When I was in my early 20’s, it never crossed my mind that I would be an entrepreneur by the time I was 30. Back then, I wanted job security, and I wanted to work for large, stable organizations.
When I started my first real job after getting called to the bar, I slowly came to realize that the fastest route to promotion was to recruit my own loyal clients. If I wanted to become a partner in the firm, I had to market my services, produce billable work, and bring in more money than the firm had to spend to pay me. In effect, I had to build a business.
I learned that I had to think and act like an entrepreneur.
I have gradually realised that every large organisation is a collection of smaller organisations. Each unit, department or division has to produce and sell products or services. The profits from these sales go towards supporting the vision of the larger organisation.
What makes a successful entrepreneur?
There are many factors that help in making an entrepreneur. There is however one thing that you shouldn’t disregard if you want to become a successful entrepreneur.
That element is Mindset.
The entrepreneurial mindset is about:
- Providing value.
- Being committed to your vision regardless of the challenges and obstacles along the way.
- Seeing mistakes as an opportunity for growth and not as something to be feared.
- Approaching problems from a range of different ways.
Entrepreneurs are on a quest to help the customer in some way and to continue to make their service better and better. They identify problems and solve them.
If you wish to succeed as an entrepreneur, you have to commit to becoming a better version of yourself.
Would you like to start your own business?
Let’s help you register a business today
How to think like an Entrepreneur
Many of us believe that some special people are born to be entrepreneurs. However, I learned long ago that entrepreneurship can be taught to anyone who desires to gain the knowledge, skills and flexibility of an entrepreneur.
The entrepreneurial mindset is about a certain way of thinking. It is about the way in which you approach challenges and mistakes. It is about an inherent need to improve your skill set and to try and try again.
You may not want to launch a business, you may just want rapid promotion in your present job. Developing an entrepreneurial mindset could bring more vitality to your current role. You will develop a more adventurous spirit, connect with people in different ways and experience fresh insights about your job.
Much of the entrepreneurial life is about trial and error. Mistakes are a natural byproduct of this process. But more than this, mistakes are an opportunity for growth. Extract all of the value from your mistakes.
Set a Clear Vision
Entrepreneurs tend to be passionate about their work. They set goals and plan activities to support those goals.
To be truly goal minded, you should understand your business objectives, the challenges your business faces, and how your contribution supports the collective strategy.
Put Yourself In Challenging Situations
As an entrepreneur, you will naturally face new challenges every day. Just because obstacles arise doesn’t mean you should be afraid of making mistakes. If you want to cultivate an entrepreneurial mindset, you have to embrace challenges. You have to seek them out.
It all comes down to basic psychology. The more that you put yourself in challenging situations, the more you will find that you not only equip yourself with the skills to handle those very challenges but also the confidence of knowing that you were able to succeed. So, make an effort to put yourself in challenging situations every single day — even in your personal life. And don’t be afraid of making mistakes.
Our partners. Milton and Cross Commercial Solicitors provides high quality legal advisory services to business owners and investors.
Revisit Your Vision On A Daily Basis
Much of the entrepreneurial mindset involves a steadfast commitment to a very narrow vision. This drive allows entrepreneurs to carry out the necessary steps to accomplish that vision. The problem is, the demands of the day can get in your way, creating a space where your vision recedes. This leaves room for frustration and doubt, which can lead to stagnation or worse.
Understand Business basics
Much of the conversation about entrepreneurial growth narrows in on sales objectives, hiring the right talent and other similar objectives.
You need to be familiar with the functions that make up a successful business. You need to be comfortable with business language and business activities such as budgeting, marketing and sales, human resources and public affairs.
The entrepreneurial mindset is about a certain way of thinking — it is about the way in which you approach challenges and mistakes. It is about an inherent need to improve your skill set and to try and try again.
If you need support with any aspect of your entrepreneurial journey, feel free to contact us.