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We posit that nascent entrepreneurs should develop a competence dealing with success and a competence preventing and treating failure. We call these competences “Sense of Success” and “Sense of Failure”. Both a sense of success and a sense of failure (Oser & Volery, ERVET, 4,1: 27-44, 2012) are to be modelled and measured, both are necessary for starting an enterprise. While “Sense of Success” is related to capabilities in launching business ventures, “Sense of Failure” focuses on adverse situations in start-up processes and considers mistakes and shaking situations. We suggest “Sense of Failure” (SoF) being a concept which influences a specific form of problem solving competence, the competence to “Rescue an Enterprise from Failure” (REF).

Gains and losses of control: the construct “Sense of Failure” and the competence to “Rescue an Enterprise from Failure”