Entrepreneurship can be defined and applied in multiple ways, but in this article we are going to looking at it from a business or startup perspective. In this case, fundamentally an entrepreneur is a person who organises as well as manages a business undertaking. Typically this could be a product or service that is going to be offered to a market and prospect base.
This is a person who sees an opportunity, then makes a plan, begins and manages a business from start to finish or a successful exit. All this is done to make and receive profits through the business or services being provided. An entrepreneur is fully responsible for the success or failure of their own business and has to prepare and plan carefully to execute with success.
An unfortunate truth to entrepreneurship is that 90% of all new startup businesses are still failing within their first year of operation. This is statistically an extremely large proportion with a small margin of success storys emerging. However all is not lost if you are able to apply yourself, work very hard and limit or minimize your risk where you can.
The following are steps on how to think like an entrepreneur and create a winning mindset that can help you to overcome these odds:
1. Be prepared
Be prepared by knowing the topic, customer and the product. This will make you feel more confident and better equipped when doing the business. You need to research, read about the business and practice. The steps to success are in discovering the purpose that will drive you to succeed. Be decisive, deciding to shift your mindset to a committed one and focusing on the vision.
The way you can stay focused and maintain direction is to have a Strategic Business Plan for a certain number of years. This plan will have your company’s mission, vision of the future, and also include activities that will provide a sustainable competitive advantage.
2. Ignore your detractors
If someone doubts your business, or belittles it, then find out if this is substantiated, or seek another opinion. There could be any number of factors, because your young, inexperienced or simply because of jealousy. Remember you are an entrepreneur and a pioneer and you can do this!
3. Think big and have a dream
Having a big dream will help you believe that you can do it. This will empower and enable you to take action to make it come true. The attitude of an entrepreneur is the life force from which all success flows.
The positive attitude of an entrepreneur will allow a person to be more objective, retain focus during the hard times and command others to perform effectively. Sometimes that hardest task is just getting out of bed in the mornings especially when you have been working every available spare hour and surviving on little sleep, rest is important and we will come to that later.
4. Seek Inspiration
Try to seek out those who have done what you want to do and whose business is where you would want yours to be. Let them guide you to a successful business. You can read books on successful entrepreneurs or listen to entrepreneur podcasts online that interview other successful entrepreneurs. This is a great way to get yourself into the correct mindset of success. You need to realize that you don’t have all the answers and you can’t manage everything, therefore, find people who know more than you as employees and they will complement your strengths.
5. Mentally get through all the challenges you face
As you go to business, it is important to understand that problems are a part of life and you will face them every day. Therefore, keep yourself positive and motivated. Take breaks when you need too and get the rest you need. Working 24-7 doesn’t make your business any more successful if you’re making mistakes or losing focus.
6. Keep the end in sight
Have a list of goals then plan how to reach it. Write and continually read your goals, to be more motivated and inspired. You cannot expect to be successful in business unless you believe in your goals. Avoid getting sidetracked and not staying motivated.
7. Always have a plan”B”
If the first plan does not work, do not give up. Have the mindset that you will figure it out. Encourage yourself that in this way, you will just discover another way that will not work. Many business owners fear failure, but the only failure is not learning from your experiences.
8. Avoid the entrepreneur’s disease
Unfortunately lots of entrepreneurs suffer from ‘Entrepreneur’s Disease’ or ‘Founder’s Syndrome’, the inability to let go any aspect of your business, for fear of losing control. Dylan Kohlstadt has published an in-depth article on this subject that’s worth reviewing here.
9. Get your staff, cofounders or partners on the same page
Listen to the concerns of your colleagues or staff and address them. This makes the staff more committed.
10. Focus on what you do well and enjoy
Focusing on what you do well can become profitable. Remember what you get out of your business like personal satisfaction, stability and financial gain will depend on what you put into your business.
So, if you enjoy what you are doing, then, this will be reflected in the success of your business. If you do not enjoy what you are doing, then it will be very hard to succeed.
11. Visualise your success
You can create the right mindset for success in business by practicing visualisation. During visualisation, see yourself as already successful, see yourself having a full calendar and a full bank account.
12.Start your business now
If you are thinking of starting up a business, the best time is now. Procrastinating and delaying will only stop you putting yourself on the line and going through with it. Watch this great video by John Chow on “Stop Thinking Start Doing.” This is the biggest step in becoming an entrepreneur and actually going for it.
13. Embrace Learning
To be a successful entrepreneur read business and marketing books, reports, magazines, journals, newsletters and industry publications. These resources will improve your understanding of business and marketing. You can also join business associations and clubs, as well as network with other skilled business people to learn their secrets of success. Most successful top entrepreneurs usually attend business seminars, marketing seminars and workshops.
14.Remove fear and think like a winner
To remove fear and think like a winner, talk to yourself through obstacles. You can come up with a number of words or a phrase that will help you to stay focused and motivated. Keep a record off all your achievements so you can see your successes.
15. Mystery Shop Your Business
Mystery shop your business and be prepared for all type of answers that will help you. Seek validation and get others to critique your offering, service or product.
16. Manage money wisely
Cash flow is important in businesses because it is needed to buy inventory, to pay for services, to promote and market your business, to repair and replace tools and equipment. To be successful in business, you must be a wise money manager so that the cash can keep flowing and the bills get paid.
17. Remember business is all about the customer
As an entrepreneur, your business is not about the products or services that you sell. Neither is it about the prices that you charge for your goods and services. It is also not about your competition and how to beat them.
Your business as an entrepreneur is all about your customers, or clients. Therefore, everything you do must be customer focused and this includes your policies, payment options, operating hours, advertising and promotional campaigns.
18. Have a positive business image
Always make a conscious effort to project the most professional business image possible. There are a number of ways to make sure you project a solid business front or look like you are more than a one-man-band, the internet and right web presence is a good place to do this.
19. Have a competitive advantage.
An entrepreneur needs to consider why people will want to do business with them and not anyone else. There is an aspect or combination of aspects that will separate your business from your competition.
This can be better service, better selection, a longer warranty, longer business hours, lowest price, more flexible payment options, personalised service, better return, better customer service as well as exchange policies.
20. Be accessible.
To be successful, you must make it easy for people to do business with you, regardless of the business that you operate. Few people will go out of their way, or be inconvenienced just to access your business. Therefore, you need to make it easy for people to do business with you by being accessible and knowledgeable about your products and services.
21. Design your workspace for success
Plan and design your office workspace to ensure maximum personal performance and productivity and project professionalism for clients.