline is not correlated with EFF (r = -1.83, p = .06). The correlations, the means (M) and standard deviations are displayed in table 3.

(23)

Table 3

Intercorrelations, means, standard deviations and Cronbach’s Alpha for the study variables.

(24)

Manipulation check. The fourth set of analyses showed that on average participants in the treatment group rated the manipulation check (M = 5.38, SD = .92) significantly higher than

participants in the control group (M = 3.43, SD = 1.56), t (80) = -7.72, p < .01. This shows that the experiment had the intended result. Additionally, there was no significant difference in the evaluation of the fearful scenario between the treatment group (M = 4.45, SD = .63) and the control group (M = 4.59, SD = .70), t (100) = 1, p = 0.67, showing that the two groups understood the fearful scenario similarly. It can be concluded that participants in the treatment group (M = 5.29, SD = 1.29) and control group (M = 5.60, SD = 1.11) can clearly envision and associate themselves with the fearful situation. Also, both the treatment group (M = 5.37, SD = 1.12) and the control group (M = 5.44, SD = 1.28) believed the fearful situation and evaluated it as realistic. In this manner, one can exclude the comprehension of the scenario as the cause of the change in EFF. In addition, the control group (M = 4.04, SD = 1.59) and treatment group (M = 3.79, SD = 1.58) did not differ significantly with regards to having previously experienced a similar situation in their own company, t (100) = .80, p = .42. Hypothesis testing

The final analysis entailed testing the hypotheses, where it was hypothesized that LKM positively influences self-compassion, which in turn is a coping mechanism that leads to a reduction in fear of failure. These two hypotheses led to the third hypothesis, where self-compassion mediates the relationship between LKM and EFF. Additionally, it was examined whether there was a stronger effect on the relationship between self-compassion and EFF for female entrepreneurs. This was

investigated by using model 14 for PROCESS by Hayes (2013), while controlling for legal structure and nationality, as these were found to be significantly distinct between the treatment and control group.

Looking at the direct effects, LKM significantly increased self-compassion (β = 1.05, SE = .23, 95% CI [.60, 1.50]), hence supporting hypothesis 1. Thus, on average, entrepreneurs in the treatment group scored 1.05 more on self-compassion. However, hypothesis 2 was not supported by the data as the effect of self-compassion on entrepreneurial fear of failure was not significant (β = -.19, SE = .29, 95% CI [-.77, .38]). Although not hypothesized, a significant direct effect of LKM on EFF was found (β = -.60, SE = .27, 95% CI [-1.12, -.07]). Results show that gender (β = .23, SE = .89, 95% CI [.12 .95]) had no significant effect on entrepreneurial fear of failure. The conditional indirect effects conditional of LKM on EFF of the moderator gender with self-compassion as a mediator show the

(25)

following effects for females (β = -.08, SE =. 18, 95% CI [-.46, .25]) and males (β =. -.14, SE =. 16, 95% CI [-.48, .17]), which are not distinct. The interaction is visualized in Fig. 2, where the relationship between fear of failure and self-compassion is plotted for both genders. The interaction term between gender and self-compassion on fear of failure is not significant (β = .06, SE = .18, 95% CI [-.31, .42]). Thus, no support for hypothesis 3 as the effect of LKM, through self-compassion, on fear of failure was found to be insignificant.

Figure 2. Interaction between fear of failure and self-compassion for both genders.

In addition, the confidence interval of the index of moderated mediation (I = .06, SE = .21, 95% CI [-.38, .49]) includes zero, implying no moderated mediation. In other words, it demonstrates that there is no significant difference between male and female entrepreneurs regarding the mediation of self-compassion between the relationship LKM and EFF. Thus, hypothesis 4 is not supported, as self-compassion has no greater effect on the reduction of EFF of female entrepreneurs than male entrepreneurs. In figure 3, the moderated mediation model is displayed with coefficients along the paths. Table 4 demonstrates the outcomes of the moderated mediation analysis.

0 1 2 3 4 5 6 7

Low self-compassion High self-compassion Fear of

failure Female

(26)

Figure 3. Direct and indirect effects of the mediator self-compassion between the relationship LKM and EFF with gender as a moderator of the mediation. I = index of moderated mediation. The arrows depict the paths. Unstandardized regression coefficients (β) are shown along the paths. Standardized errors (SE) are displayed in parentheses. *p < .05, **p < .01, ***p < .001.

Table 4

Results of the moderated mediation analysis.

