September 2017

psychology of entrepreneurship

For most business founders, setting up a new venture is a psychological journey as much as a business venture.

My name is Peter Pease and I work with startups at Northumbria University (UK) on both undergraduate and postgraduate programmes. Before that, I spent 25 years setting up and running a series of businesses and I am now enjoying sharing my knowledge and networks with founders of the future. I am developing a test as part of my PhD for entrepreneurs and founders to help understand this journey and implement efficient tactics to guide them towards success.

The test is based on gauging your ‘Psychological Capital’ or ‘PsyCap’ which is a measure of certain attributes important to individual success including hope, efficacy, resilience and optimism. These are all open to development, unlike fixed personality traits that most entrepreneur-focused tests fixate on. Psychological Capital was originally developed by American psychologist Fred Luthans and has been used to great success in larger organisations – yet there has been limited usage in the entrepreneurial context.

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