An entrepreneur’s way of thinking and his or her approach towards everything is very different. Their way of looking at things especially business opportunities are very diverse. An entrepreneurial mindset is one which is developed over the years but is also the one which requires instinct. It is something they practice in their daily lives right from the nascent stages. All entrepreneurs need to be mentally prepared to think in a certain way which is unique and more importantly works for them.
Here are four mindsets an entrepreneur must be geared with:
Being courageous and fearless
An entrepreneur must believe in himself or herself and in his or her offering. This mindset requires courage to keep going because entrepreneurs do face a rough patch before they finally find stable ground. Aristotle called courage the first virtue, because it makes all of the other virtues possible. Courage results in developing a nature of being fearless. This mindset is vital when their business offering is a small fish in a big pond. The fear of being beaten by the market leader can make someone shut their startup within the first few years. Being fearless is the ability to keep going in spite of all the hurdles.
Judge everyone, trust only some
An entrepreneur should have the mindset to judge and pick the right partners from the very inception. These partners could be co-founders, those appointed as early employees, vendors, etc. An entrepreneur is required to have the mindset and ability to judge everyone and know who to trust.
Pierre Omidyar had written the code for an auction site. Jeffery Skoll, a recent Stanford MBA was hired on payroll to write Omidyar’s business plan. If you still have not figured the organization, well it’s “Ebay.” Omidyar had the mindset to trust and have faith in his first employee and then partner Skoll. Their partnership was so successful that they led Ebay to an IPO just three years later.
Have a mission and vision
An entrepreneur should at all times have the mindset to eat, drink and sleep his business offering. He should have a clear mission and vision statement listed down and at no point digress from the same. A clear vision and mission serves as a reminder of the larger picture.
Companies as large as Tata Motors too highly emphasize on their vision and mission statements and aim towards living up to them. Their mission is to “To be passionate in anticipating and providing the best vehicles and experiences that excite our customers globally” and vision is to “Most admired by our customers, employees, business partners and shareholders for the experience and value they enjoy from being with us.” How many of us can deny that they do not live up to this?
Do what you love and take risks for that
Lastly, the mindset to have the ability to bet the farm i.e. an entrepreneur would risk everything to ensure that their business succeeds. These need not just be monies but also time, emotions and effort. An entrepreneur must not worry about the outcome, the mental satisfaction that they are leaving no stone unturned is good enough to convince them that they will succeed.
In the words of Howard Schultz, CEO of Starbucks. “Risk more than others think is safe. Dream more than others think is practical.”
If you too have entrepreneurial dreams, you need to have faith in your Chatur Idea. You will always wonder who will fund this idea and from where will you find investors. In that case, you can participate in the #BeAChatur Contest and not only be mentored, but also stand a chance to win a whopping Rs.10 Lac funding for your dream startup idea.