A Psychological Approach to Entrepreneurship
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A Psychological Approach to Entrepreneurship

Selected Essays of Dean A. Shepherd

Dean A. Shepherd

Within an entrepreneurial context, what a person thinks and feels and how they behave are hugely consequential. Entrepreneurs often work in scenarios of considerable time pressure, task complexity, uncertainty and high performance variance. This fascinating volume explores the unique psychological qualities of individuals directly involved in the entrepreneurial process.
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Chapter 12: A Hubris Theory of Entrepreneurship

Mathew L.A. Hayward, Dean A. Shepherd and Dale Griffin


A good theory of entrepreneurship should explain the supply of ventures, which depends on the formation of new ventures and the exit, including failure of exisitng ones. It is puzzling and intriguing that so many ventures start in the presenve of the alarmingly high rates of venture failure (e.g., 574,300 firms were started, or made their first sale, in the United States in 2000; see Shock et al. 2003).

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