How to develop an entrepreneurial mindsetMathew J Maniyamkott
Many are fed up with the regular 10-6 grind and the thought of being your own boss is definitely a tempting one. But being an entrepreneur comes without the security of a job or any of the perks that a salaried employee takes for granted. It can be extremely scary since you only have limited resources at your disposal; you do not know if your idea can churn money; you are not sure if you can convince potential employees to work on a low salary, the good old winning-over-an-investor game. Of course, every now and the, you might have to dig into your savings.
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To manage all of this well, you will definitely need an entrepreneurial mindset.
Aarti Singh, founder of Calorie Kitchen, a startup that aims to serve calorie-conscious food at your doorstep, was working with Oracle for more than 11 years before she quit to startup. “I realised I wanted to chase my dreams, create a name for myself. Fitness has always been my passion. I strongly believe people need something like Calorie Kitchen. Decision to quit was itself a journey,” says Aarti.
Often, the adjectives used to describe a good entrepreneur are aggressive, leader, street-smart and risk taker, among many others. The challenge is in changing one’s attitude to fit all these adjectives. So how does one develop an entrepreneurial mindset?
Learn to be perseverant
There is no power like perseverance. An entrepreneur will be repeatedly subjected to rejection and could also encounter naysayers at every step of the way. One should be immune to criticisms and learn to treat success and rejection in the same way.
Disappointments are difficult to deal with. But are also chances to learn and absorb the most. At the same time, success should never give someone a heavy head on their shoulders which can make them highly opinionated and shut them to new and better ideas.
Positive attitude that stands by you like a rock
One needs to have the ability to put things in perspective and analyse them in a positive manner. Look for ways to find a good lesson to learn from every roadblock that you face and use it as a means to better your business. The right attitude makes a lot of difference to your predicament. Never obsess over past mistakes, try to learn from it and move on.
Do not hang around for permissions
It is wildly tempting to seek opinion on your idea to turn an entrepreneur. The true entrepreneurial mindset forges ahead; not hang around for approvals. Entrepreneurs are not satisfied with the status quo and they dare to challenge them.
Welcome change with open arms
There is nothing like change; it satiates an entrepreneur’s hunger. Intelligent minds usually prefer chaos; only in such thriving uncertainty do great minds perform miracles. When was the last time your confusion made you learn something of value? Take up challenges that scare you. Entrepreneurs rise to the occasion since a challenge helps them look at adversity in the eye.
How curious are you?
Have you bookmarked the website and often refer to it to quench your intellectual urges. The ability to see things from different angles is a gift that is acquired through lifelong pursuit of knowledge. A wide-ranging curiosity to know what makes things work in the universe is a trait that is commonplace among entrepreneurs.
Know your number game
When it comes to numbers, an employee need not be fully aware of the nitty-gritties of a business, but an entrepreneur should know and manage his numbers. Cashflow is what keeps his business afloat. Metrics like lifetime customer value, ROI per marketing channel, gross margin and burn rate are some of the numbers that an entrepreneur is expected to know. Get comfortable with these numbers.
When we embark on a new journey, we are engaging in a small act of entrepreneurship. Having an entrepreneurial mindset is all about thinking and doing something that has not been done before to achieve a goal of yours.