Article by Nicola Anne Thomas, PhD Student at DTU Entrepreneurship. Survey in Denmark conducted by Francesco Rosati, Associate Professor at DTU Entrepreneurship and Nicola Anne Thomas.
This survey compares you with entrepreneurs from Spain, Poland and around the world
While entrepreneurs are no strangers to the uncertainty that comes with being an entrepreneur, dealing with the uncertainty that has arisen from being an entrepreneur during a pandemic is a whole different ball game.
If you are an entrepreneur in Denmark find out how you score, and how to increase these resources by taking the survey.
Research shows the biggest way you can prepare yourself to survive this uncertainty - and come out the other side fighting - is to increase your psychological coping skills. Psychological coping skills are essential as an entrepreneur. Essential because entrepreneurs have the longest working hours of any occupation group, are more at risk of burnout because they tend to be extremely passionate about work, more socially isolated and have limited safety nets.
How strong are your entrepreneurial psychological coping skills, and how can you improve them?
1. Take a minute for self-reflection
"Meditate for 5 minutes’ has probably been added to the majority of our lockdown to do lists. But beyond taking up meditation, a simple reflective practice can stimulate mindfulness, which has been shown to reduce stress, increase resilience and self-reflection.
A simple way to practice some entrepreneurial self-reflection has been created by this leading international project which is investigating the impact of entrepreneurs’ resilience and wellbeing in the face of Covid-19. If you are an entrepreneur or business owner in Denmark you can practice some self-reflection by taking this survey.
2. Benchmark yourself on the top psychological resources
Psychological resources, or ‘psychological capital’ is the currency you spend in times of stress. By using these resources your capital increases throughout the day, never leaving you with a negative balance.
HERO
People who score high on these resources are forward-looking and more likely to achieve positive results in their business. They can persevere in times of trials. Extensive research has linked these resources with high performance at work. What are these resources? They can be remembered through the acronym HERO.
- H – Hope. Hopeful entrepreneurs find it easier to develop plans, they are also more determined in making them a reality.
- E – Efficacy. (Self)-Efficacy is about being confident, believing in oneself and a ‘can do’ attitude. It helps entrepreneurs to bear the risks associated with starting a business and to make decisions in uncertain situations. Self-efficacious entrepreneurs are more successful.
- R – Resilience. Resilience is the ability to bounce back from adversity. Resilient people learn and thrive in difficult situations.
- O – Optimism. Optimistic entrepreneurs also take more risk, especially in uncertain situations and once they spot an opportunity, it is easier for them to exploit it.
Entrepreneurs scoring highly on the four HERO psychological resources are better able to cope with stress and negative events (setbacks, crisis, and adversity), tend to have high well-being and succeed in entrepreneurial tasks including innovating, identifying and exploiting market.
Study on Entrepreneurs' Resilience and Well-Being in the COVID-19 Pandemic
How to do you score on these four resources, compared to entrepreneurs across Spain and Poland?
If you are an entrepreneur in Denmark find out how you score, and how to increase these resources.