How to Develop Entrepreneur’s Mindset
Three individuals, namely Joseph Schumpeter, Frank Knight, Israel Kirzner, are vital in the inclusion of ‘entrepreneurs’ in economic models. Previously, only enterprises and companies were credited for the innovations, until these three individuals convinced that there are brains behind such companies and the people of such sorts must be credited for their courage and magnificence.
An entrepreneur is someone who kickstarts a business whilst bearing the risks and enjoying the rewards. The term, literally, means adventurer, embodying the risks and cost/benefit imbalance that the ventures entail.
Given the risky and erratic nature of the field, it is important that there must be a relentless mindset. One that is tirelessly dedicated, incessantly persistent, and firmly committed. Entrepreneurs are generally seen as leaders due to their ability to lead their teams through the most perilous of circumstances. Knowing what it means to have nothing or the fear of being familiarised to it ignites a passion that burns hotter than any fire. Most of us are scared, we scared to lose, we are scared to disappoint, we are scared to not be able to make it. This feeling of fear creates an uncertainty that leads us into doubting each other. On the contrary, an entrepreneur is someone who falls in love with the process, whose is comfortable outside the comfort zone, unless like a conventional businessman waiting every day to make it and reach the destination. Such a person can not be able to make it through.
A mindset of such firm resolute is referred to as an entrepreneur’s mindset. The foremost thing to do when developing an entrepreneur’s mindset is to develop and nourish leadership abilities. Leadership abilities refer to establishing a connection with your peers and your team. Leadership literature defines leadership in several perspectives, but the most agreed to is the recent perspective of Gareth Jones and Rob Goffee. They reiterate leadership as a relationship between the leader and the led. And the thing about relationships is that they are unique, one will have a different relationship with each person in is team, despite the same connection with them. What it signifies is that in order to have an entrepreneur’s mindset of leadership, one must be able to connect with his team in the sense that is required, establishing a connection and extending an empathetic hand towards them. It allows team building and improves moral within the ranks, ensuring that the team would stick if push comes to shove.
Developing an entrepreneur’s mindset means understanding that you might not see the sun for a few days, or that you might not get to leave your workplace. It means that the weekdays are for work, and weekends are for more work, that holidays are for all-nighters, and life is for late nights, early mornings. To develop an entrepreneur’s mind, one must understand the cost. It costs the comfort and payments are made in struggle. When Elon Musk came to The United States, he told in an interview that he had to decide between buying an apartment or an office. His call was to have an office since he could take a nap there, but wouldn’t be efficient working from home.
Gary Vaynerchuk, an American entrepreneur, worked at a vineyard for more than 10 years. As he put it ‘Macro patience, micro speed.’ Meaning establish and fulfil more goals in day to day terms, but be patient in the longer term.
Developing an entrepreneur’s mindset is all about being patient, empathetic, resilient, persistent, and considerate.
Here’s a list of books that have helped me develop my business mindset:
1) The Psychology of Money: https://amzn.to/340G7n2
2) Show Your Work! 10 Ways to show your creativity and get discovered: https://amzn.to/35h6zcU
3) Deep Work: Rules for Focused Success in a Distracted world: https://amzn.to/3FU09Ni