Abstract
Entrepreneurs are often viewed as confident, yet many experience impostor phenomenon, doubting their competence despite evident success. This research explores why entrepreneurs feel like impostors and how this influences their financial decisions and performance. We also explore the relationship between impostor phenomenon and performance, hypothesizing that fear of failure and introjected motivation mediate the influence of this phenomenon on performance. The model was tested using data from 153 Indian entrepreneurs, which revealed that lower levels of education, experience, incubation support, and network size aggravate the impostorous feeling which in turn shapes their approach to financing decisions. 47% of entrepreneurs report frequent to intense impostor phenomenon, which negatively correlates with performance. Findings indicate that robust social networks and easy access to external funding can moderate the adverse effects of impostor phenomenon on performance, offering pathways to mitigate the negative impacts.