Entrepreneurs often experience rejection, criticism, and failure as part of the entrepreneurial journey - which can cause shame. Entrepreneurs have to reach out to multiple stakeholders like investors, bankers, family and friends, potential employees, and potential customers for acquiring resources. Since entrepreneurs have to convince them about both the potential of the businessidea and their own capability to establish the firm successfully, there is a possibility of facing rejections or criticisms or failure, which can cause shame. Hence, it is vital to understand the role of shame in entrepreneurial decision making since emotions influence decision-making. Existing research on shame in entrepreneurship is limited, less than three studies; hence this research is both timely and necessary. I use the appraisal tendency framework (ATF) as the theoretical framework to understand the impact of shame in different contexts.