In personality psychology, locus of control refers to the extent to which individuals believe they can control events affecting them.
How many times have we heard excuses as to why an entrepreneur didn’t succeed? Yes, sometimes the market timing isn’t right or the technology isn’t feasible, but when that happens, the best entrepreneurs pivot into something new and keep at it until they succeed.
Some of the more common gripes from entrepreneurs include “we couldn’t raise any money because local investors didn’t understand our idea” or “we couldn’t recruit any team members because we couldn’t pay market rate salaries.” Do those comments sound like they’re from someone with a strong locus of control? While they might be serious challenges, entrepreneurs with a strong locus of control figure out solutions.
The next time you’re talking to an entrepreneur, figure out if they believe they can control events affecting them or if they feel that they’re at the mercy of whatever happens. Entrepreneurs need a strong locus of control.
What else? What are some more thoughts on the idea that entrepreneurs need a strong locus of control?