Tag Archives: how entrepreneurs think

How Great Entrepreneurs Think

All in all, in the world of entrepreneurship there are some moments of order and organization and many more moments of creative improvisation and resource hunting. Call me crazy, but the idea that anything can change at any given time just does something for me. Something pretty great, because it keeps me coming back for more. Don’t get me wrong, there is a lot of planning and structure when a project takes off. There are however, a multitude of different things that happen during the entrepreneurs thought process during a new venture that I can’t say happens to anyone else.  It’s as though the more the pressure and the tighter the timeline, the better. Again, it’s not like there is no planning involved…it’s just not first on the priority list. Leigh Buchanan wrote a very awesome article on a study that “set out to determine how expert entrepreneurs think…”

Inc.com-Leigh Buchanan

What distinguishes great entrepreneurs? Discussions of entrepreneurial psychology typically focus on creativity, tolerance for risk, and the desire for achievement—enviable traits that, unfortunately, are not very teachable. So Saras Sarasvathy, a professor at the University of Virginia’s Darden School of Business, set out to determine how expert entrepreneurs think, with the goal of transferring that knowledge to aspiring founders. While still a graduate student at Carnegie Mellon, Sarasvathy—with the guidance of her thesis supervisor, the Nobel laureate Herbert Simon—embarked on an audacious project: to eavesdrop on the thinking of the country’s most successful entrepreneurs as they grappled with business problems. She required that her subjects have at least 15 years of entrepreneurial experience, have started multiple companies—both successes and failures—and have taken at least one company public.

Read on…

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