4 Ways Entrepreneurs Think Different.
Updated: Nov 21, 2019
4 Ways Entrepreneurs Think Different
Considering the accessibility of widespread information, it has become increasingly easy to educate yourself on what it takes to be an entrepreneur. However, many people confuse understanding what entrepreneurship entails with actually thinking like one. Even though having an “entrepreneurial mindset” sounds enticing, most are not fully committed to the work it requires. The process of identifying trends and creating opportunities is one that entrepreneurs are enthralled with. They can’t come up with unique ways to fill unmet market needs on demand, they do it by constantly seeing the world through an unconventional lens. A combination of these 4 virtues let entrepreneurs shine a progressive light on untouched opportunities.
When an entrepreneur sees a car, they see everything that went into that car. The metal frame, glass windows, plastic air vents. The expertise of hundreds of professionals. Is the cost of acquiring, combining, and integrating a profit margin worth the value someone puts on it? If not, what could the seller logistically change to increase the value a buyer puts on that car. Entrepreneurs know the world around us is a product of smaller parts. Parts that take money and time to put together, not to mention transport.
In it to win
The entrepreneur actively goes through life. The understanding is that they don’t just float through existence. Every action is meant to ultimately improve. Entrepreneurs discern everything as commodities that enhance life. If they can increase the value a customer gets out of a commodity, it will help improve the customer's life, eventually leading to more revenue. Entrepreneurs are always looking for ways to win customer trust by creating the most value for them. For example, in a world run by technology, it pays to break down a process and replace any applicable human inefficiency with hardware or software, i.e., driving the cost down.
Failure breeds progress.
"Would you like me to give you a formula for success? It's quite simple, really: Double your rate of failure. "
-Thomas J. Watson
Most average people let failure slap them in the face and then put a leash on them. Entrepreneurs eat it, they eat the failure. It's their mind's protein and exercise. This doesn’t mean entrepreneurs enjoy that gritty protein shake or exerting that energy which seems pointless at the time. They are addicted to the growth that it eventually cultivates. According to the U.S. Small Business Association, 50% of all businesses fail within the first 5 years of operation. This is intimidating. Nonetheless, entrepreneurs confidently keep chasing opportunities. They understand that success is quantified by failure. If you never leap, you never fall. Which means, you won't be able to avoid that spot on the way back up.
People sharpen people.
A quote from Leonard Reads (Founder of FEE) I, Pencil. "No individual possesses enough know-how to perform a nation’s mail delivery any more than any individual possesses enough knowhow to make a pencil." Read recognizes the power of ideas when people rally behind them. The same goes for anyone starting a business, or taking a professional leap towards their passion, they will not get far without some good people behind the idea. The initiative has to be taken alone, but surrounding yourself with entrepreneurial people is the only way to learn how to be one. You are only as good as the team you work with, so an entrepreneur works hard to improve and align their team with a goal.
The entrepreneurial mindset is unique. It’s always geared toward what the future has to offer, based on what can be done in the present. Entrepreneurs focus on improving life and their thought process reflects that. Above all, the way entrepreneurs take in information is always catered to finding new ways of helping customers achieve their own success.