How A Successful Entrepreneur REALLY Thinks!
By
Theodore Henderson
The Wisdom Man
This critical question for your business future is how do entrepreneurs think and are you an entrepreneur? You’re possibly an entrepreneur, and it never dawned on you since you have not started a new business (yet)! You see it isn’t the business, product, or service that is the key to the puzzle. You are the key. However, how can you be sure you have what it takes?
Even a limited study of Personality Profiling or Psychometric Screening will show being a valid Business owner or entrepreneur is made possible by your character or personality traits.
How Do Entrepreneurs Think Really
First, let’s take a look at some of the key statistics around entrepreneurship.
Entrepreneur Statistics
“How Do Entrepreneurs Think”
69% of American entrepreneurs launch their business from home. |
Entrepreneurship isn’t limited to an age group — Approximately 15% to 20% of adults across all age groups are entrepreneurs. |
Entrepreneurship age patterns — 30.5% of young entrepreneurs say they intend to start a business. The intention drops during mid-career, and then starts rising again at age 65 and up. |
Women entrepreneurs are more likely to have home-based businesses — 72% of home-based startups are operated by women — versus 61% of men. Businesses more than 3 and a half years old, 68% of women still operate the business from home, versus 53% of men. |
“Senior citizens” who continue to work tend to be entrepreneurs — Many seniors, who are still working, more than 42% run established businesses (i.e., businesses more than 3 and a half years old). -About 10% are starting or running new businesses of less than a few years old. -Over 25% intend to start a business. |
More businesses are consumer-based — Home businesses may include services like freelancing, independent contracting, consulting and virtual assistance. But the 2012 study shows only 33% of all businesses surveyed fall into this category. |
**Source – https://smallbiztrends.com/2013/07/home-based-businesses-startup.html
When you’re a real entrepreneur and business owner, there’s a default position in your psyche that comes from 2 main sources:
● Unwavering self-esteem and confidence
● The ability and need to think off the cuff
Other vital components of being an entrepreneur consist of being a determined competitor—the desire to control. An overwhelming urge to do what others will not, or can not, do. Simply because they can.
Lack of Doubt
Business owners and entrepreneurs have a particular method of looking at things. The lack of doubt is a foundational aspect of all entrepreneurial thinking. It never crosses a true entrepreneur’s mind ‘this can’t be done.’ Clearly, it can be done! The only concern is, ‘do I wish to spend my time doing it?’ There is never any idea of HOW either!
If someone has done it in the past, it’s considered done before they begin. If it’s something that hasn’t been done prior, rather than think about the reasons, an entrepreneur reorients to see how to get it done. They become more focused on winning, acclaim, admiration, and the profit of being the first to get it done. This is part of the answer to how do entrepreneurs think.
The ‘How’ is truly unimportant at that juncture. Their unwavering confidence has brought them through all varieties of difficulties, issues, disasters, and incredible triumphs. It will get them through this journey also, and they feel it in one’s bones.
Also, entrepreneurs rarely consider the threat involved. Risk is something for those “ordinary people” who do not have their super-powers. This is another key element to how do entrepreneurs think.
At no point do most successful entrepreneurs make an effort’ to earn money. They will make money alright, but the deal breaker is whether it suffices, or comes fast enough, may well be a deal-breaker. Why? Don’t forget, entrepreneurs get bored quickly.
They will leave what many consider incredible opportunities since they just can’t take anymore. It’s never truly about the money. Ask any real entrepreneur if they’ve left enormous paydays just because they were finished with that task, opportunity, or organization. Most of them will most likely have a list! Yet one more bread crumb on the trail to how do entrepreneurs think.
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Creative and Innovative Thinking
Entrepreneurs and business owners are action-oriented individuals. They don’t like being wrapped up in the minute details of anything. They are the BEST at starting anything. However, most likely, the worst at sticking with it. It’s not because they’re unable. It’s merely that new opportunities and projects are so much more amazing or enticing!
They are non-traditional in the way they think and the way they do things. They will alter the method things are done just because they can. They are travelers, pioneers, and creative thinkers who have results as their prime objective.
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Contemplate these qualities:
1. Here and now moment mindset. They have no negative anchor thinking and spend zero time rehashing yesterday. They understand that TODAY is where it all occurs. They will begin early and finish late to get ahead of any schedule, timescale, or rival.
2. Their work is an experience. They have no conception of real work since whatever work they do is enjoyable for them. The moment it starts to seem like work, they are gone. They are the very first out of the door when the fun stops.
