Vulnerability, characterized by exposure to threats, is likely a central feature of the entrepreneurial experience, considering entrepreneurship's complex context alongside entrepreneurs' strong attachment to their ventures. However, prior discussions on vulnerability in entrepreneurship mainly focus on ventures or entrepreneurs as a population from objective perspectives and have only indirectly captured entrepreneurs' subjective vulnerability through negative emotional states. Moreover, most work on entrepreneurs' subjective vulnerability has neglected to consider the positive outcomes of embracing and expressing vulnerability, broadly assuming that avoiding and suppressing vulnerability is favorable despite the potential illbeing effects. To address these gaps, this doctoral thesis employs an in-depth, inductive approach, conducting 46 interviews with entrepreneurs in two phases: 10 initial interviews and an additional 36 interviews. During the first phase, vulnerability emerged as a salient topic for entrepreneurs as a part of an initially broader study on entrepreneurs' wellbeing. This insight led to a deeper exploration of vulnerability in the second phase, aiming to understand when entrepreneurs experience vulnerability in their everyday entrepreneurial role, how they respond to it, and how these responses shape their wellbeing. The data collected informed the development of a dynamic model that elucidates the triggers, responses, and wellbeing consequences of entrepreneurs' vulnerability. It highlights vulnerability not as objective or stable but as a dynamic process comprising opposing yet interconnected experiences, driving entrepreneurs to avoid and approach vulnerability-sources to facilitate hedonic and eudaimonic aspects of wellbeing. Theoretically, the findings advance our understanding of entrepreneurs' vulnerability, coping, and wellbeing. The findings offer a compassionate perspective of entrepreneurs not as heroes immune to suffering but as multidimensional humans who experience vulnerability in their everyday entrepreneurial roles. Practically, the findings provide insights for entrepreneurs, supporting organizations, and society.