Consequent

Self-compassion EFF

Antecedent β SE Lower Upper β SE Lower Upper

LKM 1.05*** .23 .60 1.50 -.60** .27 -1.13 -.07 Self-compassion - - - - -.19 .28 -.76 .38 Gender - - - - .23 .89 -1.54 2.00 Male -.14 .16 -.48 .17 Female -.08 .18 -.46 .26 Self-compassion x Gender - - - - .06 .18 -.31 .42 Constant 3.15 .44 4.28 4.02 4.82 1.43 1.97 7.66 R² .24*** .12***

Note. N = 103. BC 95% CI = bias corrected confidence interval, level of confidence interval = 95%. Lower = lower limit confidence interval, Upper = upper limit confidence interval. Predictor: treatment group versus control group, coded as LKM = 1 and control = 0. Gender and self-compassion after baseline are mean centered prior to the analysis. Number of bootstrap samples for bias corrected bootstrap intervals = 5000. R² = .24 *p < .05, **p < .01, ***p < .001.

(27)

Discussion

Entrepreneurs are usually described as passionate and ambitious; however it is inevitable that entrepreneurs are fearful of particular situations related to their business (Cacciotti & Hayton, 2014). This is supported by the clear and illustrative quotations given by entrepreneurs in the study,

highlighting the need to find a technique to decrease their fear of failure. Thus, the aim of the study is to investigate whether a Buddhist technique, LKM, had a significant effect on the reduction of fear of failure through self-compassion when entrepreneurs are faced with a realistic fearful scenario.

In line with the literature and as expected, LKM has proven to increase self-compassion (Boellinghaus et al., 2014; Smeets et al., 2014; Neff, 2003a; Weibel, 2007; Neff & Germer, 2013). However, unexpectedly, the results demonstrate that self-compassion does not mediate the

relationship between LKM and entrepreneurial fear of failure. Thus, looking at the research question, self-compassion, as cultivated through a brief LKM, does not reduce fear of failure among

entrepreneurs when they encounter a threatening venture obstacle. An attainable reason is that, on average, participants in the treatment group (M = 3.23) and control group (M = 3.25) scored quite high on self-compassion at baseline compared to other studies such as Albertson et al., (2014) (M = 2.65) and Neff and Germer (2013) (M = 2.65). Looking at the participants, the majority had prior meditative experience, which might lead to the enhanced scores of self-compassion (Neff & Germer, 2013; Birnie et al., 2010). Another factor that possibly influenced the high levels of self-compassion is social desirability, where participants might have answered questions in a more socially accepted way (Kim & Kim, 2013). Therefore, for future research it might be needed to rephrase questions that might be viewed by participants as potentially threatening or sensitive (Collins, 2003).

In addition, and unexpected, results demonstrate that female entrepreneurs do not

experience higher fear of failure than male entrepreneurs. Often, fear of failure coexists with low self-efficacy (Caraway et al., 2003) and studies established that self-self-efficacy could be an important mechanism to explain the higher fear of failure experienced by female entrepreneurs (Minniti & Nardone, 2007; Wilson, Kickul & Marlino, 2007). Thus, it might be that female and male entrepreneurs in the study do not differ regarding their levels of self-efficacy. Moreover, results show that gender does not moderate the relationship of self-compassion and entrepreneurial fear of failure. A possible explanation is the unfortunate randomization of the treatment group and control group regarding male and female entrepreneurs. In the control group, the majority of the respondents are male whereas in

(28)

An interesting result found, although not hypothesized directly, is that LKM has a negative impact on entrepreneurial fear of failure. Thus, it implies that there are other possible mechanisms related to LKM that influence fear of failure, such as positive emotions. Several authors investigated this mechanism and argued that LKM might aid in producing a change from more negative emotions to positive emotions such as love and awe (Zeng, Chiu, Wang, Oei, & Leung, 2015; Carson et al., 2005; Feldman, Greeson & Senville, 2010; Fredrickson et al., 2008). Feldman et al. (2010) established that participants in the LKM condition can learn and adapt a skill that enables them to experience repetitive and negative emotions and thoughts without being emotionally distressed. Thus, when coping with negative situations in life, LKM could be a potential mechanism, which counteracts the negative and repetitive emotions felt. Another possible mechanism could be shifting focus, from being focused on the future to the present moment. Galante et al. (2014) and Hutcherson et al. (2008) established that LKM caused a decrease in future focus. When shifting focus, it enables one to better manage negative emotions and it decreases rumination. When individuals are less likely to ruminate, they are less concerned about the future and past failings and are less overwhelmed by feelings of inadequacy (Neff & Vonk, 2009; Smeets et al., 2014). Besides, individuals seem to ruminate less about probable negative consequences of a situation (Leary et al., 2007). In sum, LKM has several potential positive benefits, which might have a negative impact on EFF.

