Article “Developing An Entrepreneurial Mindset” By Mary Omange
Through the years, entrepreneurs are known as those who dare to make a difference by defying all odds. They make revolutionary discoveries which positively impact the world. Having studied and researched on great entrepreneurs like Richard Branson, Mark Zuckerberg among others. From all indications, they have similar mindset towards business which lots of entrepreneurs can learn from globally.
Entrepreneurship is gradually becoming the fastest way for creating wealth and developing an entrepreneurial mindset is critical for business growth.
With the rising surge of people venturing into entrepreneurship globally, it is now imperative for aspiring and new entrepreneurs to develop an entrepreneurial mindset in order for their business to thrive in the 21st century. Ways of doing business vary across countries and continents but the mindset of these entrepreneurs is often what makes the difference. Below are ways of developing entrepreneurial mindset for excellence in every business area;
1. Be A Critical Thinker:
To thrive in this competitive world of doing business, It is imperative that an entrepreneur always seeks to identify problems peculiar to them or their environment and proffer solutions and possibilities. This starts with the mind as there should be a shift in thought from being someone who gets tired of everything or gives up easily to someone who always seeks to identify problems and critically create or proffer possible solutions to these problems skillfully.
2. Do Not Give Up Easily, Get Creative:
Failure is a common experience in the world of business, the average person doing well in business knows that the chances of experiencing failure are very high. If it is not the whole venture, it is a specific activity or product, relationship, collaboration or particular transaction that fails. The only person that has no risk of failing is the person that attempts nothing. An entrepreneur naturally attempts many things and has to develop the capacity to handle failure in order to handle business by developing a positive mental attitude. It is imperative to note that the failure of an event, product or project is different from a person being a failure. Let the events keep failing till you can change it. Keep trying and get creative by identifying what makes you stand out from others.
3. Leverage On Talent(s) To Make Money:
Knowledge can never be under rated, hence learn more skills and if you have, continually seek to improve on them. Back your talent with work and effort and tap into opportunities that are in line with your talent or skill. One of the greatest tools you can use to reach out to people and access opportunities is through the Internet, social media and other resources. Leverage on your talent as well as the talents of skilled personnel and use these tools to make money.
4. Be Interested In All Facets Of Your Business
Keeping track of all business processes can be overwhelming. However to thrive in any industry as an entrepreneur, it is advisable to keep track of all facets of business both externally by understanding the industry and having clear cut solutions to problems as well as internally which includes but not limited to innovation, sales, marketing, administration, branding, building customer relationship and satisfaction.
5. Always Keep Records:
Data is very important and highly effective for any and every business. Hence, always keep records of all daily business processes including financial documents. There are Application software readily available online for easy documentation and safe keep. Visit 25 Best Small Business Apps for 2020 for some great apps.
6. Create Products And Solutions From Existing Customer Needs And Problems:
The traditional model of doing business from time past has always been from interest or past experience where people create a product and start looking for buyers without really having a plan. However, this has changed with time because entrepreneurs are becoming more intentional with their solution. Entrepreneurs have to ensure that people actually need their products or service and are willing to pay for it at a price that is higher than the cost. Before venturing into the world of entrepreneurship, it is imperative to ask this question; Do people really need what I am selling? It is also advisable to research, analyze and do your survey. Customers may want an existing product in a particular way probably in packaging etc and get your feedback. Also, do not chase the wrong customers; identify your niche i.e. low income earners, middle income or high income earners.
7. Start With What You Have:
As long as you do not have you will not be able to start, however entrepreneurs try to look for a Minimum Viable Product (MVP) and start. Sometimes it is not the size that matters rather maximize what you have. Sometimes it is a relationship; a skill just learnt or learnt years ago, asset that can be sold to raise the money needed for the business to grow.