The Psychology Of Success

from the what-do-you-care-what-other-people-think? dept

New research is starting to come out concerning the mindset of entrepreneurs. The more traditional view had always been that they were big risk takers, because they simply didn’t see the risks they were taking. The more recent research shows a slight difference. It’s not that they don’t perceive risk at all – entrepreneurs were still just as worried about risky ventures – but that they simply don’t dwell on the reasons why they might fail. They tend to focus on the reasons they are likely to succeed. At the same time (and perhaps more importantly), they don’t care what other people think about them. So, while worries about failure will hinder some people from taking the plunge, entrepreneurs don’t really care what others will think about them if they fail – because they don’t expect to fail.

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Comments on “The Psychology Of Success”

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Clouser (user link) says:

Entrepreneur Study

That is interesting research and findings. However, I don’t think its necessarily applicable for an entrepreneur or an entrepreneur to be (E2B). Is the takeaway here that one should stop caring about what other people think? Maybe. Or that an E2B should be confident in his or her endeavors? Well, definately. But what else is new — who really cares about what other people think anymore?

My opinion, although not backed up by research, is that entrepreneurs are not afraid to learn by doing. That is, they trust their own ability to learn more than other’s research or opinions. Entrepreneurs recognize that they can learn incrementally and make adjustments as they go, to avoid failure as well as bring on success. They understand the value of pain and how it will help mold them as well as their ventures. For E2Bs, this an important lesson. It doesn’t mean “just go do it and learn”, but rather, start with smaller steps and plan / experiment, with the realization that the learning gained from any given decision is just as important as the decision itself. Take incremental risks on the road to a larger roll of the dice that will be backed up by experience and not simply vulnerable to chance. Failures are a necessary evil on the path to success.

Also, I think another factor is the support system (emotional and not necessarily financial) for entrepreneurs. It would be interesting to look at the affect of family, friends, signficant others, spouses, associates. Those prone to found new ventures I would gander have some key supporters. Building a support system of individuals is an important step for the E2B.

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