New research offers support for disadvantaged entrepreneurs who fear success | Notre Dame News

Notre Dame Study Reveals Fear of Success Among Low-Income Entrepreneurs

Low-income entrepreneurs face not only the fear of failure but also the lesser-known fear of success, according to a groundbreaking study conducted by Michael H. Morris, a professor at the University of Notre Dame’s Keough School of Global Affairs. The study, published in Business Horizons, sheds light on this under-studied phenomenon and offers five key recommendations to help entrepreneurs overcome this barrier to growth and move out of poverty.

Morris, who is also the director of the Urban Poverty and Business Initiative at Notre Dame, conducted focus groups with participants from the program to document the fears experienced by disadvantaged entrepreneurs. The majority of participants were people of color and women from underprivileged backgrounds, facing specific obstacles such as lower literacy levels and limited access to finance.

The study highlights the damaging outcomes of the fear of success, including procrastination, self-sabotage, and failure to make key decisions that could help a business grow. To address these fears, Morris and his co-authors issued recommendations such as providing entrepreneurial role models, teaching entrepreneurship early, and offering mentorship to help individuals understand the costs and benefits of success.

The authors believe that by implementing these recommendations, policymakers and support organizations can better assist underprivileged entrepreneurs in overcoming their fears and embracing entrepreneurship as a pathway out of poverty. Morris hopes that educators, policymakers, and stakeholders will apply these findings to help disadvantaged entrepreneurs succeed in their business ventures.