Defining the Psychology of Entrepreneurship

When you’re running your own business, its import to understand the mindset you’ll need to achieve the success you want. A theory put forward by psychologist David McClelland, a Harvard professor, offers that entrepreneurs possess a need for achievement which drives their activity and their ability to achieve success.

 Entrepreneurs display and utilise a distinctive thought process, called effectual thinking, which is based on creativity. The more common process of causal thinking, starts with defined goals and plans, to reach outcomes by sticking to and following a process. An entrepreneur is more likely to start with what’s available to them in present. 

 

What Makes An Entrepreneur Successful? 

Entrepreneurs have a different way of looking at and approaching tasks on a daily basis.  There are 5 core behaviours which are typically associated with entrepreneurs and how they work.

  1. Autonomy

With characteristics such as creativity, effectual thinking, risk tolerance and flexibility, entrepreneurs are highly self-motivated and driven individuals.

  1. Innovativeness

Entrepreneurs are less process-driven and more flexible, so they will be willing to try new ideas and ways of doing things.

  1. Risk-taking

Starting a business can feel like a huge risk, but an entrepreneur will be able to see the end goal and they’re willing to take those risks based on the overall benefits to their lifestyle, finances and overall positive changes working for yourself brings.

  1. Competitive aggressiveness

Entrepreneurs are driven by success, which by nature, makes them competitive within their chosen field or sector. They want to be the best they can be and stay ahead of the competition.

  1. Pro-activeness

They’ll never sit back and wait for something to happen. They’ll actively go out and create their own opportunities and business models.

 

Which One Are You? 

There are 6 main types of Entrepreneur who are easily identifiable by what they do and achieve.

World Changer

You are keenly aware of your environment, both on a local and global scale and want to make a difference in the way things work around you.

Innovator

You’re all about creating a product or providing a service which disrupts the chosen market place.

Opportunist

You have an understanding of intuitive timing and are able to choose the right locations to deploy those ideas.

Jack of All Trades

Unafraid to explore new trends, and flexibility and diversification are key.

Serial Entrepreneur

Always striving for the big thing. This type of entrepreneur handles stress better than most.

Wantrepreneur

You understand the benefits and see the positives of owning your own business but haven’t quite made the next step to being your own boss. Getting the right support can help you to take the leap.

 Whether you want to be a lifestyle recruiter, Boutique Agency, or an Empire Builder, owning your own business is the most rewarding and life-changing thing you can do!

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