Emotional robustness in times of crisis: the effects of venture funding on the digital communication styles of entrepreneurs

Manuel Kaiser · Andreas Kuckertz

15 citations0/0 files storedJournal of Small Business and Enterprise Development

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Public Relations and Crisis Communication Entrepreneurship Studies and Influences Private Equity and Venture Capital

Abstract

Purpose Entrepreneurial communication describes the communication activities of entrepreneurs and is an essential tool for entrepreneurs to build relationships. However, there is a lack of research regarding how entrepreneurs adapt their communication styles in times of crisis. Nevertheless, entrepreneurial communication during a crisis is essential because entrepreneurs must continue communicating with their stakeholders and be visible. In this regard, communication has the central aim of preventing the startup from suffering any damage that may result from the crisis. Thus, the present paper explores potential shifts in the communication styles of entrepreneurs during the first wave of the COVID-19 pandemic. Design/methodology/approach The authors examined the digital footprints of 780 entrepreneurs based in the USA on the social network Twitter. This study used a longitudinal dataset with the software Linguistic Inquiry and Word Count (LIWC) to analyze 110,283 tweets sent pre-crisis and during the first wave of COVID-19. Findings The results of the exploratory analysis revealed a connection between crisis and both analytical thinking and emotional responses. In the case of emotions, the results also suggest that entrepreneurs who had already received funding from venture capital investors remained emotionally robust during the crisis, as evidenced by the expression of more positive emotions compared to entrepreneurs without funding. Originality/value This study contributes to the understanding of entrepreneurial communication and adds the context of an exogenous shock to this research stream. Furthermore, this study highlights the effects of venture funding on the digital communication style of entrepreneurs, especially in the context of expressed emotions, and suggests emotional robustness for these entrepreneurs.

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References

2011Contextualizing Entrepreneurship—Conceptual Challenges and Ways Forward 2002Venture Capital and the Professionalization of Start‐Up Firms: Empirical Evidence 2013Personality, Gender, and Age in the Language of Social Media: The Open-Vocabulary Approach 1994Fools Rush in? The Institutional Context of Industry Creation 2020Startups in Times of Crisis – A Rapid Response to the COVID-19 Pandemic 2007How Entrepreneurs Use Symbolic Management to Acquire Resources 2007Do the Stories They tell get them the Money They Need? The Role of Entrepreneurial Narratives in Resource Acquisition 2020The economics of COVID-19: initial empirical evidence on how family firms in five European countries cope with the corona crisis

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