I recently read the August issue of Inc Magazine and came across an interesting article about the psychology of entrepreneurs. The article talked about businessman Joseph A. Schumpeter (1883-1950), who’s been touted as one of the most astute business thinkers that ever lived.

Evidently Schumpeter broke with traditional thinking about business, suggesting the entrepreneur as the source of all economic progress. If you see our previous blog about the SBA’s recent findings, once could argue that his theory has been proven!

One of Schumpeter’s books reviewed the psychology of entrepreneurs and suggested we are driven by more than a simple wish to grow rich. He suggested we’re driven more by the need to conquer, the impulse to fight, and the need to prove ourselves superior (we are a scrappy bunch I suppose.) One of the defining characteristics of an entrepreneur Schumpeter claimed is the ability to take a punch, get up off the canvas and go on to win the fight.

He also mentioned we desire success itself, not just the fruits of success. And that’s where we often get into trouble. We want success but more often than not, aren’t managing to our personal goals of success. We took precious time to research and start a company based on our personal skill set but often feel that since we’ve crowned ourselves with the title of President, we’re supposed to have all the answers and know how to do it all, whether operations, finance, people management and so on.

Some of us handle this well and learn to put people around us with skills in areas we are weak in, while others go up in a fame of glory, attempting to be captain, ship and shipmate all at the same time.

I wonder which one you are? Let us know at contact@realbusinessmatters.com