Posts Tagged entrepreneurial spirit

Psychologists link entrepreneurial spirit with that of juvenile delinquents.

Stubborn, delusionally optimistic, creative, fearless. These characteristics are typically associated with entrepreneurs. But psychologists and businesspeople frequently add one more word to this list: ignorant.

“Entrepreneurs tend to have a singular weakness that allows them to do things without checking their conscience,” says Abraham Zaleznik, a psychology professor at Harvard Business School, in a CNN news article. “Juvenile delinquents act and then try to sort things out afterward. I think entrepreneurs have this tendency.”

With a recession eliminating 2.6 million jobs last year, many people are being pushed into entrepreneurship without a complete understanding of what it entails.

“You need to be in denial about the huge challenges you face,” Guy Kawasaki, a former Apple executive says in the article.

Despite hardships, recessions can be launching points for innovative at-home start-ups. In fact some of the best new businesses originate during economic downturns because the market is so selective that new products must truly be great to survive. In other words, there’s not a lot of money to go around.

Many successful entrepreneurs are tuned into consumer needs, says psychologist Lynn Friedman. Many come from nurturing families and value the idea of trying new things. Entrepreneurs “live in the world of action, and they often need help with slowing down and thinking several steps ahead,” she says.