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The Psyche of an Entrepreneur

Entrepreneurs are superstars. This is what I have learned from several years of working as an executive coach in the Philippines. Where they are today did not just magically happen overnight. In fact, if we look at statistics, we will learn that the number of entrepreneurs since the end of the 20th century has been consistently decreasing as compared to their high number in earlier years. While majority of today’s adults aspire to become entrepreneurs, they eventually lose the courage to push through and just stay dissatisfied with their 9-to-5 jobs in the office. After all, becoming an employee and following orders is a lot easier than being someone who conceptualizes, manages, and runs a business that is even unsure whether it’ll make a profit or not.

Still, we know of the exceptional few who found the determination to pursue their entrepreneurial aspirations. Today, there are still regular employees who have that urge to start their own businesses and be their own bosses. However, being an entrepreneur doesn’t equate with just being able to start a business.

Understanding the psyche of an entrepreneur is pivotal in realizing your entrepreneurial potential. Entrepreneurs are superstars in that they are able to come up with solutions that spell success for the business. Here are five characteristics that describe entrepreneurial thinking which might just inspire you to finally chase your dream of becoming one of the superstars in the industry.

1. Entrepreneurs are creative.

Perhaps the first prerequisite of being an entrepreneur is creativity. It’s like the beans in our coffee or the gravel and sand in our house. Creativity is the ability to see things in a unique perspective. Successful entrepreneurs are those who are able to see an opportunity within the existing marketplace. Despite the seeming completeness of available products and services in his surroundings, an entrepreneur sees a hole where he can enter and build his business idea. Being creative is helpful in solving problems that come along the way as an entrepreneur cements his path. It allows him to think of fresh ideas or new angle to be able to provide effective solutions.

2. Entrepreneurs are risk takers.

This may come as a surprise, but entrepreneurs don’t rely too much on data as predictors on whether an idea is going to be profitable or otherwise. They accept and study all available data, yes, but they don’t let the numbers cause them to lose their confidence. We could say that entrepreneurs are risk takers in that they aren’t afraid to dive into something that others have already found to be arduous. They have a vision, and they would do whatever it takes to be where they are supposed to be. Entrepreneurship, therefore, is not for the faint-hearted.

3. Entrepreneurs are comfortable with uncertainties.

It is easy to think that entrepreneurs are always the calculated bunch, who run numbers in their head and do not tolerate imprecision. This is why we think entrepreneurship is difficult. But if we think about it, we’ll realize that entrepreneurs are actually those people who are comfortable in uncertainties. After all, nothing is definite in putting up a business, right? From the start, uncertainty looms and shadows the entrepreneur. Because they are risk takers, entrepreneurs acknowledge the presence and the opportunity that lies within the middle ground. They are not certain about what lies ahead or what this middle ground could offer, but with closed eyes, they take that leap and work on this uncertainty with hope that something better would happen.

4. Entrepreneurs have flexibility.

When we say flexibility, this is the attitude of being able to adapt to a wide range of circumstances and use it for one’s advantage. Entrepreneurs have an open mind to experiment on their products, processes, and outcomes. We could actually connect this with the first quality, as an experimental mind is the result of one’s creativity. An entrepreneurial mind does not fear failure. It is courageous enough to conduct trial and error experiments for the business to move forward.

5. Entrepreneurs exercise functional humility.

An essential value of a superstar entrepreneur is humility. While they are committed to doing their best for the betterment of the organization, entrepreneurs are not egoistic individuals who take credit on their own. They aren’t selfish enough to consider themselves the sole thinker and doer of every idea. They know that collaboration is better than individual efforts. Generally, entrepreneurs focus on the solution, so they welcome as many ideas as possible. Likewise, entrepreneurs do not dictate an idea even though they technically own the business. They understand that egos break even the best ideas.

Creativity, courage, comfort in uncertainty, flexibility, and humility comprise the psyche of an entrepreneur. With these qualities, one can conquer heights as a business owner. If you think you have these qualities, maybe it’s time to chase that entrepreneurial dream of yours.

This is Joey Gurango, your Business Technology Coach!


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