Motive-goal congruence and entrepreneur well-being during early-stage fundraising: A longitudinal study using text analysis
Date of Award
Doctor of Business Administration (DBA)
Entrepreneur emotions have been reported recently as a common contributor to
startup failures. Given the early-stage fundraising process is a particularly precarious
time in a new venture’s life cycle, the present study contributes to the current
understanding of how an entrepreneur’s implicit motives (his or her level of agency
and communion) and the complexity of the funding process (deal complexity) may
affect an entrepreneur’s well-being (positive and negative affect). The study examined
entrepreneur well-being using computer-aided text analysis of entrepreneurs’ extemporaneous
Twitter updates as the entrepreneurs proceeded through four fundraising
stages over a one-year period. The study found differences in how agentic and communal
entrepreneurs’ well-being fluctuated during the fundraising process. Specifically,
communal entrepreneurs experienced a decrease in well-being in the period prior to
completing fundraising. In addition, the study found support for deal complexity
(as measured by number of investors, funding amount, and geographical dispersion
of the investors) as a moderator of the implicit motive and well-being relationship.
Specifically, as deal complexity increased, high agency entrepreneurs experienced
decreased well-being in the period prior to completing fundraising, as compared to
low agency entrepreneurs. Discussion of the results as it advances the literature on
the fluctuating well-being of entrepreneurs is provided.
Taylor, Kevin P., "Motive-goal congruence and entrepreneur well-being during early-stage fundraising: A longitudinal study using text analysis" (2020). College of Business Theses and Dissertations. 12.