Value of Failure ─ The Spectrum of Challenges for the Economy

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.

Joanna Markiewicz, PhD, is assistant professor in the Chair of Effectiveness of Innovation at the University of Szczecin, Poland.

Leszek Gracz, PhD, is assistant professor in the Chair of Services Marketing at the University of Szczecin, Poland.