The following is an attempt at understanding an entrepreneur and the associated eccentricity. All of us incubate ideas, but only so few of them can be deemed workable.

An entrepreneur, first of all, has a modular and useful idea, which he or she kneads well into something more comprehensive and firm, which is an ordered plan ready for execution.  The conception of a stable plan and its systematic layout then initiates a long and hard journey towards a success, which, given the rate of dismantled start-ups, is often just a painful mirage.

This, of course, wrapped up in its half-truth, has an acute dimensional build. Entrepreneurship and getting in business is far more personal. There is a guaranteed thrill and an opportunity to liberate yourself.  While it sounds excessively appealing to some, most of us cannot endure the extreme experience it expounds.

Let’s look at those who can, though.

 

They work Harder

-At tech.co, 19 entrepreneurs stated the number of hours they put in their start-up/company every day. The average was 15 hours/day.

I usually work from home from 9 am-10 am, and then at the office from 10 am-7 pm. I’ll go out to dinner and then work from 10 pm-2 am, depending on workload.”

– Blaine Vess, CEO and founder of StudyMode.

A nascent corporation can only flourish under an unequivocal and sincere leadership. Entrepreneurs seem to work harder because the company is the emulsification of their hard work and creative insight. It’s almost like their own child, so the devotion is far more poignant and certainly more than what outsiders would be willing to commit.

 

Businesses Don’t Fail – Leaders Do

Entrepreneurs, especially if they plunge into the game later in life, want to improvise or as the study says –they harbour ‘a desire to influence the objectives of one’s work’. But the degree of autonomy is not constantly evaluated. It would damage the company’s prospects if autonomy leans more towards arrogance.

When I started SpaceX, dedicated to reducing the cost and increasing the reliability of space missions, I’d never been involved in designing anything and had no experience in the aerospace industry. I even ended up pouring in most of the capital from the sale of PayPal.”

-Elon Musk, Co-founder of PayPal and Tesla Motors; founder of SpaceX.

The whole endeavour is a risky proposition but they weigh risk and are willing to absorb most of it with the rest but that doesn’t mean they are reckless. As the Barclays report suggests, most of them are averse to risk exposure beyond what simply cannot be avoided. This makes risk sound boring!

Screen Shot 2016-07-05 at 7.19.50 pm

 

This cobweb has been snipped off a recent report by Barclays. I would like to explain a few terms here to guide you through –

 

Openness– the extent to which you prefer cobwebs over histograms.

Conscientiousness– likeness to efficient Baxter.

Agreeableness– Can you sympathize? (Are you connecting? Picasso is dead.)

Autonomy(attitude) – Employees are also human beings. Do you agree?

Locus of control– {my life, my rules}

Self-efficacy– People who score high on this trait believe in their capabilities.

Neuroticism– All your unresolved childhood issues come under this.

The diagram did all the work. The ‘analysis’ is now complete.

 

To engage your mind, that is now somewhat familiar with the new dimension of entrepreneurship, here is a quick, entertaining quiz :

https://www.onlineassessmenttool.com/the-entrepreneur-test/assessment-47309

 

Reference – Barclays report 2015 on the psychology of entrepreneurship.

 

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