ReSTART: Developing entrepreneurial competencies for second chance entrepreneurs

The primary aim of this chapter is to review the literature on entrepreneurial influences and competencies. We do this to develop an understanding of the needs of a specific sub-group of entrepreneurs: second chance entrepreneurs. Entrepreneurial learning theory suggests that the failure an entrepreneur experiences serves as a reservoir of knowledge which is important to future success. This chapter highlights the significance of experiential learning as entrepreneurs recover and re-emerge into new venture creation. Due to the high uncertainty of pursuing new opportunities and embarking on an entrepreneurial career involves risk, which can sometimes lead to failure. In this chapter we review the literature on entrepreneurial failure and provide recommendations for customizing entrepreneurial supports to maximize the success of (re)starting entrepreneurs.