The Psychology of Entrepreneurship
Many writers discuss business aspects when it comes to starting a company such as how to keep costs down, how to sell, how to get clients and everything in-between, though not many touch upon the #1 hindrance to successful business ownership which is ourselves.
From speaking to and generally connecting with both entrepreneurs and aspiring entrepreneurs, I have come to believe that the following psychological elements prevents us from starting a business more so than any other factor:
1. Fear of failure – When I started my company at 25, I was overly nervous about failing which nearly led me to a big alcohol problem. In my head, I made everything seem as if it were the SuperBowl when very little of what I was doing would mean anything today.
It was this pressure that I put on myself which is the same pressure that people want to avoid even if they have a good idea or a formidable business plan and this is a big psychological factors which leads them to shy away from being an entrepreneur.
2. Picking a mountain that is too high to climb – Many entrepreneurs decide that they may want to open a business and, after doing so believe that competing with the likes of Facebook and Google+ is the only route, thus allowing failure before even really starting.
When an entrepreneur picks a mountain that is too high to climb, it can wear on them psychologically to the point where they never get started in the first place. To alleviate this happening, all the entrepreneur has to do is to pick a field that they feel they can succeed in.
3. Fear of our own abilities – Many aspiring entrepreneurs simply assume that they can’t do something before they even go ahead and try it. This is a derivative of #1 which is fear of failing, but many small business owners achieve what they never thought possible.
Although some do not hit their target goals, many entrepreneurs realize that they could do more than they thought – a realization that came to fruition simply because they tried.
In the End
To let negative thoughts prevent you from doing anything in life is selling yourself short. The psychology of entrepreneurship can do this to certain individuals…that, is if they don’t remember that sometimes their negative thoughts are not based in reality.
Ken Sundheim is the CEO of KAS Placement a marketing recruitment, sales and media staffing firm. Sundheim’s articles have appeared throughout major media including Forbes, AOL, BusinessInsider, WSJ and many more. To get all his articles, follow Sundheim on Twitter and connect via Facebook.