Do you have what it takes to be an Entrepreneur ?
This is one of the main questions that will always be asked as you begin your entrepreneurial journey.
Note that entrepreneurship comes in various forms and fashions and Google is packed with great attempts to define entrepreneurship.
However, this quote by Michael Jordan reflects what it takes to be an entrepreneur “I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. 26 times I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life and that is why I succeed.”
Why do you want to become an entrepreneur?
There are many factors that make you want to embark in the entrepreneurial journey.
- Losing your job
- Looking for an extra source of income – the so-called passive income,
- Spotted an opportunity or got an idea you want to explore further.
No matter what is driving you to become an entrepreneur, it is important to do it for the right reasons/motivation.
So… What motivates you to become an Entrepreneur?
For some people is the ability to work your own hours, be your own boss and get well paid. If this is the reason then let me save you some time and effort and tell you forget about it.
Successful entrepreneurs have the correct mindset and only by working towards the right mindset that you will find entrepreneurial success.
There is a high chance that at the start of your entrepreneur’s journey, your 9 to 5 job will pay you more.
You will see yourself working long hours and experiencing high levels of stress.
Most entrepreneur will ok with the above. But do you have the right motivation and entrepreneurial mindset?
What is an entrepreneurial mindset?
Entrepreneurial mindset is a state of mind that empowers you to navigate through challenges in a positive way.
This state of mind makes you address problems in an innovative way, it enables you to embrace failure and learn with your mistakes.
Ultimately make yourself accountable for both successes and failures, constantly invest in yourself and be action oriented.
Our 5 entrepreneurial mindset pillars to sustainably scale your business.
Your vision is king
As an entrepreneur your vision is what will keep you moving, evolving and innovating.
If you lose touch with vision, you will risk being another ship in the ocean.
Your vision gives you direction to accomplish your initial goals and avoid being distracted by the noises of the ecosystem.
So do everything you can not to lose your vision.
Even if you need to call it out every day in front of the mirror, this is the types of habits you need to develop to achieve that entrepreneurial mindset.
Is important to keep in mind that this is an ongoing exercise that will help you grow as an entrepreneur.
Developing a vision oriented mindset will help you communicate your vision to key stakeholders such as:
- your people
- clients and partners
and bring them along the journey.
When stakeholders believe in your product or service you are on your way to positively impact your ecosystem.
Approach Problems with open mind
Entrepreneurs are constantly presented with problems and having the mindset to navigate through those problems will dictate the success or failure of your venture.
In order to approach problems with an open mind you need to be willing to accept information from all valid avenues.
By doing so you will be able to accurately define those problems so that those that will help you solve them actually understands the root cause of the problem in question.
This process helps you set key performance indicators to measure your efforts and act as a progressive compass towards problem resolution.
Measuring your performance will equip you with valuable insights allowing you to move towards analysing acquired data and proceed to solving the problem.
Once a problem is solved it is important that you put measures in place to monitor and control the environment surrounding the problem and mitigate risks.
Implementing this mindset will automate your approach to problem resolution freeing up vital resources to tackle complex problems.
Constantly challenge Yourself
The need to constantly challenge yourself as an entrepreneur is key.
As an entrepreneur you will see yourself in many challenging situations which you will comfortable in navigating.
Having said that you will have to constantly challenge yourself and the business as this is the only way to remain relevant.
Invest in yourself
Only be acquiring new knowledge will you be able to better understand your ecosystem, which will result in a grater business impact.
Entrepreneurs often overlook this factor and put off self-investment, not realising the direct correlation it has with companies continuous sustainable growth.
Finally, you need to take action and this can be as simple as sending that email or making that call i.e. decide and execute.
Entrepreneurs don’t think about financial reward as a linear function of time.