In the realm of entrepreneurship, where strategic planning often takes center stage, an emerging stream of research is challenging the status quo. More specifically, scholars are exploring the untapped potential of neurodivergent traits, such as impulsivity, which can be a secret weapon within entrepreneurship.
What is Impulsivity?
But first, what is impulsivity? Impulsivity, a dimension of ADHD, refers to a tendency or disposition to act on impulse, often characterized by making decisions or taking actions without considering the potential consequences. Impulsive behavior is typically associated with a lack of foresight or planning, and individuals who display impulsivity may act on immediate desires, emotions, or stimuli without thoroughly evaluating the long-term outcomes.
In psychological terms, impulsivity is considered a personality trait that manifests in various aspects of an individual’s life, including decision-making, goal-setting, and interpersonal relationships. While some degree of impulsivity is a normal part of human behavior, excessive impulsivity can be associated with difficulties in self-control and risk-taking behaviors which can yield to potential negative consequences.
Can Impulsivity Be an Advantage in Entrepreneurship?
In the context of entrepreneurship, scholars are exploring how impulsivity might offer strategic advantages in creating new ventures. In highly uncertain environments, like we saw with the pandemic, scarce resources might become available and provide unique opportunities, such as commercial leases in highly desirable neighborhoods. While some entrepreneurs may be inclined to collect as much information as possible before signing their name to the lease, an impulsive entrepreneur might have already made the move, capturing the resources before anyone else.
In our most recent research, my colleagues and I tackle this specific phenomenon. We link impulsivity to entrepreneurial action and examine the ‘speed versus accuracy tradeoff.’ While moving fast has advantages, it comes with a cost – a loss of accuracy. Our goal with this work is to offer insights into when impulsivity might be an advantage or a disadvantage. Entrepreneurs with a bias toward rapid decision-making and action, most notably in the face of heightened uncertainty, may find opportunities that could be missed by those who are more deliberative or risk-averse.
Key Takeaways
Many entrepreneurs are nontraditional. Atypical conditions, like ADHD, can be an advantage for entrepreneurs. This inclusive perspective opens doors for diverse voices in the entrepreneurial narrative. In the spirit of DePaul’s Vincentian principles, which emphasize compassion, inclusivity, and service to others, our work reinforces the notion that entrepreneurship should be accessible to individuals from all walks of life. Embracing diverse entrepreneurial approaches can be a pathway to foster social and economic well-being for a broader spectrum of individuals.
Contributor bio
James Bort, PhD, is an Assistant Professor at DePaul University. You can read more about his work here.