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Understanding the Characteristics of Entrepreneurs

Starting a company is never easy. Whether youÔÇÖre forming a business plan, mapping finances, or creating a market strategy, a successful launch requires meticulous work and dedication. School of Health and Behavioral SciencesÔÇÖ Psychology Professor Ronald Deluga, Ed.D., explains that an understanding of human behavior can help entrepreneurs learn more about themselves and determine how to engage with employees, customers, and investors to enhance their companyÔÇÖs success.

When it comes to diving into the mind of an entrepreneur, Deluga notes that social, cognitive, and personal factors often influence an individualÔÇÖs decision to become an entrepreneur. A strong sense of passion keeps entrepreneurs going, and Deluga adds that many of them have interesting personalities ÔÇö such as Apple co-founder Steve Jobs and Tesla founder Elon Musk.

Despite the chance of failure in starting a business, entrepreneurs are comfortable with taking the chance of high risk, high reward. Deluga adds that entrepreneurs focus on the future instead of the past and, if they make a mistake or something doesnÔÇÖt go as planned, they try to learn from it and reevaluate their strategies.

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Focusing on Investors, Customers, and Employees

According to Deluga, entrepreneurs make good first impressions and are likable to the point where it seems like a personÔÇÖs known them forever. To top this off, these individuals can also be extremely persuasive, which is helpful when looking for investor and customer buy-ins.

When entrepreneurs pitch their business idea in hopes of procuring funding, their persuasive abilities can sometimes outshine the feasibility of their idea or product. Deluga notes how Elizabeth Holmes fits the mold of convincing venture capitalists and private backers to invest $700 million in Theranos, her blood testing company that claimed to identify conditions such as cancer and diabetes. Holmes was later accused of fraud and sentenced to prison in 2022.

Once entrepreneurs secure funding and launch their business, creating a healthy and successful environment for employees is key ÔÇö especially when the workplace is filled with a diverse set of personalities.

Deluga suggests entrepreneurs elevate enthusiasm and let employees take stock in the company as a way to bring people together. He adds that entrepreneurs should be open to listening to others since a know-it-all attitude can irritate people and discourage individuals from speaking up when their boss is making a mistake.

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