Entrepreneurs in a tough economy – who will succeed?

    A Philadelphia psychologist says a “Type T” personality helps in dealing with uncertainty and risk.

    A Philadelphia psychologist says a “Type T” personality helps in dealing with uncertainty and risk.
    Maiken Scott reports:

    This weekend Circuit City closed all of its stores, joining the growing list of big name companies that have gone under in recent months. But despite the economic downturn some entrepreneurs are finding ways keep their businesses thriving.

    Temple University psychologist Frank Farley says these entrepreneurs likely have what he calls a “Type T” personality. T stands for “thrill seekers”. Farley says people with a thrill seeking personality do well with risk:

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    Farley: the ones who thrive on risk taking they have high tolerance for uncertainty and unpredictability in fact they do some of their finest work when the uncertainty is high, there is a wonderful quote from general Douglas MacArthur who once said there is no no security on this earth only opportunity and that’s really type-T territory

    Farley says that some Type T behaviors can be taught and learned, such as learning a new skill or stepping out of one’s comfort zone. Farley says some of these skills should be taught to students at an early age to prepare them for a changing economy and world:

    Farley: I believe that change is the prime survival skill of the 21st century – dealing with it. How do you survive and thrive in a changing world. And unfortunately in education, we are not very good at teaching that it’s not an important part of the curriculum at this point, and I think it needs to be.

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