Date of Award

2025

Document Type

Dissertation

Degree Name

Doctor of Philosophy (PhD)

First Advisor

Howard Murphy, Ph.D., FAcEM, CEM, NRP

Abstract

Entrepreneurs regularly face high-risk, uncertain situations. Until this study, no research had examined how entrepreneurs approach these situations. Although studies have identified the construct of courage and suggested ways for employees to take courageous action in the workplace, no study has examined how entrepreneurs approach situations perceived as high-risk and with uncertain outcomes until now. This study was based on ethical leadership, one of the major components of courage: acting for the higher good. This study conducted qualitative grounded theory research to determine what process entrepreneurs use when faced with the need for courageous actions. Participants were entrepreneurs in the Central New Mexico area. This grounded theory method had entrepreneurs describe current situations they were dealing with to capture their thought processes in the moment. Courage was defined as acting despite high risk and uncertain outcomes, driven by a higher purpose. The study resulted in a decision-making model for entrepreneurs facing high-risk, uncertain situations. The study identified an iterative process including experience, involving others, gathering information, considering one's values-based identity, and commitment to act. This study added empirical findings to a field that had only been addressed theoretically and hypothetically in laboratory studies. It identified the in-the-moment articulation of values, identity, motivation, and decision-making that can be translated for other entrepreneurs in high-risk situations.

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