The present article sets out to defend the thesis that among the more or less familiar enemies or challenges an adequate theory of virtue has to cope with is another, less obvious one – virtue ethics itself. The project of establishing virtue ethics as a third paradigm of normative ethics at eye level with consequentialism and deontological approaches to ethics threatens to distort not just our ethical thinking but the theory of virtue itself. A theory of virtue that is able (...) to meet the demands of a full-blown virtue ethics necessarily has to face three fundamental dilemmas and thus seems to fail as an adequate theory of virtue. And vice versa: An ontologically and normatively viable theory of virtue will be unsuited to provide a promising starting point for virtue ethics as the “third kid on the block” among the options of self-standing paradigms of normative ethics. (shrink)