Considerations Regarding the Relevance of Failures in Entrepreneurial Development

Economic, sociological and even psychological research revealed that entrepreneurship is a process, a dynamic phenomenon, a science based on evident models of manifestation and development. And entrepreneurship represents a behavioral characteristic of an entity. As a result of that, a research became necessary regarding the role and importance of failures in entrepreneurial individual success and, of course, to promote and develop entrepreneurship. As such, this paper focuses on this topic, based on identifying the determinants of entrepreneurship and how it contributes to their failures. In the context of the knowledge economy, entrepreneurship at the individual level is crucial, is essential for development of entrepreneurial phenomenon at organizational and societal level. Failure is the most highly motivated individuals’ only steps to success.