Theoretical and practical implications

This study has several contributions to theory and practice. First, this study demonstrates that LKM is an effective coping mechanism as it negatively affects EFF. This a promising and new result for the literature as there are few studies investigating the effect of fear of failure in an entrepreneurial setting, by demonstrating how individuals experience fear of failure and cope with this within an entrepreneurial context (Cacciotti & Hayton, 2014, p. 26). When studied in an entrepreneurial context, actual fear of failure is examined or the impact of fear of failure on the motives to commence a firm, where fear of failure usually is seen as an inhibitor or motivator of entrepreneurial behavior (Cacciotti et al., 2016). Thus, this study gives experimental substantiation that entrepreneurs can benefit from LKM as it significantly reduces fear of failure.

Second, this study adds to the social cognitive perspective by elucidating fear of failure in an entrepreneurial context by facing entrepreneurs with a fear-activating scenario and incorporates a more dynamic conceptualization of EFF by examining an entrepreneurs’ individual’s reaction

(29)

(Kollmann et al., 2017). This study demonstrates that when exposing entrepreneurs to a fear inducing entrepreneurial scenario, their fear of failure is activated. Besides, the study focuses on increasing self-compassion as a way to reduce fear of failure, a construct that is hardly investigated in an entrepreneurial setting (Shepherd & Cardon, 2009). Moreover, self-compassion and LKM are usually examined among a sample of undergraduates or adolescents (Neff & Pommier, 2013; Neff & Vonk, 2009; Hutcherson et al., 2008; Feldman, 2010). Thus, this study takes a unique approach as the relationship between LKM and self-compassion is examined among a sample of entrepreneurs.

Third, scholars frequently view fear of failure as an explanation of the gender gap in entrepreneurship (Wagner, 2007). Thus, to best of my knowledge, this study pioneers in examining gender differences in entrepreneurial fear of failure when entrepreneurs already own a firm. In addition, the study adds to the literature by incorporating gender differences with regards to self-compassion in a LKM intervention, as this has not been integrated in prior studies (Yarnell et al., 2015).

Next to the theoretical contributions, the findings imply that LKM is a practical tool that can help entrepreneurs to protect themselves, as they are less vulnerable and can better cope with fear inducing situations in their business. Most important, as a LKM training is usually done in person (Galante et al., 2016), it demonstrates that entrepreneurs can easily fit a brief online LKM training in their extremely busy schedules, making it a feasible and time-effective tool. Besides, entrepreneurs are generally described as heroes without actually experiencing fear of failure (Cacciotti et al., 2016). Conversely, this study shows to entrepreneurs that fear of failure is commonly experienced within the entrepreneurial process and proves that entrepreneurs are not alone in their fear of failure, providing a more accurate perception of this particular phenomenon (Cacciotti et al., 2016). Moreover, this study demonstrated that the LKM increased self-compassion and given that studies are increasingly showing that self-compassion increases physical and mental health, the development of a LKM can be of concern to numerous entrepreneurs (Neff & Germer, 2013).

Limitations and future outlook

Although the study showed significant contributions to theory and practice, there are several limitations that need to be addressed. First, the study was posted on several online websites and platforms, with specific eligibility and exclusion criteria, giving open access to whoever wanted to participate. Although it has the advantage of sampling from an extensive pool of entrepreneurs, it has

(30)

Banaji & Greenwald, 2002). Second, as there is a substantial amount of effort and time needed to fill in the survey, the experiment was designed in such a way that entrepreneurs could complete the survey in their earliest convenient time. This design led to the vast majority of entrepreneurs filling in the research in their own time without a researcher attending the experiment. Although the absence of a researcher minimizes researcher bias, it might lead to limited understanding of the experiment (Nosek et al., 2002). This might increase the chances of discontinuing the participation or incorrectly completing it (Nosek et al., 2002). Additionally, without a researcher present, it cannot be determined to what extent participants were actively listening to the audio fragment or doing their daily work tasks or other activities next to it. This might have influenced the quality of the answers of participants.

