In an article, Optimism vs Realism: Which Breeds More Entrepreneurial Success? Jerry Jao shows that the entrepreneur should have an balanced understanding of optimism and realism. It seems both are a true reality of entrepreneurship. Failures can serve as learning experiences for the future. While success cannot be taken for granted. An often heard motto is, “ you can’t rest on your laurels.”
One area I have always lacked in was the legal aspect of business. Why? I was always so optimistic about my abilities to get new clients and provide a service, that would bring repeat business. Jerry Jao shares that studies do confirm a strong link between successful entrepreneurs and optimism, but this should not lead to delusion. In my case I believe the delusion was rooted in seeing the marketing and service as the entire business model, as it is simply was components to the whole business. This is a major mistake, often the legal aspect of the business offers a safety net and alternatives. Here are some legal mistakes made by entrepreneurs.
As anyone contemplates entrepreneurship, make sure you have a proper balance of optimism and realism. A good working knowledge of each is essential as an entrepreneur.
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