Running a business is something that many people live for because it covers so many moving parts, from the website to the employees, and by its very definition, it requires an individual to operate with such a sense of dynamism that there can be the misconception that those who are not entrepreneurial like those big personalities could find themselves lost in the dust. However, for anyone that’s got an idea for a product or a service, stepping up to the plate is not necessarily about skills, but it’s about mindset.
Entrepreneurial mindsets are arguably more important because it encompasses a wide range of attitudes, and can foster faith, persistence, and, of course, hard work. Many businesses fail, and arguably, one of the things that make businesses successful is the mindset of the person in charge. What does it take to develop this all-important business mindset when you have little to no entrepreneurial skills?
Recognising You Are Not the Smartest Person in the Room
The most important thing that separates entrepreneurs from other people is that they are always seeking opportunities to learn. Self-improvement is part of many entrepreneurs’ mindsets. And when they start to recognise that they are not the smartest person in the room, but are there purely to understand how each piece on the metaphorical chessboard can work together is how an entrepreneur develops their strengths.
Many companies use outsourcing as a way to help them with a number of different business-related tasks, from company formation all the way through to conducting supply chain practices, and when an entrepreneur knows what they do not know, they are far more open and receptive to development. To achieve this, you should seek out learning opportunities and recognise that while it’s you that makes the decision, you’ve got to surround yourself with the people that can ensure you have a fully informed decision.
The Courage to Be Different
So many people are fearful and therefore, follow the crowd. Part of the entrepreneurial mindset is operating independently and ploughing their own path. When you see problems in the markets or you are experiencing a dip in profits, the temptation would be to change direction. One of the most difficult things, not just for any entrepreneur, but for any human is to learn how to weather those storms.
Many people immediately go to the worst-case scenario, thinking that they have a responsibility to always do the right thing. The reality is that an entrepreneur is not always going to do the right thing, and, in life, nobody does the right thing all the time. Rather than being fearful of making mistakes, if you do put a foot wrong, the trick is more about understanding where you went wrong, rather than trying to separate yourself from the mistake.
Constantly, we see politicians and people in power separating themselves from the very problems that they have caused, and this is why rather than flat-out denying something or stepping away, it takes courage to admit that you are at fault. Accountability is so important because you are the one that’s in charge, and when you take the blame for something, you are empowering yourself. It may not feel like it at the time, but the reality is that when people are trying to shuffle out the back door after causing a problem, this is a character trait that is never going to leave them. Even if you are like this, it is not too late to change tact.
The Ability to Experiment
The greatest thing about being in charge of a business is that you have the opportunity to play with certain variables, whether it’s new products, solving problems, or pushing your promotion in new exciting areas. There are ways to mitigate any major mistake, for example, A/B testing, but the experimentation should be part of your mindset. When you have the willingness to experiment, it is this sense of fun that can stay with you throughout your entrepreneurial career and, indeed, your life.
Great entrepreneurs are always willing to experiment, and likewise, are always willing to abandon something if it’s not working. It’s not about treating each part of the project personally, as if it is your baby, but about, on occasion, being willing to throw the baby out with the bathwater if it doesn’t give you what you need from your business.
Being Clear With Goals
This is partly to do with the inception process. When you have an idea for something, you must set clear goals as to what you are looking to achieve. This is where a business plan is a perfect template because you can use this opportunity to envision every aspect of your business and how you will achieve goals.
Setting clear goals is essential, especially for those people who are dreaming of being an entrepreneur or being in charge of something. Many people like the idea of being in charge, but what separates the real leaders from those who like the idea of it is that they have taken the time to visualise what each goal is, refining, taking it apart, and putting it back together again.
When you articulate what you want, you will see it better. It’s not just about setting goals for the sake of being an entrepreneur, but setting a goal is what will keep you motivated in the rich tapestry they call life.
Learning to Face Your Fears
The reason many budding entrepreneurs stop before they get started is because of the fears holding them back. You can argue that being in charge of a business is constantly about balancing on the precipice between failure and success. Many people fear embarrassment, either because they fear making a mistake and they get reprimanded for it, or because they believe they don’t have a certain skill that is supposedly essential to being an entrepreneur.
Facing your fears is stressful, and the only way to remove these fears is to expose yourself. Exposing yourself to your fears in short controllable doses means you are inoculating yourself to the thing that’s causing you sleepless nights. A lot of the time people are scared of failure because it is validation that they are being rejected. Nobody likes to feel rejected, which is why going back to this notion of independence can make you a stronger person.
There will be aspects of running a business that makes you fearful and will snowball your self-doubts. for example, getting to the point of something during meetings or public speaking, but the notion of improving your communication is something that you can practice. A lot of the time, we don’t like to face our vulnerabilities, but that fear of being vulnerable is a sign of strength. The most important thing we all need to remember is that when we are facing fears, we develop skills as a result of staring into the abyss. You learn so much about yourself in the meantime that after a while, you get to grips with the things that are seemingly making you feel inadequate and you start to seek these things out because you know it does you good in the long run. There is a balance to being had here because constantly facing your fears can have an impact on your psyche at the time. The trick is always about being slow and steady.
Do Not Apologise for Making Poor Decisions
Some people start their sentences with “sorry,” and while people will make mistakes because it is a part of life, the trick is about ensuring that you can learn from your mistake and move forward without having any regrets. Feeling like you’ve got to apologise is partly why many people who want to be in charge believe they are not able to do it. There is a difference between apologising for something wholeheartedly when you made a mistake and merely apologising just for being there.
It’s a fine line to tread because entrepreneurs are people who need to be seen as leaders, but a lot of people believe that this involves being callous and calculated, and thinking that a leader is someone who should really put on a performance. Politicians make the same mistake, thinking that they are better off showing bluff and bluster when they should solve the inherent problems of a country’s development.
It’s critical that we apologise when we make mistakes, but we must ensure that to be a good leader, we move forward without having any regrets. The past is always behind you, and decision-making is the opportunity to learn something new, and if you make poor decisions, as long as you have learned, this is what truly matters.
Be Prepared for What Lies Ahead
Great entrepreneurs are always adaptable because they will learn about themselves and how to change their businesses accordingly. Being prepared for the future is, arguably, the most important aspect, but at the same time, we must recognise that adaptability should be running through our veins.
If you want to be a great entrepreneur, it’s not about skills that are inbuilt within you, but it’s about recognising what it takes for you to fulfil the role and practising these.