The Role of Entrepreneurial Identity in Finding Mitigation Strategies to Deal with Existential Risks

The consequences of accelerating climate change pose existential risks for business. Why affected entrepreneurs act and decide differently between multiple conventional and innovative alternatives to mitigate such risks remains an under-researched area. We conducted 35 semi-structured interviews with German winemakers from different winegrowing regions that directly suffer the consequences of climate change. Using a partially grounded theory approach, we found that entrepreneurial identity explains largely the variation in approaches of dealing with existential risks. The most striking differences are related to entrepreneurs’ risk awareness, risk approach, risk-reduction requirements, and reputational risk management. With our research, we extend the literature on entrepreneurial identity and innovations, using two technologies as practice lenses. We also contribute to the research on risk society and existential risks.