The results show interesting directions for future research. For instance, as LKM shows to reduce entrepreneurial fear of failure, it is worth investigating the above-mentioned possible mechanisms. In addition, it was established that female entrepreneurs do not score higher on entrepreneurial fear of failure than male entrepreneurs. However, these results do not take into consideration the underlying reason, an intriguing direction for future studies. Moreover, Frederickson et al. (2008) argued that LKM is associated with long-term gains when practiced for several weeks. Therefore, the effect of a brief LKM on fear of failure brings to mind various interesting questions: Is the effect of a longitudinal LKM training stronger than a brief LKM training on the reduction of fear of failure among entrepreneurs? Could female entrepreneurs better cope with entrepreneurial fear of failure compared to their male counterparts when practicing LKM for a longer period of time? These questions imply various avenues for future studies that are worth investigating.

(31)

Conclusion

As fear of failure is prevalent in many business situations an entrepreneur faces, it is worth examining how an entrepreneur can better cope with fear of failure. By taking an unconventional method and exposing entrepreneurs to Loving-Kindness meditation and a fearful entrepreneurial scenario it was examined whether it is a possible technique to better cope with fear of failure. The study

demonstrated that LKM enhances self-compassion, proving that self-compassion could be trained in a rather short amount of time. Additionally, the study showed that LKM is an effective tool to deal with a fearful entrepreneurial scenario, although not through enhanced self-compassion as established in the conceptual model. In addition, the study established that female entrepreneurs do not experience higher fear of failure than male entrepreneurs and Loving-Kindness Meditation and self-compassion does not have a stronger effect on the reduction of fear of failure of female entrepreneurs. Given that fear of failure is a critical and inevitable part of the entrepreneurial process, where entrepreneurs are confronted with uncertainties and challenges, LKM can be seen as a powerful and effective tool for self-protection as it enhances self-compassion, which fosters well-being and entrepreneurial performance and it enables one to cope with fear of failure.

(32)

References

Albertson, E. R., Neff, K. D., & Dill-Shackleford, K. E. (2015). Self-compassion and body dissatisfaction in women: A randomized controlled trial of a brief meditation intervention. Mindfulness, 6(3), 444-454.

Allen, A. B., & Leary, M. R. (2010). Self‐Compassion, stress, and coping. Social and Personality Psychology Compass, 4(2), 107-118.

Aspy, D. J., & Proeve, M. (2017). Mindfulness and Loving-Kindness Meditation: Effects on Connectedness to Humanity and to the Natural World. Psychological reports, 120(1), 102-117.

Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of personality and social psychology, 51(6), 1173.

Birnie, K., Speca, M., & Carlson, L. E. (2010). Exploring self‐compassion and empathy in the context of mindfulness‐based stress reduction (MBSR). Stress and Health, 26(5), 359-371.

Boellinghaus, I., Jones, F. W., & Hutton, J. (2014). The role of mindfulness and loving-kindness meditation in cultivating self-compassion and other-focused concern in health care professionals. Mindfulness, 5(2), 129-138.

Cacciotti, G., Hayton, J. C., Mitchell, J. R., & Giazitzoglu, A. (2016). A reconceptualization of fear of failure in entrepreneurship. Journal of Business Venturing, 31(3), 302-325.

Caraway, K., Tucker, C. M., Reinke, W. M., & Hall, C. (2003). Self‐efficacy, goal orientation, and fear of failure as predictors of school engagement in high school students. Psychology in the Schools, 40(4), 417-427.

Carson, J. W., Keefe, F. J., Lynch, T. R., Carson, K. M., Goli, V., Fras, A. M., & Thorp, S. R. (2005). Loving-kindness meditation for chronic low back pain: Results from a pilot trial. Journal of Holistic Nursing, 23(3), 287-304.

Collins, D. (2003). Pretesting survey instruments: an overview of cognitive methods. Quality of life research, 12(3), 229-238.

Dabic, M., Daim, T., Bayraktaroglu, E., Novak, I., & Basic, M. (2012). Exploring gender differences in attitudes of university students towards entrepreneurship: an international survey.

(33)

Dane, E., & Brummel, B. J. (2014). Examining workplace mindfulness and its relations to job performance and turnover intention. Human Relations, 67(1), 105-128.

EU. (2016). Statistical data on women entrepreneurs in Europe. Accessed 25 May 2018, Retrieved from:http://eige.europa.eu/resources/statistical%20data%20on%20women%20

entrepreneurship%20in%20europe.pdf

Feldman, G., Greeson, J., & Senville, J. (2010). Differential effects of mindful breathing, progressive muscle relaxation, and loving-kindness meditation on decentering and negative reactions to repetitive thoughts. Behaviour research and therapy, 48(10), 1002-1011.

