The pandemic brought different breakthroughs for all of us. Some of us had a good in house vacation full of anxiety while the others discovered their entrepreneurial spirits. Our Facebook and Instagram are filled with new businesses launching their products and services. If you want to be one of them, your mindset is more important than your strategy.
With 400 million entrepreneurs across the globe, almost 20% of companies fail in their first year. Anyone can develop a good idea but what does it take to materialize the idea? An entrepreneurial mindset! Hence, if there is an idea that has been brewing in your mind distracting you from your mundane 9 to 5 routine; it is time to build your entrepreneurial mindset.
An entrepreneurial mindset is a way to train your mind to become open to challenges and take risks while taking full responsibility of your actions. Several successful entrepreneurs still practise the same habits to keep on increasing their knowledge and skills.
Developing an Entrepreneurial Mindset
All entrepreneurs are different individuals but most of them abide by the same routines and habits to handle the pressure and keep up their dedication levels.
1- Embrace Risk
To be one of the successful entrepreneurs out of 400 million out there, the first step is to risk it. There is no other way round or a safer option, either win it or lose it but risk it. Fail as much as you possibly can to learn, adapt and innovate. If success comes easy to you, trust me you will curse it later.
For instance, AirBnB was launched thrice before it became the $31 billion company it is today. The website was first too complicated and they were unable to sell it. Year after year, they faced rejection and even started a cereal company during that time. But Alas, after several attempts we now have AirBnB, the most easiest way to find accommodation.
2- Never stop Learning
Even the ones whose ideas are worth millions and billions now, continue to read and expand their knowledge. They all share at least one habit in common which is to take out time everyday to simply read for leisure or work. Warren Buffet says, “Read 500 pages every day. That’s how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.”
Even though I read less and watch more, I think we all can agree that a book experience is way better than a movie. It is better to get lost in a book and travel the world through your imagination than fixing your face on the Netflix screen.
3- Set your Targets
Be the boss of yourself! Sounds like music to your ears right? On the contrary, applying this statement requires a whole lot of struggle. After fixed routines and deadlines set by your boss and superiors, it is almost impossible to be disciplined by yourself. How to achieve your targets then?
Every night decide on a few tasks which will get you a little closer to your goal and then write them down. Don’t just think about it, write it! People who write their goals are 42% more likely to achieve them. So start your lists. Just like Sara Blakely, who went from selling fax machines to making Spanx in the span of two years only because she realized her life is not aligned with the goals she wrote. Then she went on to list her strengths and weaknesses and concluded that she has a knack for sales and inventing a product is her only way out. Soon after, we had Spanx.
4- Get used to hearing the word ‘No’
Learn to love the word ‘no’. People will hate your idea, disapprove your funding and will openly criticise you working towards something risky. Get comfortable with it since it might just be the only thing you hear for a long time. Be so resilient that you learn how to turn a no into a yes.
Jia Jing stepped into the pool of rejection. He deliberately sought out a rejected response from people by asking for money or food from strangers for almost 100 years. Jing got so prone to rejection that he was no more scared of it. Being an entrepreneur requires the same zest to handle rejection. An entrepreneurial mindset is all about putting yourself in situations that you know would make you uncomfortable. This helps you to grow and adapt. Experience the thrill!
5- Get in touch with the Community
From your school life to college life, every experience is determined by the people you spend your time with. When stepping into the corporate world, the people around you are still equally important- no matter how independent you become. Surround yourself with people who have prospective thinking not the ones who negatively think and assess situations. You need positivity, support and a cheer leading team to get you through early years.
Heard of Rent the Runway? The place where you get to rent a $3000 dress and look phenomenal for just a couple of bucks. That was the idea of Jennifer Hyman who came up with this business model over a lunch date with a friend – where they specifically met to exchange new ideas!
An entrepreneur is not born but made – from Zuckerberg to Musk; they all made their destiny not inherited it. We all lead different lives and pave our way. It is only a matter of certain habits and a particular way of thinking which can help you get successful. So take the leap of faith and make opportunities for yourself. For once, put some faith in yourself and risk it.