A bank manager that usually deals with funds for entrepreneur was asked this question once.
“What do you think is the worst thing you have noticed in an entrepreneur? ”
His answer was short and quick “Ego”.
While everybody in the conference laughed , I tried to find the reason why he said so. There have been many cases where VC funds have decided to put a security staff to deal with aggressive entrepreneurs who take the project very personally and are ready to kill for it well.
It is not a good idea to have a large ego, in my opinion. Egoistic people have lesser friends, make more mistakes and see the world only with their own eyes. No one likes them and they are not bothered about it.
However, a knife can be used to cut vegetable and it may cause injury as well, ego sometimes can be extremely good for an entrepreneur, in moderate doses.
If your product does not sell, your ego may prevent you from reducing its price, which may cause loss of market in the shorter term but gain it in longer term , if your product is good.
If you walk away from negotiation table because you do not like a supplier, it may force him to change things for himself.
If you have ego, you will not probably ask for funds from your dad but use your own and then show him your success.
A positive ego is always helpful. An entrepreneur will not survive if he does not have an ego to match the rejection of the world.
So in my opinion, the bank manager spoke too soon. He should have used “Too much ego” or “large ego” rather than just “ego”.
What do you think ? Is ego necessary for an entrepreneur? Do write your comments