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.
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.
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.
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).
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.
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.
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
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