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The Practice of Entrepreneurship

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The author explains that the deviant personality is associated with the third approach to the entrepreneur that of the social behavioral school, associated with Kets de Vries. A deviant character is associated with individuals who do not easily fit in with their existing employment, e.g. , someone who is out of place in a large firm. However, this would seem to rule out the possibility of the dynamic employee wishing to create change in the large firm, the intrapreneur. Timmons considers that both needs for achievement and locus of control can be acquired along with other leadership abilities and competencies such as the ability to take responsibility for actions/decisions.

Many of these characteristics are management skills. That is, entrepreneurs obviously need to be ambitious but need to be satisfied that they have achieved personal goals and ambitions. He considers that dealing with failure can be an important attribute of entrepreneurs. However, the ability to tolerate failure depends on culture. In Britain, our culture is less tolerant of failure and too often highly talented individuals have not been able to recover from failure. The culture and environment are crucial to a tolerance of failure.

There is little doubt that Britain has lost many potentially successful entrepreneurs, because having failed once, they have not been allowed to recover from that failure, perhaps from an inability to raise capital has been through bankruptcy. Failure is a very valuable learning experience, as many entrepreneurs have admitted. It is a pity in Britain that we too often do not allow potential entrepreneurs a further opportunity so that they can benefit from their experience, apply lessons learned, and build a successful business.

Problems arise whenever attempts are made to measure these characteristics. Problems arise whenever attempts are made to measure these characteristics. In many cases, they are subjective judgments that do not lend themselves to objective measurement.

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