Businessmen are made

How to develop an entrepreneurial mindset

When I was 14, I made my first money. My family and I lived in Canada, and my father would often go to Israel on business. One day he asked me what to bring from there for my birthday. I requested a box of audio cassettes with national Jewish songs. Right before Hanukkah (which happens before Christmas), I sold all these cassettes almost instantly.

What was the reason behind such a success? First, I was selling them at the shopping mall, where I could meet more interested people. Second, I did that on Saturday, when my competitors didn’t work enjoying their weekends.

Perhaps you will find this story a proof that businessmen are born, not made. Something like if you are a visionary kid with an entrepreneurial streak you will succeed. I cannot fully agree with this. To begin with, creativity is inherent in all children without exception, only they manifest it in different ways. Some kids try themselves in business, and some build stunning creations from LEGOs.

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Also, there are many examples when elderly people became entrepreneurs. For instance, Col. Harland Sanders, the founder of KFC restaurant chain, had only a small house and a half-wrecked car by the time he retired at age 65.

His main asset was his signature fried chicken. So one day he decided to tell the restaurant owners about it. He would offer his recipe in exchange for a small royalty on every piece sold. He got over 1000 refusals. But one day he heard “yes”, and this changed the taste preferences of the whole world.

Could Col. Sanders have succeeded earlier if he had set himself such a task? I’m sure that he could have. But it so happened that he came up with this dream only at 65. And this is the first thing that entrepreneurship begins with. It starts with a dream and the ability to visualize.

“If you do not see great riches in your imagination, you will never see them in your bank balance.” 

Napoleon Hill

They say that entrepreneurs have a specific mindset, and I fully agree with that. If you want to start your own business, you first have to change your way of thinking. Let’s see what else an entrepreneur should remember, in addition to the importance of dreaming big.

1. Your duty is to create the product that people need

In many corporations, employees just watch the clock and get paid for being in the office from 9 to 5. They are told what to do and they are paid a fixed salary for this. Many find this convenient and safe, but, unfortunately, it will not help you build prosperity. If you decide to exchange office comfort for business turmoil, the first thing to understand is that from now on you will be paid only for the goods or services produced, and not for the time you dedicate to work.

2. Errors are important lessons, so do not try to avoid them

Especially since you will not be able to avoid them anyway. You can study dozens of biographies of great entrepreneurs, the stories of their ups and downs, but unless you take your own lumps you will not build your business.

Fear of mistakes does not allow to move on. So don’t perceive them as failures, but as an opportunity to better understand yourself and the tasks that are in front of you. The more mistakes you make and correct, the greater your growth will be. By the way, if you only knew how many times I made mistakes in business, you probably would not believe it.

3. Obstacles are there to overcome them

Just like mistakes, obstacles are inevitable. For example, any entrepreneur who decides to open a cafe will have to observe a whole list of legal requirements some of which are quite tough to observe. I agree this is a serious obstacle. But if you have a wall in front of you, this is not a reason to stop. Just decide on the best way to solve the problem: climb over, make a tunnel or blow it up. Obstacles develop the ability to think outside the box, so make good use of it.

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4. It is important to tame your ego in order to surround yourself with the right people

Remember the joke that girls often get ugly girlfriends to look prettier compared to them? This applies not only to girls. A corporate boss with a bloated ego will not allow an intelligent subordinate next to him nor take advice from him. Entrepreneurs act differently. They tend to surround themselves with the people who are smarter than they are. Why? Because they know what high results can be achieved through group synergies, where everyone is an outstanding expert in his or her field. Entrepreneurship is not a way to nurse one’s ego, but an opportunity to create something useful for thousands of people.

5. Life-long education is the key to success in business

True entrepreneurs are curious and motivated to improve their skills. Therefore, they never stop learning: from books, at business events, from each other, etc. Nevertheless, I met entrepreneurs, including those of a respectable age, who refused to see new opportunities for their business, because they simply did not want to learn. For example, many offline stores can double their profit by taking orders online. But if the owner does not want to look into it, then I would not call him a businessman with a developed entrepreneurial mindset.

6. The responsibility for everything that happens in the company lies with the company owner

Hired employees are responsible for their separate areas of work. The business owner is responsible for all areas, for everything good and bad that happens in the company. Remember this if you want to become an entrepreneur. No situation will be resolved with a wave of a wand. It is you who must take the initiative and do everything necessary to solve the problem.

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7. Perfectionism is not the way of an entrepreneur

To open your business, you do not need everything to be perfect. Make a plan good enough to begin. Just start. You will learn much more through practice, not theory. Iron out the kinks as you move on. By the way, you will do it much faster along the way than at the start.

To become an entrepreneur, it is not necessary to have an MBA or $1,000 000 of start-up capital. Change your mindset, and the necessary skills will come with time. Here are the first steps for those who decided to start their way in entrepreneurship:

  1. Dream big and visualize the results you want to achieve.
  2. Remember that you will only be paid for the goods or services produced, and not for the time you dedicate to work.
  3. Do not be afraid to make mistakes. It is important to correct them in time and learn from them.
  4. Remember that obstacles are there to overcome them. Learn to think outside the box and come up with different ways to deal with them.
  5. Surround yourself with the people who are smarter than you because entrepreneurship is not about looking better compared to others.
  6. Never stop learning, be curious, constantly try to improve your skills or acquire new ones.
  7. Learn to take responsibility for everything that happens in your company and do everything necessary to solve the problems.
  8. Lose your perfectionism. Improve your business along the way, not at the start.

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