ADM 2313 Lecture Notes - Lecture 2: Serendipity, Root Mean Square
5 Jan 2018
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> internal locus of control - individuals who believe themselves to be in control of their own destiny. > external locus of control - people who believe that their lives are dominated by chance events outside their own control or powerful people i. e. fate controls their destiny. > successful entrepreneurs have higher internal locus of control than unsuccessful entrepreneurs (brockhaus). > successful entrepreneurs believe they can and must control their own destiny. > entrepreneurs with internal locus of control are likely to take medium risks. > entrepreneurs have innate abilities not possessed by others. > suggests that the supply of potential entrepreneurs is limited, thus there is little to be gained from direct intervention to encourage entrepreneurship. > the idea of a limited supply of potential entrepreneurs has been criticised. > many special entrepreneurial abilities and skills could be applied to successful managers. Characteristics can be acquired or innate (timmons) :
