Falling forward: Real options reasoning and entrepreneurial failure

Although failure in entrepreneurship is pervasive, theory often reflects an equally perversive antifailure bias. Here, I use real options reasoning to develop a more balanced perspective on the role of entrepreneurial failure in wealth creation, which emphasizes managing uncertainty by pursuing high -variance outcomes but investing only if conditions are favorable. This can increase profit potential while containing costs. I also offer proposition s that suggest how gains from entrepreneurship may be maximized and losses mitigated.