How to Think Like an Entrepreneur
By Adelaide Raymond
According to Oxford Dictionaries, an entrepreneur is “a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.” Where do you experience entrepreneurship? On a typical day you stop to grab a coffee from a locally-owned café on your way to work. You realize you’re low on fuel, so you stop at the nearest gas station and fill up your tank. Then you remember it’s your co-worker’s birthday, so you take a quick detour to the bakery and grab cupcakes to celebrate. All of these small tasks have one thing in common: without the risk takers, or entrepreneurs, these stores and the products and services they sell would not exist. So, what does it take to think like the people that make the world go round? Here are tips on how to think like an entrepreneur:
Have the right mindset
In order to think like an entrepreneur, you must develop a mindset that keeps you ahead of the competition, while maintaining the perspective that every day is a new day. Nothing stays the same for long and if you’re not changing and progressing with the rest of world, you will be left behind. You need to think in terms of innovation and what’s next. To embrace an entrepreneurial mindset, you need to find a balance between being optimistic and pragmatic. The key is to accept the fact that you don’t know what is going to happen, and despite the unknown, you choose to still take the risk. To achieve this, visualize the end goal for your business and consider the impact it could make on the world around it. Mahatma Gandhi perfectly summarized the key to this when he said, “Be the change you want to see in the world.”
Strategize your business
Entrepreneurs are often great strategists. While many people make decisions concerning their careers based on emotions, entrepreneurs base their business decisions off of factual information. They carefully plan so they can make the most of opportunities to bring in new potential customers and have regular customers return. To strategize like an entrepreneur, you must become an expert in trial and error. Devise a plan to measure your results against your expectations, and then re-adjust your plan accordingly.
Focus and prioritize
Finally, one of the most important ways to think like an entrepreneur can be to focus your energy. Opportunities are limitless, therefore it is easy to get distracted. You must focus on the tasks at hand and the ultimate end goal. Think in terms of finding the right opportunities for your venture. Successful entrepreneurs do not jump at every opportunity that comes knocking. Instead, they prioritize and carefully choose what to put their time and effort into because time can be their most limited and valuable resource while taking on entrepreneurship.
The way we frame our mindset often defines the results we achieve. Developing an entrepreneurial mindset is a transforming experience, but like successful businesses, we must change and evolve in order to stay relevant.