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Is Entrepreneurship the Fountain of Youth?

Written on December 11, 2008 by George Krueger & Mary-Lynn Foster in Entrepreneurship

one You probably intuitively know this but studies have proven it as well – our willingness to take risks declines with age. A banker we know says that the difference between junior lenders and senior lenders is …

Junior lenders want as high a lending authority as possible because that shows confidence in their abilities. Senior lenders want as low a lending authority as possible because that gives them cover!

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Entrepreneurs are hot about hot decisions

Scientists at the University of Cambridge recently released a study on “cold” and “hot” decisions by two groups – managers and entrepreneurs. By their definition, “cold” decisions involve little emotional involvement whereas “hot” decisions involved taking risk. The outcome of these hot decisions is unknown in advance; it could go either way – good or bad.

Both the managers and the entrepreneurs in the study were about 50 years old, on average. The researchers found that the managers took risks consistent with their age.

Entrepreneurs, however, made hot decisions –
accepted risk – like someone twenty years younger.

So we can only conclude that entrepreneurship is the fountain of youth. By taking risks, we act younger than we are!

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marylynn
I thought taking risk was the cause of some of the gray hairs I have to cover!

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george
And I thought it was the reason I have a lot less hair than I used to!

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We know that, right now, a lot of us aren’t in a risk-taking mood. But if the past is any indicator, it will be risk-taking entrepreneurs that turn our economy around and start creating jobs.

Risk-taking can be learned

This study also showed that risk-taking can be learned. So you can tap into the fountain of youth by learning how entrepreneurs are able to manage the risk they take.

Contrary to popular belief, entrepreneurs aren’t risk lovers. They are willing to accept moderate risks, in general. However, as we see again in this study, they’re more willing to accept risk than the general population. We can think of four reasons why they do this:

Entrepreneurs may read the situation differently.

They often have insights that people on the outside don’t have so they’re able to interpret the situation differently. We may look at a situation and see a lot of risk. The entrepreneur knows it’s much less risky because of his or her unique knowledge.

Entrepreneurs aren’t paralyzed by risk.

Many people are willing to do everything right up to the point of taking action. They develop analysis paralysis and never pull the trigger. Entrepreneurs analyze to a point, but then they just go.

Entrepreneurs are often able to shift a portion of the risk to others.

It could be the firm’s employees, customers, vendors, or financiers. As entrepreneurs get others to buy in, no matter what the form, the level of risk they are taking goes down to a manageable level. Then they know they can act.

Entrepreneurs are able to handle and live with “entrepreneurial terror.”

They can handle the stress that comes along with the risk. They are able to ride the ups and downs of the entrepreneurial roller coaster ride.

So what we learned today is that entrepreneurs don’t act their age. And that’s one of the secrets to their bigg success!

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Thank you so much for reading our post today. Join us next time when we talk about another study that shows that a happy friend is worth $20,000 in the bank! Until then, here’s to your bigg success!

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Freedom Or Security – Which Do You Choose?

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3 Action Items to Increase Your Productivity

Written on June 10, 2008 by George Krueger & Mary-Lynn Foster in Business, Decision Making, Personal Branding, Time Management

In a new study, published in the Journal of Personality and Social Psychology, a group of researchers surveyed 58 random people in a shopping mall. These researchers asked the participants to recall the decisions they had made that day. Then the researchers asked the participants to solve some simple math problems. They found that the more decisions a participants had made, the less likely they were to solve the problems.

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There appears to be a price to making decisions – we become less productive as we make more decisions. And boy, do we have to make a lot of decisions today!

A six item grocery list
Picture yourself in a grocery store holding a list with six items – orange juice, bagels, Philadelphia cream cheese, Crest toothpaste, Coke, and lettuce.

In 1970, with that list you would have had a choice of 50 items. By 1998, you would need to filter through 250 different products just to get all the items on your list.

This comes from the spectacular book, Simplicity Marketing: End Brand Complexity, Clutter, and Confusion by Steven M. Cristol and Peter Sealey.

Think about it – that was 1998. Do you think it’s any better now?

3 bigg action items to simplify decision making

#1 – Make a list that’s specific.
So specific in fact, that you could send someone else and get exactly what you want. Studies show that people who shop with a list don’t buy as many impulse items so they tend to spend less money.

More importantly, it saves you time and mental fatigue as the studies showed.

#2 – Set a time limit when you’re making a major decision.
Before you begin doing research for a bigg decision, set a time limit. Once you’re satisfied with your findings or once you reach your time limit, make a decision.

As an example, we recently set up the web site for Bigg Studio, a sister company to Bigg Success, for audio production services. We needed to decide on the design for the site. There were an endless number of possibilities. We chose one that fit our criteria and moved on.

Here’s another tip that we love – get out your magic 8 ball. Ask it if you made the right decision. Look at its answer and see how you feel about it. This taps into your intuition about the decision which makes getting to the decision you’re most comfortable easier.

If you like this idea, here are a couple of links you might find helpful:

Get Out Your Magic 8 Ball to Make Your Next Important Decision
This is one of our articles that explains why this works in more detail.

Online Magic 8 Ball
Here’s the real thing right on your computer screen!

#3 – Become a partner in stress relief for the important people in your life.
Get to know the preferences of the people who depend on you, like your customers, your co-workers, your boss, and your significant other. Weed through all the options and present them with just a few.

The authors of Simplicity Marketing make the point that

“the next generation of positioning successes will belong to those brands that relieve customer stress.”

So there’s a significant opportunity in the future for people and companies who are able to simplify things. This applies not just to your company brand, but also to your personal brand.

This is one of the things we try to do here at Bigg Success. We try hard to sort through all the information out there and deliver to you those few things we’ve found to be the most important.

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