Field, A. (2009). Discovering statistics using SPSS. London: Sage Publications.

Finlay-Jones, A. L., Rees, C. S., & Kane, R. T. (2015). Self-compassion, emotion regulation and stress among Australian psychologists: Testing an emotion regulation model of self-compassion using structural equation modeling. PloS one, 10(7), e0133481.

Fredrickson, B. L., Cohn, M. A., Coffey, K. A., Pek, J., & Finkel, S. M. (2008). Open hearts build lives: positive emotions, induced through loving-kindness meditation, build consequential personal resources. Journal of personality and social psychology, 95(5), 1045.

Galante, J., Galante, I., Bekkers, M. J., & Gallacher, J. (2014). Effect of kindness-based meditation on health and well-being: a systematic review and meta-analysis. Journal of consulting and clinical psychology, 82(6), 1101.

GEM. (2016). Global Entrepreneurship Monitor 2016/2017 Report on Women’s Entrepreneurship. Accessed 2 July 2018, Retrieved from: https://babson.edu/Academics/centers/blank-center/ global-research/gem/Documents/GEM%202016-2017&20Womens%20Report.pdf

Gilbert, P., & Procter, S. (2006). Compassionate mind training for people with high shame and self‐criticism: Overview and pilot study of a group therapy approach. Clinical Psychology & Psychotherapy, 13(6), 353-379.

Hafenbrack, A. C., Kinias, Z., & Barsade, S. G. (2014). Debiasing the mind through meditation: Mindfulness and the sunk-cost bias. Psychological Science, 25(2), 369-376.

Hayes. F. A. (2013). Introduction to Mediation, Moderation, and Conditional Process Analysis. A Regression-Based Approach. Accessed 18 July 2018, Retrieved from: http://www.personal. psu.edu/jxb14/M554/specreg/templates.pdf

(34)

Helms, M. M. (2003). Japanese managers: their candid views on entrepreneurship. Competitiveness Review: An International Business Journal, 13(1), 24-34.

Hofmann, S. G., Grossman, P., & Hinton, D. E. (2011). Loving-kindness and compassion meditation: Potential for psychological interventions. Clinical psychology review, 31(7), 1126-1132. Hollis-Walker, L., & Colosimo, K. (2011). Mindfulness, self-compassion, and happiness in

non-meditators: A theoretical and empirical examination. Personality and Individual differences, 50(2), 222-227.

Hutcherson, C. A., Seppala, E. M., & Gross, J. J. (2008). Loving-kindness meditation increases social connectedness. Emotion, 8(5), 720.

Iskender, M. (2009). The relationship between self-compassion, self-efficacy, and control belief about learning in Turkish university students. Social Behavior and Personality: an international Journal, 37(5), 711-720.

Itani, H., Sidani, Y. M., & Baalbaki, I. (2011). United Arab Emirates female entrepreneurs: motivations and frustrations. Equality, Diversity and Inclusion: An International Journal, 30(5), 409-424. Kearney, D. J., Malte, C. A., McManus, C., Martinez, M. E., Felleman, B., & Simpson, T. L. (2013).

Loving‐kindness meditation for posttraumatic stress disorder: A pilot study. Journal of Traumatic Stress, 26(4), 426-434.

Kim, S. H., & Kim, S. (2016). National culture and social desirability bias in measuring public service motivation. Administration & Society, 48(4), 444-476.

Koellinger, P., Minniti, M., & Schade, C. (2013). Gender differences in entrepreneurial propensity. Oxford bulletin of economics and statistics, 75(2), 213-234.

Kollmann, T., Stöckmann, C., & Kensbock, J. M. (2017). Fear of failure as a mediator of the relationship between obstacles and nascent entrepreneurial activity—An experimental approach. Journal of Business Venturing, 32(3), 280-301.

Kreplin, U., Farias, M., & Brazil, I. A. (2018). The limited prosocial effects of meditation: A systematic review and meta-analysis. Scientific reports, 8(1), 2403.

Lang, J. W., & Fries, S. (2006). A revised 10-item version of the Achievement Motives Scale. European Journal of Psychological Assessment, 22(3), 216-224.

Langowitz, N., & Minniti, M. (2007). The entrepreneurial propensity of women. Entrepreneurship theory and practice, 31(3), 341-364.

(35)

Leary, M. R., Tate, E. B., Adams, C. E., Batts Allen, A., & Hancock, J. (2007). Self-compassion and reactions to unpleasant self-relevant events: the implications of treating oneself kindly. Journal of personality and social psychology, 92(5), 887.

