The entrepreneurial mindset is at the front of modern thought. Everyone in the young generation wishes to understand the idea of entrepreneurship and how to become a truly effective entrepreneur. In this blog post, we will discuss the concept of the entrepreneur in great detail. We will explain the entrepreneurial approach with examples. We will also be discussing the myths and regarding the mindset of entrepreneurs that have gained an interesting fan following.
Let’s begin the journey of understanding the thought process of an entrepreneur.
An entrepreneur is a person who launches business and gains success in the venture that they begin. The success here will be exponential. Individuals who start their business in a basement; become some of the richest individuals in the world are considered entrepreneurs.
The idea of the entrepreneur gained success in the mid-’90s with the success of Microsoft an Apple. Both of these companies were started on a small scale and grew into the largest enterprises of the world.
The mention of an entrepreneur usually makes one think of the tech industry. IT industry has some of the most prominent and successful entrepreneurs have originated from these fields.
There is a mass of entrepreneurs who have originated from other industries as well from manufacturing to medicine to electronics.
Importance Of Entrepreneurial Perspective:
The entrepreneurial thought process has grown out of the constraints of a conventional mindset of a businessman. It has become a mindset that most individuals should have because an entrepreneur starts his journey at a basic level and gains phenomenal success in a decade. There is a growing interest in understanding how the person achieves such a superhuman task.
The entrepreneurial perspective is considered a key to solving everyday problems that a person may face in their personal as well as professional life. The entrepreneurial thought process will allow the person to have mental ability and agility. It will make the man inherent success in all of their endeavors and will create a greater sense of peace and stability in their lives.
How To Develop An Entrepreneurial Approach?
This has led to an extensive study by psychological experts of ‘the entrepreneurial ’. A study in the Journal Of Engineering Entrepreneurship focuses on how a person can use the mindset of entrepreneurs in their everyday life. Extensive studies have been conducted into the development of the entrepreneurship perspective and the conclusive thought is as follows;
·Intelligent Risk Taking: An entrepreneurial mindset allows the individual to take calculated risks that will pan out in the long run.
To be an entrepreneur is to have a visionary mindset that allows the individual to see the value of a business idea before and ahead of other individuals.
Personal Enhancement: The entrepreneurial mindset to problem-solving greatly depends on the ability of an individual to develop a mindset that is focused on personal improvement. To develop flexibility, quick thinking, problem-solving skills, tenacity and a sense of productivity are all considered a part of an entrepreneur’s perspective
This is because these characteristics make a person flexible and ready to face any situation that they may encounter while developing their business. The thought process is supposed to allow the person to become flexible enough to develop new skills along the way that will enable him to cope with all the issues that he may encounter.
Strong-Will: A universal trait in every entrepreneur is that they are all strong-willed individuals who have high resilience. A high resilience would mean that they are not easily discouraged from what they want to accomplish.
They are open to new ideas and are flexible about achieving their goals but they are extremely focused on achieving the goals. They will try anything and do anything to make sure that they get what they want. That is the essential trait in an entrepreneur’s personality.
Adaptive Attitude: Another trait that is seen in entrepreneurs is that they have an adaptive attitude and are open to learning new things or changing their mindset. They have an enthusiastic attitude towards learning and are generally flexible.
This allows them to grow with the global world and never feel like they are left behind. In modern times, technology and attribute are constantly evolving at a high speed, an innovative approach allows the person to stay up to date.
Entrepreneurial Mindset Examples:
There are many examples of traits and characteristics that allow a person to develop an entrepreneurial mindset. We have gathered a list off interesting examples of an entrepreneurial attitude from the best entrepreneurs in the world.
These individuals have grown small businesses into giants in their industry. Their insights will allow the reader to understand the various characteristics of an entrepreneur’s mind.
“When you are building a startup, it’s difficult. Particularly, a startup that is expanding at the rate of Tinder. You have to give 100%, and you have to be committed. Solving the problem has to be personal or else you’re going to disintegrate.”
Sean Rad, the Co-Founder of Tinder
Sean Rad, the Co-Founder of Tinder; as we all know, Tinder took a while to get where it is now. The idea of Tinder was highly niched specific and was taking up considerable time in getting the right traction with the target audience. This quote shows how he learned to manage the limited growth and pushed the mark up to considerable yearly growth.
“Selling is not a pushy, winner-takes-all, macho act. It is an empathy-led, process-driven, and knowledge-intensive discipline. Because, in the end, people buy from people.”
