Inside the mind of an entrepreneur

“An entrepreneur is someone who jumps off a cliff and creates a plane on their way down.”

Modern day entrepreneurs are fascinating. With the advent of technology and an improved business environment, anyone can be an entrepreneur if they want to, with the right mindset and proper strategy. Why then, are entrepreneurs so fascinating?

It takes guts to develop an idea that no one else has thought of before. Entrepreneurs are daring, restless and fiercely independent — they hate predictability, and they love innovation.

Entrepreneurs would rather fail and start all over again rather than live with fifteen minutes of stability.

And, they do start over, with dedication and resilience. They master the art of seeing opportunities where others see challenges and consider setbacks a badge of honour.

So what makes an entrepreneur tick? Here are some psychological theories for you to mull over.

The Sociological Theory

Does culture drive entrepreneurship, or vice-versa? The two may be more intertwined than you think, according to proponents of sociological theory.

In this theory, the entrepreneur’s role is defined and shaped by societal expectations. Some cultures may be more open to entrepreneurial ideas than others based on their set of values, religious beliefs and customs. Some societies are quick to stifle independent thinkers, compelling them to swim against the tide and take a stand to succeed.

An entrepreneur’s circumstances may be the very thing motivating them to innovate.

Human Motivation Theory

Propounded by human motivation expert David McClelland, Human Motivation Theory emphasizes three major motivators that move us:

• Achievement
• Affiliation
• Power

These motivators impact different people in different ways. This theory reminds us that entrepreneurs come in all flavours. Nothing influences our mind-set and conduct more profoundly than motivation. It drives people to reach new heights of success. For others, it blurs the line between rationality and absurdity — and maybe that’s what makes an entrepreneur.

Entrepreneurship Innovation Theory

Renowned as one of the greatest economists of the 20th century, Joseph Alois Schumpeter breathed life into the concepts of innovation and entrepreneurship. According to his theory, innovation can be leveraged in:

1. The launch of a new product or an upgraded version of an existing product.
2. The application of new methods of sales or production
3. The launch of a new market
4. The acquisition of new sources of raw materials
5. The leveraging of a new industry structure, such as the disruption of monopoly

You don’t need to have the genes of Mark Zuckerberg or Elon Musk to have the gift of entrepreneurship or innovation. All you need is a burning desire to do something.

Innovation is not an ultra-luxurious commodity that only the chosen few can afford.

What all of these theories have in common is that they suggest that the entrepreneurial spirit can be stirred in people from all walks and phases of life. Most people have a hidden entrepreneur in them, waiting to be discovered. Anyone can imbibe the mindset of an entrepreneur. You just need to have the courage.