Mental Approach Towards Becoming A Successful Entrepreneur
Young minds are full of energy and adventures and it’s said that the youngsters are the mirror of economic growth. Countries spend millions of dollars every year to upskill the youth. According to a survey, around 1 billion aspirants seek employment opportunities every year and only one-third of the aspirants get their desired job. This brings us to concentrate on the hot-button topic of unemployment issue that's spread across the globe. Unemployment is not just a problem for the developing countries but also a huge pain in the neck for economically powerful nations. Ensuring regular flow of employment opportunities for citizens is a challenge. While different agencies and governments collaborate to solve this issue, embracing the psychology of a successful entrepreneur can help to a great extent.
Instead of seeking, start creating for a better future
This is the mantra to demolish the evil of unemployment or underemployment. Around 90% of the graduates after finishing their college degrees start searching for job opportunities in big enterprises; they end up standing in a queue which already has a long waiting list. A change in mindset is needed if we want to create more job opportunities as there is no possible way for already running organizations to accommodate every aspirant. It's time to take control of the situation and start building successful startups backed by strong, psychological entrepreneurial traits.
This might sound rubbish as in how to start or run an organization without any knowledge. But it’s not a difficult task to become your own boss. With the right mindset and focus, nothing is impossible to achieve. Have the right mental approach and you can nail anything.
“When one door of happiness closes, another opens, but often we look so long at the closed door that we do not see the one that has been opened for us.”
-- Helen Keller
The mindset of a successful entrepreneur consists of the following 13 psychological traits.
List of 13 Psychological Traits For An Entrepreneur
1. Dream Big in Small Input
This is the most important quality for becoming a successful entrepreneur. People should always dream and use their energy to turn them into reality. If you dream to be Bill Gates, you can become Bill Gates. It’s doesn’t matter what resources you have, just dream big and gather your resources accordingly. Your psychological thoughts and behavior transform your entrepreneurial journey.
2. Delegate the Work to Others
It’s not important to do everything on your own and having someone with you who to share your workload and dreams is good. Delegation of tasks gives mental relaxation which in turn doubles your output. Knowing that there is a pile of work lined up and with time being limited, you will surely get a panic attack. But once you know there is someone to depend on, it brings huge relief. Distributing and sharing the workload with others helps to achieve your goal and it brings self-confidence within the team. This trait is considered essential for becoming a great entrepreneur. Don't micromanage!
3. Set High Standard Goals and Deliver
Always set goals higher than your expectations and put all your energy into it to achieve them. If you get an order to complete a task under a short timeline, don’t panic, but accept the order. Pushing your limits gives you an idea about your limits and your ability to work. One who can perform under pressure is the true professional. Entrepreneurs cannot refrain from working under pressure and often need to push beyond their limits to become successful.
4. Take a Practical Approach
Never underestimate your business and at the same time, overestimating it is a crime. Be practical because you have bills to pay and mouths to feed. So always be ready with a plan B. If you’re starting a business, then don’t have all of your eggs in the same basket. Build alternate sources of income that can sustain you until the business takes off. Use your different talents because you never know which one would open the success window in your life. Steve jobs worked with numerous companies before finding the kick in Apple. So keep on moving until and unless you obtain the correct roadmap for your entrepreneurship journey.
5. Map it out
Before making any big investment, map out the project's blueprint and cover every possible point within the strategy. All aspects of the startup plan should be discussed prior and the pro and cons of the venture ought to be laid down clearly.
6. Treat and Raise your Business like a Child
When your child is growing, you love and nourish them to the fullest. But once they enter into adulthood, you set them free to explore the world. Treat your business in the same way. Put everything in your business when it's growing but when the time to sell it to someone else is right, don’t think twice. Don’t stick to it because you love it, and remember there is no place for sentiments in the world of entrepreneurship.
"Your ability to attract, evaluate, and forge strong working relationships with co-founders, early employees, and investors often mean the difference between failure and success."
– Clara Shih, Co-founder of Hearsay Systems
7. Fear Equals Downfall
Fear gives you a business class ticket to the land of downfall. Don't fear and never let your fears impact your life decisions. Rule your fears and bend them according to your will. The person who lets fear take over his life will never able to survive in this world of opportunities since every opportunity is attached to the fear of risk. Empower and overcome fear to become an entrepreneur.
8. Gratitude is your Attitude
It’s doesn’t matter how successful your venture is or how much money you made this year. A successful person should always stay humble and grounded. A person's attitude should be full of gratitude, and one should never forget his roots since success is temporary and behavior is permanent. Always remember who you are and where you came from. Gratitude should be your attitude and is an important component of your entrepreneurial skill set.
"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, Co-Founder of Eve Sleep
9. Don’t Spend Money
The number one rule of the business is never using your own money. Always find investors who are willing to work with you and churn profits out of their investment, for you as well as them.
10. Never Lose Composure
There comes a time when you can't help but lose your temper completely. Though it's normal, you need to minimize such occurrences. Keep calm! Business and anger are like nitrogen and hydrogen, never mix them.
11. Have Fun
Enjoy your work and don't treat it as a burden. If you start to think of it as a burden and drudge to work, then one day it will become difficult for you to continue.
12. Fall Every Day
Don't be afraid to fall. If you do, wake up with a renewed energy the next day and be ready to fall again. In the end, failures will succumb to you.
"A person who never made a mistake never tried anything new."
-- Albert Einstein
13. Stay Creative
An entrepreneur is no less than an artist and always stays inspired. You should nurture and improve creativity through different methods like drawing, music, reading, walking etc.
What is the mindset and characteristics of an entrepreneur?
The entrepreneurial mindset is unique in that one must be creative, communicative, and highly motivated to succeed, yet open to risk and failure. Oftentimes the success or failure of a business comes down to the characteristics of the entrepreneur themselves.
How to Develop an Entrepreneurial Mindset?
- Set clear goals.
- Practice being decisive.
- Redefine failure.
- Face your fears.
- Remain curious.
Why is an entrepreneurial mindset important?
Having an entrepreneurial mindset helps you to quickly identify problems and provide a timely solution. You're not one to sit around and wait, you have a strong intuition and if want something you'll go get it. Having this mindset means you know the importance of keeping moving forward even when difficult.
What is entrepreneur thinking?
Entrepreneurial thinking is the ability to see things differently than the rest of the world but, it is not necessarily an inherent trait and can be easily developed or improved. It is more like a state of mind that opens your eyes to new learning opportunities and helps you grow in your role.
Why is mindset so important?
Your mindset plays a critical role in how you cope with life's challenges. In school, a growth mindset can contribute to greater achievement and increased effort. When facing a problem such as trying to find a new job, people with growth mindsets show greater resilience.
What is critical thinking in entrepreneurship?
Critical thinking is closely related to problem-solving, but it goes beyond that. As critical thinkers, entrepreneurs don't merely solve problems. They solve problems in the best way. Critical thinkers formulate a number of potential solutions to a problem and consider them all before deciding on the best one.
The journey of a successful entrepreneur’s mindset has different stops. Some of these stops have been explained in this post so that the young generation can think different. The new generation needs to think outside the box to achieve its dreams. The need is to map out the future in advance in order to excel. Inspiring entrepreneurs need to incorporate the above mentioned traits in their way of functioning. Hope this post provides you a solid base for a bright future which lies ahead!
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