Li, Y. (2011). Emotions and new venture judgment in China. Asia Pacific Journal of Management, 28(2), 277-298.

Logie, K., & Frewen, P. (2015). Self/other referential processing following mindfulness and loving-kindness meditation. Mindfulness, 6(4), 778-787.

Lutz, A., Brefczynski-Lewis, J., Johnstone, T., & Davidson, R. J. (2008). Regulation of the neural circuitry of emotion by compassion meditation: effects of meditative expertise. PloS one, 3(3), e1897.

Mitchell, J. R., & Shepherd, D. A. (2011). Afraid of opportunity: The effects of fear of failure on entrepreneurial action. Frontiers of Entrepreneurship Research, 31(6), 1.

Mosewich, A. D., Kowalski, K. C., Sabiston, C. M., Sedgwick, W. A., & Tracy, J. L. (2011). Self-compassion: A potential resource for young women athletes. Journal of sport and exercise psychology, 33(1), 103-123.

Neely, M. E., Schallert, D. L., Mohammed, S. S., Roberts, R. M., & Chen, Y. J. (2009). Self-kindness when facing stress: The role of self-compassion, goal regulation, and support in college students’ well-being. Motivation and Emotion, 33(1), 88-97.

Neff, K. (2003a). Self-compassion: An alternative conceptualization of a healthy attitude toward oneself. Self and identity, 2(2), 85-101.

Neff, K. D. (2003b). The development and validation of a scale to measure self-compassion. Self and identity, 2(3), 223-250.

Neff, K. D. (2016). Self-compassion. Mindfulness in Positive Psychology: The Science of Meditation and Wellbeing, 37.

Neff, K. D., & Germer, C. K. (2013). A pilot study and randomized controlled trial of the mindful self‐compassion program. Journal of clinical psychology, 69(1), 28-44.

Neff, K. D. & Germer, C. (2017). Self-Compassion and Psychological Wellbeing. In J. Doty (Ed.) Oxford Handbook of Compassion Science, Chap. 27. Oxford University Press.

Neff, K. D., Hsieh, Y. P., & Dejitterat, K. (2005). Self-compassion, achievement goals, and coping with academic failure. Self and identity, 4(3), 263-287.

(36)

Neff, K. D., Kirkpatrick, K. L., & Rude, S. S. (2007). Self-compassion and adaptive psychological functioning. Journal of research in personality, 41(1), 139-154.

Neff, K. D., & McGehee, P. (2010). Self-compassion and psychological resilience among adolescents and young adults. Self and identity, 9(3), 225-240.

Neff, K. D., Pisitsungkagarn, K., & Hsieh, Y. P. (2008). Self-compassion and self-construal in the United States, Thailand, and Taiwan. Journal of Cross-Cultural Psychology, 39(3), 267-285.

Neff, K. D., & Pommier, E. (2013). The relationship between self-compassion and other-focused concern among college undergraduates, community adults, and practicing meditators. Self and Identity, 12(2), 160-176.

Neff, K. D., & Seppälä, E. (2016). Compassion, well-being, and the Hypo-egoic Self. The Oxford Handbook of Hypo-egoic Phenomena, 189.

Neff, K. D., & Vonk, R. (2009). Self‐compassion versus global self‐ esteem: Two different ways of relating to oneself. Journal of personality, 77(1), 23-50.

Noguera, M., Alvarez, C., & Urbano, D. (2013). Socio-cultural factors and female entrepreneurship. International Entrepreneurship and Management Journal, 9(2), 183-197.

Nosek, B. A., Banaji, M. R., & Greenwald, A. G. (2002). E‐research: Ethics, security, design, and control in psychological research on the Internet. Journal of Social Issues, 58(1), 161-176.

Raes, F. (2010). Rumination and worry as mediators of the relationship between self-compassion and depression and anxiety. Personality and Individual Differences, 48(6), 757-761.

Raes, F., Pommier, E., Neff, K. D., & Van Gucht, D. (2011). Construction and factorial validation of a short form of the self‐compassion scale. Clinical psychology & psychotherapy, 18(3), 250-255.

Rojiani, R., Santoyo, J. F., Rahrig, H., Roth, H. D., & Britton, W. B. (2017). Women benefit more than men in response to college-based meditation training. Frontiers in psychology, 8, 551. Salzberg, S. (2002). Lovingkindness: The revolutionary art of happiness. Shambhala Publications. Sánchez Cañizares, S. M., & Fuentes García, F. J. (2010). Gender differences in entrepreneurial