ARE YOU AN ENTREPRENEUR? THE 10 MINDSET OF THE ENTREPRENEUR

ARE YOU AN ENTREPRENEUR? THE 10 MINDSET OF THE ENTREPRENEUR

"In a sense, entrepreneurship is the creation of surprises. It entails breaking the looking glass of established ideas even the gleaming mirrors of executive suites - and stepping into the often greasy and fetid pins of creation" George Gilder

Incorporate these concepts into your routine  as you nurture and grow your enterprise

1. STAY MOTIVATED: Surround yourself with people who would give you the encouragement that you need. Starting your own business is a herculean task requiring every ounce of your being. Be so motivated to want to reach your goal more than anything else. Don't expect everything to be smooth sailing but be willing to stand your ground and believe in your project more than any anything else. A study of successful enterprise illustrates that not one of them found it easy to accomplish their task, but they stood their ground.

2. DO IT NOW: Adopt an action oriented philosophy. Invest time in working towards your goal. That is the only way to succeed. With so many things competing for your attention you have to resolve to be action-oriented.

3. WORK HARD: Starting and managing your business is not an easy task. You have to work hard as never before to ensure that success of your enterprise. You have to put a lot into your enterprise in order to receive something. Working hard alone ensures that you are ahead of the crowd. De diligent and shun laziness.

3. BE FLEXIBLE: Be flexible and willing to change even it  means going contrary to what everyone else is doing. The courage to change course is a very positive trait to develop. There are times when the only way to ensure the  successful operation of your enterprise is a change in your started course. As you know times change, people and their needs change. Economic and market conditions change as new trends emerge and old ones die out. Be able to adapt yourself to market and investment alternatives as they present themselves.

4.  ADVERSITY AND YOUR BUSINESS VENTURE: Do not assume that just because you started a business everything is rosy. Business is fraught with risk and adversity. There are time and many times that you will feel like quitting, but if you love what you are doing and have a passion for it, this will sustain you and you will tide the tide of adversity.

An area of the greatest concern has to be with money. What happens when you run out of cash because your customers are not paying on time? The sales that you forcasted are slow to materialize. The idea of bills piling up and no adequate money to pay them  are enough to frighten you. Because the entrepreneur's venture are often beyond measurable risk the rapidity with which adversity can set it cannot be ascertain. Hence the need to go into a venture knowing that adversity in every form would occur and the entrepreneur would have to learn to  the best of his/her ability. Be very determined and not give up on a good idea because of temporary problems or lack of faith from others.

5. ENDURANCE AND STAMINA: Needs to be nurtured as you grow your business. You will need plenty of this. To be at your peak performance you need to keep yourself in the best possible mental and physical condition, To minimize stress and its attendant problems incorporate fitness and exercise  into your routine. It does not make sense to succumb to stress or the effects of overwork in pursuit of your goal. Schedule yourself in such a way that you can get enough rest and maintain a cheerful, positive mental outlook.

6.  INDEPENDENCE: Be able to operate independently. Recognize that as an entrepreneur you are responsible for every step of your achievement. You must be able to work alone on every task toward your goal. However, recognize the need to assemble experts in other fields, for example, in accounting, legal, etc., to help you realize your goal. This requires the need to assemble facts and make quick decision. Your success as an entrepreneur would depend largely on the quality of decisions you make and how you follow these decisions through  with action.

7.  BUILD YOUR CONFIDENCE: The basic ingredient in building your confidence is knowledge. Be knowledgeable in the area you are venturing and it would build your confidence. When you know and understand what you are doing you, you can't help but be confident. Study thoroughly the venture you want to get involved and ask questions of anyone who might be able to give you good advice. The more you know, the more confident you will feel.

8.  BE THRIFTY: In these days of extravagant life style, advising people on the need to be thrifty seems like you are going against the trend. It is advisable to spend money only where necessary for the success of your enterprise. Avoid expenditures that do not add to the growth of your company.

Always remember that thrift is a habit that can be formed. Note that once a business has started an entrepreneur who is naturally thrifty have a greater chance of success than the individual of equal ability who does not possess this quality.

The habitually thrifty person will be able to recognize opportunities for reducing overhead in the current competitive business environment. Minor savings can mean a great even representing the difference between a net profit and a net loss. There is always a fluid reserve to meet contingencies, carry one through the slack period or make it possible to expand or make  improvement without resorting to borrowing.

9. BE INFORMED: As an aspiring entrepreneur, make it your business to be abreast with current information. Not only those relating to your particular area of interest, but also to new trends and shifts in the marketplace if you are going to be ahead of the competition.

You can collect information from all sources - online publication, newspapers, trade journals, newsletters, , books, seminars, computer data banks (the internet), and other experts you can tap for information. You can also begin a habit of starting a library of your own on topics that interest you. For example, I have  built an impressive collection of books on business, finance,  real estate investment and other topical issues of interest to me.

10. GIVE YOURSELF AN ARMCHAIR EDUCATION  :An armchair education enables you to accelerate your knowledge in a particular business field quicker. For example, you can go to the library and research a business that interests you. You can also get consultants to help you. Quick read kits and other similar materials would help you faster. Seminars and other quick online courses and video presentation are other avenues to increase your knowledge in specific businesses. Also, remember that most small business people are friendly and would be willing to offer you all the business advice that you might need in your particular field.