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Although business failure has been widely studied by researchers in finance and accounting from the perspective of the financial failure of established firms, less attention has been given to new venture failure. To achieve a better understanding of this phenomenon, which is multidimensional and complex, this paper proposes to reconstruct an operational analysis model in conjunction with an integrative theoretical framework. Our strategy is three-fold. First, we pursue a preliminary exploration to establish a global representation of entrepreneurial failure from unstructured interviews conducted with three categories of stakeholders: researchers, “privileged witnesses,” and failed entrepreneurs. Second, we conduct more direct interviews with sixteen entrepreneurs known by “privileged witnesses” to be failing to identify the essential dimensions of the phenomenon. Finally, we make a qualitative study of seven cognitive maps of failed entrepreneurs to identify the relationships between dimensions of entrepreneurial failure. Our results indicate that entrepreneurial failure is not exclusively the consequence of the absence or presence of success or failure factors, but the immediate result of the interaction of six key dimensions that this research aims to explore, describe, and classify.