The Psychology Of An Entrepreneur's Decisions

1937 words - 8 pages

Psychological Traits of an Entrepreneur

What is an entrepreneur? One who starts a business from nothing? Someone who happens to create the next best thing? Well, both of these things would be considered an entrepreneur. However, there is no set in stone definition of what an entrepreneur actually is. Despite that, these types of people do differ from your everyday person. They possess specific characteristics that help influence how decisions are made, which is an enormous task in the process of starting up a business and eventually keeping it functional (Brouthers et al., 1998). So, what exactly are these traits that make entrepreneurs so much different than others? I, amongst many ...view middle of the document...

I wanted to do everything I could possible to make sure I found success in the future because it was myself who has my future in my hands. The same goes with any entrepreneurs. They too feel like they have the destiny of their venture in their hands, and there are times where it’s good to not to have to rely on others, but there are also times where it can be overwhelming. The feeling of independence can drive an entrepreneur to choosing a venture prematurely, which could lead to utter failure (Hornaday and Aboud 1971).
Entrepreneurs want things to go their way for the most part (Sexton and Bowman 1992). They tend not to be strongly influenced by outside sources. I believe that entrepreneurs feel more success when they do things on their own and not have to rely on others. Like myself in high school, I never found the need to rely on tutors or assistance when it came to schoolwork because I felt if I were able to learn the material on my own, I would have more inner achievement. However, there have been times where I needed the help but felt too much pride to ask for it and that led to not do as well as I expected. I can see scenarios when entrepreneurs want to achieve on their own, however they did not know the proper path ago, but are afraid to ask for help and like myself, fail. Like stated earlier, entrepreneurs feel as if they should have control of his or her destiny. There are two types of people that can be classified when talking about locus of control: internals and externals (Rotter 1966). Internals believe that they have control of everything that goes on, and externals believe that outside forces have control. In my case I believe that I am an internal typed person. If something is the happen, in regards to my life, I want it to be because of the decision I made, not something someone else decided. Also, if something negative happens, I don’t want it to be because of someone else and I would rather take the blame on my own. Internals are described as people who are alert, who discover opportunities and scrutinize their environment to find information (Gilad 1982). And since I know myself better than anyone else, I can easily say that I’m always looking for new things to do and I’m always observing my environment to see what the best opportunity I have around is for me.
In my opinion, one of the biggest psychological traits that entrepreneurs have is the ability to focus and pursue a goal. I believe if an entrepreneur cannot pursue a goal, then he should not consider himself an entrepreneur because without focus or goals, failure is the only path I can see in one’s upcoming venture. According to a study that I read in Entrepreneurial Strategic Decision-Making, it was found that entrepreneurs possess different cognitive and executive abilities from non-entrepreneurs. Also, ADHD is highly overrepresented among the entrepreneurs who were studied upon. These results can explain an entrepreneur’s innovative and creative abilities...

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