But how do they do it? In his recent doctoral dissertation, Dr. Steve Trost studies how entrepreneurs bear uncertainty. They don’t simply rely on luck. Very often, entrepreneurs direct their efforts seemingly against the odds simply because they disregard information that others do not question – information that is oftentimes limiting.
Many entrepreneurs escape the curse of knowledge, because they don’t accept the notion that the past limits the promise of the future.
This is not necessarily an ability they are born with, however. There are ways to improve one’s ability to bear uncertainty. Here are four common strategies for entrepreneurs to better deal with the unknowable future:
- Select the right members for your team
- Control the future
- Let others take the risk
- Learn what matters
I hope this helps us as budding entrepreneurs who are passionate to build Africa.