I know that sorting things into two groups often oversimplifies live. It's sort of like the old joke that there are two kinds of people in this world, those who divide people into two types and those who don't. (Have you ever noticed that referring to an 'old joke' is a euphemism for a bad joke?) I am going to succumb to that most banal of all temptations and do just that, hoping for a better idea for next week.I hate to lose more than I love to win.Jimmy Connors
Entrepreneurs are by their very nature competitive. There are two ways to look at competition...winning and not losing. They may appear to be the same, but they are very different. Those who Hate to Lose are different than those who Love to Win...and knowing which type you are may help you better understand your natural bias when making decisions.
Most people are more afraid of losing than they are programmed to win. in investment theory we call this prospecting theory. Given the choice between a guaranteed $50 and a 50% chance of winning $125, most people choose the $50 sure thing. The logical choice, based on mathematical expectation, is to take the 50% chance of winning $125, as it has an expected value of $62.50. The difference, $12.50, is the premium paid to avoid losing.
Entrepreneurs are not like most people. Some hate to loose, others hate to win, but we all play the game. Most people take the safe choice and get a job. If your mother has ever asked you when you are going to get a 'real job', then you know exactly what I mean.
With this in mind, I have put together some thoughts on both of these entrepreneurial types. See if you recognise yourself and if the strengths, and weaknesses, apply to you.