For the past couple of years, we have been actively engaged in understanding the entrepreneurial mindset of people in different geographies mainly from Africa and Asia. The detailed study of them from different professions revealed a few insights that are shared in this note.
It is a widely held belief that successful entrepreneurs have a balanced perspective about everything for without that they would not be there where they are. They have consciously nurtured and honed their networking skills, they are assertive and have strong minds of their own. They have an external locus of control and a strong drive to achieve success in their chosen endeavours. Passion for work and risk tolerance coupled with astute commercial sense makes them a formidable candidate to be called a successful entrepreneur.
Another manifestation is to start taking risks which normally a prudent person should not be taking. Marital infidelity happens most often. They start talking a bit too much, become expansive and indulge in over-commitment. They become fidgety and restless with details. In a meeting,, their stance often is to order others to finish their point in two minutes. They have difficulty reading lengthier documents. Ideal situation to make serious errors of judgement. This also marks the beginning of criminal intent and actions.
On the other hand, the other dimension of business stress and anxiety is the onset of depression. In this phase, the person is unable to share his innermost fears with even his close family members. Emotional stress results in high blood pressure or ulcers. He can’t take rational and logical decisions. High extroverted people become psychologically reclusive. While outwardly they appear jovial the fear of failure builds unimaginable pressure internally. Have we not heard tragic stories of businessmen ending their lives unable to cope with the situation?
So, what is the solution?
We have to realise that the business scenario is fraught with many unknown variables. Developing what I call a ‘helicopter’ attitude is one way to avoid the trap of hypomania or anxiety. Metaphorically this ability helps us to be in the penthouse to have the aerial view (vision) as well as be in the basement (day-to-day working) seamlessly. You should have a detached attachment or attached detachment with business. Our self-efficacy needs to be improved. This implies that we develop the ability to judge our actions impersonally and continuously ask why we are doing what we are doing. Such an approach is possible if we learn to meditate regularly. We must keep aside a certain portion of our time for serious reflection, introspection and corrective action on a daily basis. This equanimous personality style will surely help us avoid the trap of hypomania and anxiety depression. I have also observed that those who discuss their business problems openly with their family members are often at peace with themselves and others than those who keep things to themselves. In the Indian religious belief system, we are aware of the Gita that was told to Arjuna who was completely deflated and demotivated looking at the prospect of killing or getting killed by his own relatives. Lord Krishna advised to arjuna of the qualities of a ‘ Stithpragnya’. The one who is at peace with himself and the whole world. That equanimity is the golden rule of any entrepreneur to succeed in life. #entrepreneurship #adb #behaviour economics #usaid #leadership #training
