There are several surprising myths about entrepreneurship, but what does it really mean to have an entrepreneurial mindset? In his 2nd session with us at the ALTO annual conference in Dubai Dr Gorkan Ahmetoglu, Associate Professor of Business Psychology at University College London (UCL) explained the difference between the prototypical and the typical entrepreneur.
We have clear mental prototypes of what entrepreneurs are like. Unfortunately, our prototypes are wrong. They have been formed by a handful of eccentric billionaires that are nothing like the typical entrepreneur. 70% of entrepreneurs fail. Of those that survive, only 10% ever grow their firms (the rest earn less than regular employees do), and only 2% ever innovate. Most entrepreneurs do not have entrepreneurial talent.
Starting a business doesn’t make you Entrepreneurial. Entrepreneurial talent is a disposition to recognise and exploit valuable opportunities (whether you start a business or not). It comprises 4 characteristics: Opportunism, Proactivity, Creativity and Vision. Based on extensive research stretching a decade and a half, Dr Gorkan’s ground-braking observations reveal a fascinating reality: entrepreneurs with these characteristics are 3 times more likely be successful than entrepreneurs who lack them.
How do you develop entrepreneurial talent? It all starts with self-awareness. ALTO delegates were asked to complete a psychometric test before arriving to Dubai to understand where they stand relative to other entrepreneurs on the 4 characteristics. This test has been validated with nearly 500,000 people.
During Gorkan’s session participants were asked to reflect on their hidden barriers and strengths that they can focus on. This will enable them build personalised strategies to improve performance, innovation, and motivation.
It was a thought provoking session that’s certainly worth learning more about, ALTO members please contact Reka for the video recording of the session and the presentation slides.
