When do entrepreneurs and employees consider reversing career choices to manage regrets?

Abstract

We examine when employees consider becoming entrepreneurs and vice versa out of career choice regret. We collected data on 724 entrepreneurs and 721 employees and applied PLS-SEM to test a new conceptual model made of simple and double moderating effects. We report that individuals consider reversing career choices to manage regrets when: (1) the foregone career is accessible and resistance to change does not prevail; (2) it is not yet too late to do so; (3) they never tried the forgone option or, mistakenly or strategically, gave up on it; (4) the decision can benefit from genuine social support and approval of referent individuals; and (5) can advance valued active goals. We do not only test the regret regulation theory but also offer new areas in which it might be clarified and extended in line with the post-decision regret management strategies. The policy implications of the findings are discussed.