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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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Are You Afraid of Success?

Written on October 8, 2008 by George Krueger & Mary-Lynn Foster in Fear

afraid We won’t name names. However, we’ve all seen it – usually with a celebrity – a person who is on the verge of bigg success, but then they go through a meltdown.

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We wonder what could have caused it. Usually, it’s a very individual thing but there are some common reasons:

#1 – Self-doubt
You’re not sure that you can handle bigg success. You worry about what you don’t know. You dwell on what you don’t have (a common worry is not having the right degree). You tell yourself all the reasons why you don’t deserve this level of success, even though you’re so close to it.

#2 – Fear of loss
If you become more successful than your friends, what will they think? Will they still be your friends? Will they be jealous of your success? You know the answer to these questions already. What kind of friend wouldn’t be thrilled with your bigg success?

#3 – Fear of embarrassment
This fear is a carry-over from childhood – that adolescent fear of standing out from the group. You’re afraid of what people will think if they see you fail. Which leads us to …

#4 – Fear of failure
You may think that it’s better to have never experienced bigg success, than to have it and then lose it. Somehow it’s better to never get there. But why do you assume it will be fleeting?

The net result is that we talk ourselves out of succeeding bigg. We accept that it’s better to be part of the crowd than to blaze our own trail. We feel more comfortable. It seems less risky. But we’re wrong!

How to conquer your fear of bigg success

#1 – Self-talk is so important.

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marylynn As a first-time entrepreneur, fear has crept in on occasion. I’ve been lucky to have George around. He’s helped me understand that negative self-talk isn’t going to help you succeed. You have to turn it around.

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george Even as an experienced business owner, I still have to battle that little voice that impedes bigg success. You just have to constantly keep telling yourself why you will do it.

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Think of all the things you’ve done right to get this far. Remind yourself of the obstacles that you faced and how you overcame them. Focus on the things that have already gone your way.

#2 – You don’t have to get it perfect; you just have to keep going.
It certainly hasn’t been perfect up to this point, has it? So why would it have to be perfect from here on out? Enjoy the journey. Enjoy the growth you’re experiencing.

Every time we reach another plateau, we celebrate our victory. Then we look back and realize the victory had already occurred. We grew. We learned so much. That’s the real joy of bigg success!

#3 – Success comes one level at a time.
Sure you have to keep your eye on that ultimate goal. But you get there one step at a time. You only have to take the next step.

You’ve learned enough to know how to do that. Perhaps more importantly, you’ve already learned how to find out anything you don’t already know.

#4 – Surround yourself with people who have made it.
We can’t possibly over-emphasize this point. Develop a support network of mentors and coaches. People who were once where you are now, but are now where you want to be.

Don’t be afraid to take those little steps that lead to bigg success!

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Evidence shows that more and more of us are running two businesses simultaneously. Next time, we’ll get some tips from an expert who’s doing just that. Until then, here’s to your bigg success!

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Climbing The Stairway To Success

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