Sparkii, a new blogger on entrepreneurship, writes about Culture Norms and Personality Traits Influence on Entrepreneurship.
He explains why the entrepreneurs feel more responsibility when the business fails
During the start up stages, founding members are usually more passionate as they were the ones who nurtured the firm to its present status and would remain so on all activities concerning the firm. They tend to worry about future prospects and have a high locus of control believing that their life’s event could be controlled (Ang and Hong, 2000). Thus, when failures occur it would attribute it to their own actions.
Then he comes on to why and what makes an entrepreneur.
Possession of personality characteristics alone does not imply that any individual has what it takes to be an entrepreneur. Motivation also is needed to drive an individual to have the entrepreneurial spirit. Therefore, there are two components to an entrepreneurial spirit – the ability or personality component as well as the motivational component. (Ang and Hong, 2000)
This is where it starts getting interesting. He explains why Confucianism is also partly responsible for the lesser number of entrepreneurs in Singapore. And then moves on to how entrepreneurs still manage to succeed against all odds.
An entrepreneur who holds a steadfast belief that has brought him success would likely to continue holding on to the same views to eternity, such persistence could be detriment to the future of the firm (Lok, 2007); even as entrepreneurship is about being perseverance. The problem then is of change and the management of the usual resistance to it.
But then when is it a good time to change and know that it is for the better? Perhaps a lot of it depends on intuition which draws it strength from experience and even the random generation element. In Hertzmark (2001) empirical study of commodity traders, it was observed that consistently a group of traders were able to obtain returns inspite the lack of abilities. The returns are devoid of logic and predictability.
An interesting read. (Link)