Subroto Bagchi, the Co-Founder of Mind Tree
The opinion of Subroto Bagchi, the Co-Founder of Mind Tree. Mind Tree is the most successful digital marketing agency in India with a revenue of one billion dollars yearly.
“Ignore the hype of the startups that you see in the press. Mostly, it’s a pack of lies. Half of these startups will be dead in a year. So, focus on building your business so you can be the one left standing.”
Subroto Bagchi, the Co-Founder of Mind Tree
Jules Pieri is the founder of Grommet, an e-commerce platform that specializes in unique gifts and products that are not usually available online. The startup is fast rising and has made its mark quite early in the game.
“Don’t assume that borrowing lots of money can make your startup fly. There are many things to the business other than investors, and it’s possible to succeed with your startup without breaking the bank.”
Barnaby Lashbrook, the founder of Times-Enterprise.
“If we tried to think of a good idea, we wouldn’t have been able to think of a good idea. You just have to find the solution to a problem in your own life.”
The founder of Air BnB, Brian Chesky.
Popular Myths about Entrepreneurship:
Like any other phenomenon that has gained considerable attention in the mainstream, there are a number of myths in entrepreneurship as well. These myths are mostly false and yet they have a surprising following. So here are a few myths about entrepreneurship along with a discussion on their validity.
“Entrepreneurs are born that way.” This is the most common myth about entrepreneurs. All we have to say is that one out of 18 individuals in the world is an entrepreneur. Is it possible for a unique trait to be so commonly found around the world?
Entrepreneurs have all shown different personalities, attitudes, and perspectives in multiple studies and there is not much commonality between them.
“The only requirement is a good idea.” That is also a false assertion. As the founder of Air BnB pointed out in entrepreneurial spirit quotes, many successful entrepreneurial ventures were not a result of a good idea.
They were basically a solution to a problem that many individuals were simultaneously facing. Solving the issue gained the entrepreneur the success and attention that he needed.
“Only money motivates employees.” This is also a common saying in general professional world. Most individuals think that employees are only focused on pay but extensive recent studies have shown that most individuals choose the workspaces where they feel welcomed and have a stable life.
Most individuals think that employees are only focused on pay but extensive recent studies have shown that most individuals choose the workspaces where they feel welcomed and have a stable life.
According to Adam Neumann, Co-founder of WeWork “People are the most important thing. Business model and product will follow if you have the right people.”
Businesses either flourish or fail.” This is a common misconception that mainly grew because most startups fail. But the fact is that many businesses have grown slowly and stably without garnering much attention.
Cassey Ho, Founder of Blogilates.com says in entrepreneurial spirit quote; “Do not focus on numbers. Focus on doing what you do best. It’s about building a community who want to visit your site every day because you create value and offer expertise.” –
To check out some authentic information on Entrepreneur versus consumer mindset, visit Infographic Journal.
What Defines An Entrepreneurial Spirit?
These are, of course, a few misconceptions, the list of the many myths that follow entrepreneurship is long and non-sensical. The true entrepreneurial spirit is a mindset that is a culmination of aspects and characteristics that were explained above.
Be Unflappable: Arianna Huffington’s entrepreneurial spirit quote is, “One of the greatest skills of leadership is being unflappable. Anytime you do anything in the world; there’s going to be criticism.”
Arianna Huffington’s basic ideology can certainly be seen in her business model where she ignored the criticism of her fellow newspapers and simply made the decision that was best for her company. This is the classic example of entrepreneurial spirit.
Choose Freedom: Another aspect of entrepreneurial spirit is the ideology of freedom and independence. As Ryan Holmes, the founder of Hootsuite states, “When in doubt, bootstrap.
Using your own personal resources is the easiest way to start a business. You don’t have to convince investors about the merits of your idea. You just have to convince yourself.”
Focus is the Highest Priority: An entrepreneurial spirit is a mindset that various entrepreneurs have used to be successful; here is another cookie from the jar; “Don’t get distracted. Never tell yourself that you need to be the biggest brand in the whole world.
Start by working on what you need at the present moment and then what you need to do tomorrow. So, set yourself manageable targets.” -Jas Bagniewski’s entrepreneurial spirit quote, Co-Founder of Eve Sleep.
To know the anatomy of an entrepreneur, review this incredible infographic by Startup Bros.
In conclusion, the entrepreneurial mindset is the thought process used by various individuals around the world to develop unusual or unique businesses and grow considerable success in their ventures.
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