How psychology positive relates to successful entrepreneurs.
Entrepreneurship is the ability to develop, structure and run a business, along with any uncertainties to make a profit.
An article published in the Economist in 2017 displays a study made by Francisco Campos in West Africa. A research that selected small business firms to receive training in business and psychology.
Mind vs matter
the researchers split the businesses into three groups of 500. One group served as the control. Another received a conventional business training in subjects such as accounting and financial management, marketing and human resources. They were also given tips on how to formalise a business. …
The final group was given a course inspired by psychological research, designed to teach personal initiative—things like setting goals, dealing with feedback and persistence in the face of setbacks, all of which are thought to be useful traits in a business owner. The researchers then followed their subjects’ fortunes for the next two-and-a-half years.
An earlier, smaller trial in Uganda had suggested that the psychological training was likely to work well. It did: monthly sales rose by 17% compared with the control group, while profits were up by 30%. It also boosted innovation: recipients came up with more new products than the control group. That suggests that entrepreneurship, or at least some mental habits useful for it, can indeed be taught. More surprising was how poorly the conventional training performed: as far as the researchers could tell, it had no effect at all. Budding entrepreneurs might want to avoid the business shelves and make for the psychology section.
We all have powerful beliefs that affect what we want in life and whether you get it. In Mindset, psychologist Carol S. Dweck argues that the way we think determines the course of our life.
We learn one of two mindsets from your parents, teachers, and coaches: that personal qualities such as intelligence and ability are innate and unchangeable – fixed mindset or that we can change and grow – growth mindset. Understanding and adjusting our mindset can change our career, relationships, the way we lead, that we raise children, and overall life satisfaction.