Supervision opportunities in overcoming the fear of failure, increasing self-efficacy and professional achievement

Data suggest that, globally, an average of 40–50% of entrepreneurs and their management teams experience various types of fear of failure (FF), which is currently reinforced by the high levels of uncertainty. Combined with the external circumstances, these factors create substantial barriers, echoes in the relationship between human resources and influences individual self-efficacy (SE), evaluation of opportunities, and the levels of mental health. Although psychologists emphasize that, in the sample of entrepreneurs, FF may transform into a stimulus and a factor that increases motivation, the levels of entrepreneurial confidence suggest a pessimistic frame of mind with regard to growth and development. The aim of the research study is to find out what effects FF amongst entrepreneurs and top-level managers has on their SE and professional achievements as well as whether supervision has a potential in overcoming the FF and increasing the levels of professional achievements. Using the approach of quantitative research, the authors created a questionnaire consisting of three parts: The FF Survey (six fear factors), the Overall SE Survey and the Future-oriented Professional Achievements Survey – Proactive Career Engagement (PCE), Achievement Motivation (AM), Hope of Success (HOS). The questionnaire was completed electronically, and 193 respondents were surveyed. It was found out that statistically significant correlations and mutual influences exist between fear of failure, self-efficacy and professional achievements. In addition to that, statistically significant differences were found between the female and male sub-samples and also between the respondents who never attend any supervision sessions (or advisory sessions of any other type) and those whose attend such sessions “rarely” and “frequently”. The research study enables supervisors and other advisors to develop a methodology in order to focus on the needs of entrepreneurs and top-level managers more purposefully and efficiently with regard to FF, SE and professional achievements.