Home  > Inside the Mind of an Entrepreneur
 Share  Print Version  Email

Inside the Mind of an Entrepreneur


“Inside the Mind of An Entrepreneur”

If you plan to start a business the first thing to do is to understand who is an entrepreneur so you will know what to expect. The road to starting your business is a long and difficult one. It is not for the faint hearted. Neither it is for those who plan to make a fast dollar.

For many, entrepreneurship is mysterious and starting a business is only for special people. While entrepreneurship is not for everyone, it can be learnt and practiced. However, to be a successful entrepreneur you must have certain characteristics. Your mind must be wired differently.

Risk Taker

Starting a new venture is full of risk and uncertainty. Much is unsure and many issues are still to be resolved. This means that an entrepreneur must first be comfortable with risk taking. But risk comes in many forms and levels. While people who start ventures risk their capital, they also risk their careers. They might leave a promising and safe job and lose out on present and future prospects.

Then there is the level of risk to deal with; high, medium and low. Entrepreneurs tend to avoid high risks since they are not gamblers. They detest low risk as it may offer little opportunity. So the intensity of risk taking is somewhere in the middle. They love to take calculated or moderate risks.

While the ordinary person gets worried about a certain course of action, the entrepreneurs looks at risk taking as a necessary part of the process of starting a venture. 

Creativity

To get an edge over existing businesses, a new venture must have something special that would give it competitive advantage. This ‘edge’ comes from the entrepreneur who can think creatively. Creativity has to do with thinking about new ways. However, while thinking new stuff is good the person starting a business must know how to change thoughts into action. This is creativity to innovation.

Companies like Research in Motion are famous for the Blackberry and Apple for its iPad. These were once insignificant firms that changed the world with innovative products. These products came from creative minds whose organizations knew how to take thoughts and make it into reality.

Confident

New ideas and innovative ways are seldom embraced by society. While our world changes, it has its hand brake on especially when something novel is introduced. An entrepreneur must have the mind set to deal with resistance and be strong willed to cope with the unknowns.

A person starting a new venture face risks, uncertainty, adversity and discouragement. The entrepreneur must have the ‘guts’ to deal with these and don’t let it negative thoughts derail her goals. (Lara Quentrall-Thomas).

Highly Charged

While you might have the ability to overcome adversity, being motivated in a self employed environment is important to building an organization. Entrepreneurs must have that ‘fire’ in their bellies to be a go getter and must also be able to motivate others in the organization. Even when things don’t go as planned, the entrepreneur can bounce back from a bad situation.

Tenacity

The average person views life’s problems as just that, problems but an entrepreneur sees it differently. Behind that problem or unresolved issue is an opportunity. When she sees the problem, she thinks, can I use my creative and innovative thinking to find a way around that obstacle?

Entrepreneurs are undaunted by apparently unsolvable problems. They look at the market potential if that issue is resolved. They will spend much time, late nights and looking at different industries where a similar situation was successfully dealt with.

Organized

Getting a business off the ground requires a lot of research. There is the feasibility of the idea. Putting together a business plan and listing what is to be done daily or on a weekly basis requires skill. Entrepreneurs are productive people who how to put order to chaos. This ability together with planning and implementing is a key part of their tool kit in launching and growing their ventures

Future Thinker

We all know what is needed today and possibly these are met already. Tomorrow is a different story as many can’t look and forecast what will be the next big thing. Entrepreneurs do see a different world and do understand the importance of trends and the impact of new technology on needs. They know that tomorrow’s world is slowly evolving today and they must organize their resources and put their skills to work so they can capture those new opportunities before that window closes.

It’s All In The Mind

Successful entrepreneurs have different ways of thinking and perceiving the world around them. This different mind set is the reason some are entrepreneurs and some are employees.

Author: Sajjad Hamid

 Share  Print Version  Email
Comments &Ratings (7) Overall  
  • Currently 4.7/5 Stars.
If you are a human, do not fill in this field.
Click stars to rate.
   Comments are truncated at 1000 characters
What Others Are Saying
Sort by
View
  • Currently 5.0/5 Stars.
MINECng Platform, Ikeja, Nigeria  |  June 09, 2016
This is one of the most inspiring Articles read in this new year of 2016. So impactful and direct to the hearing Entrepreneurs especially the young ones. Thank you Team. Wish you could attend our #MINEC2016 Conference to speak.
  • Currently 3.0/5 Stars.
Kirt Hills, San Juan, Trinidad and Tobago  |  October 23, 2012
Good article. It makes me wonder on the co-branding of this SME Toolkit with Republic Bank. It has been my experience as an entrepreneur that the traditional financial institutions are not in support of risk takers. In fact, I would argue that this article should be read the bank, so as to understand their clientele better!
  • Currently 5.0/5 Stars.
Olive Garcia  |  August 26, 2012
very informative
  • Currently 5.0/5 Stars.
Natasha Durant-Oliver  |  July 13, 2011
Wow. Thank you so much for the encouragement. It has really opened my eyes as to what I can expect.<br/> My gratitude to you.
  • Currently 5.0/5 Stars.
Neil Beekie, San Fernando, Trinidad and Tobago  |  June 02, 2011
Good article
  • Currently 5.0/5 Stars.
Efficientlinks Ltd, LAGOS, Nigeria  |  May 05, 2011
This topic is simply great and straight to the point. Highly needed by entrepreneurs for business growth.<br/>Lawrence Ehilegbu<br/>CEO, EFFICIENTLINKS GLOBAL SERVICES LTD.<br/>+2348036725809<br/>WWW.EFFICIENTLINKS.COM.NG
  • Currently 5.0/5 Stars.
Gregory De Graf  |  December 24, 2010
Dear Sir, madame,<br/><br/>Our entrepreneurs we first decide what we want,<br/>Then we feel it, Then we visualizes that we already have it.<br/><br/>And we believe it will happen without any doubt in our mind.<br/><br/>We become keenly aware of all the oppertunities manifesting all aronud us , Then! We take Action,<br/><br/>Gregory F.De Graf<br/>CEO & Founder<br/>Fitness Warehouse Inc.<br/>www.fitnesswarehouseinc.com<br/>Caribbean Franchise Chain. <br/>