Are you fit to become an entrepreneur? Entrepreneurship might look interesting & promising from the outside, but when you are in the middle of it things are so much more difficult & complicated than you could ever imagine. The question is: Do you have what it takes to become a good entrepreneur and survive? Do you get defeated easily before you even started?
Although the levels of education & experience may differ from one to another, entrepreneurs are often found with a similar set of characteristics. Here are 3 of the most commonly identified psychological traits of an entrepreneur.
1) A Craving for Independence
Most, if not all, entrepreneurs engage in entrepreneurship because they want more independence & freedom in their life, no matter how risky it might be. Entrepreneurs don’t need to answer to anyone as a subordinate – they are on equal footing with all the business partners of their own venture.
Having the liberty & independence to make your own decisions is one of the key benefits of being an entrepreneur. Entrepreneurs don’t need nor want to rely on anyone for help. Successful entrepreneurs are those who are willing to go it alone & succeed on their own efforts.
2) High Need for Achievement
This need for achievement is what drives & motivates a person to succeed or excel in activities important to them. The need for achievement is characterised by a consistent concern with setting & meeting high standards of achievement, which is another common trait among entrepreneurs.
3) Calculated Risk-taking Attitude
One of the most notable psychological traits of entrepreneurs is their risk-taking attitude. As entrepreneurial activities are primarily associated with risks, many believe entrepreneurs are those who are in favour of taking in more risks than the average person does, and get thrills in doing so.
However, it must be noted that the risk-taking attitude of an entrepreneur is entirely different to that of a gambler. The risks that entrepreneurs take are calculated risks that they know they have certain influence regards their outcomes, whereas a gambler has no control over the outcome.
A lot of research has pointed out that the most successful entrepreneurs are those who know how to minimise their risk exposure whenever appropriate, and only engage in risky situations that give them high opportunities for huge rewards that can warrant the risk.
An internal locus of control (which will be discussed in part 2 of this blog) also adds into this high tolerance of ambiguity because when they see themselves as the one in control, it’s highly unlikely for them to believe in unfavourable outcomes.
Want to know more about Entrepreneurship? Need help with planning for your business? Contact Maverick Mentoring today via 3 9005 8275
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