Entrepreneurship is an interdisciplinary phenomenon. The purpose of the present thesis is to examine concepts and theories in recent literature that serve to gain a holistic perception of entrepreneurial failure (EF). It is assumed that insights from psychology research contribute to better understand the impacts of (EF) on the self of an entrepreneur. Two major qualitative research methods are applied. The data is gathered by systematic literature reviews and interview analysis. The synthesis of the findings show that a variety of psychological concepts, such as, cognition, emotional intelligence, self-regulatory processes, or self-concordance-models, are addressed in recent literature to study the effects of (EF). The findings explain how entrepreneurs reflect on failure, cope with failure and recover from failure experiences.