● This is why you’ll never ever find any genuine entrepreneur in a typical employee situation. They don’t like complying with anyone else’s rules. They don’t like being directed what to do, either. They are really independent in their thinking and approach.
● Being a business owner is practically like having an obsessive-compulsive frame of mind. Which is the way lots of them have actually been described by family members as workaholics. The business owners themselves don’t see it like that, of course, but everyone around them does!
3. Entrepreneurs are not great at planning and preparation. It’s not because they’re incapable. It’s due to the fact that preparing more than a few steps ahead is meaningless in their mind. Instead of having any comprehensive strategy or blueprint to follow, they view organizations and sometimes life as if they were driving down the highway at night.
● You have your brights lights on, showing the next 200 yards of the highway. You can see what is taking place in that space just ahead. Now you have the time to stop, change lanes, or maneuver around any barrier.
● They hope that as they drive along, in that continuously shifting 200 yards of area, they will be able to respond and react to whatever that comes their way. It’s all absolutely under their control. That’s all any entrepreneur requires: the next 200 yards.
● Their capability to believe on their feet, alter instructions at will and let their intuition run free choice look after whatever. They never ever question that, EVER.
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Working With An Entrepreneur
Working with a business owner can be frustratingly tough. They have a continuous circulation of new ideas, viewpoints, and jobs. They don’t care much for planning, and they have no time at all for waiting. They live relatively in the NOW and battle to understand why everyone doesn’t believe like them.
This is why real entrepreneurs and business owners are singular beasts who work effectively independently or as team leaders, but very rarely as team members. The only rules they have an interest in are those they make themselves.
On the plus side, being close to an excellent business owner or entrepreneur is an outstanding education. It’s continuously fun. It resembles playing ‘the fast-paced version of the game of life’ every day.
Do these qualities describe you? Possibly you’re a real business owner too!
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Conclusion – How Do Entrepreneurs Think Really
Don’t get overexcited just yet. Keep your inner entrepreneur on a leash, and don’t go cashing in your retirement savings to follow your entrepreneurship dream.
Suppose you have never been an entrepreneur and are thinking about it. In that case, you may want to consider taking an entrepreneurship course. At a minimum, you should do some in-depth research or review the right type of books on startups before leaping into the pool. Maybe attend some small business conferences, find a local meetup, or drop into an early-stage incubator.
How do entrepreneurs think? They pay attention to what they think! Start paying close attention to your thoughts and ideas. Begin jotting down a few of your ideas and then start developing some of them. Start anticipating obstacles and making a note of possible solutions. If you have a trusted friend or colleague, use them as a sounding board for your thoughts and interests. If not get a business coach from organizations such as Score.org.
Do your homework and research before committing time, energy, and capital. This is my favorite step, as I teach this topic. Grab a book, attend a webinar, review the Small Business Association website, etc. about writing a business plan and product overview for your better ideas. If it will take a lot of research, find someone who may be able to help with market research such as a mentor at SCORE.
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Fiverr has freelancers who can help helo with this aspect. There are also applications that can help. Run the numbers objectively. If you genuinely think one or more idea of yours is a winner, it could be.
Launching a business can be one of the most exhilarating and nerve-wracking undertakings of your life. While there is no exact formula for success, you can take some steps to improve the odds of your business survival.
The subject of business owners and entrepreneurs has lately become a hot and trendy topic. The media worships the startup entrepreneur “one of a kind” type that movies and TV shows like Shark Tank have introduced. As a result, many ask themselves the great question, “Can I be one?”
While entrepreneurship can be rewarding for any host of reasons, it requires a particular person to excel. Whether he or she is going into this world after graduating from school or career transitioning (laid off, quit, etc.) out of a 9-to-5 job. There is a multitude of questions to ask yourself before making a move. Hopefully, we have helped you on the journey to answering them.
References you may find helpful.
The 5 Key Benefits Of Niche Marketing To Your Business
What Affiliate Marketing Is And How It Actually Works
6 Questions You Must Answer ‘Yes’ to Before Becoming an Entrepreneur
Cities and Industries That Could Create the Next Silicon Valley
9 Questions Smart Entrepreneurs Answer Before Starting a Business
About The Author
Theodore Henderson works with business owners, entrepreneurs, and corporate professionals on their business skills, marketing, and leadership strategies. He is an Amazon best-selling author, a Certified Career Coach, Business Skills & Leadership Coach, and a Certified Social Media Security Professional Powered by CompTIA.
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Visit The Wisdom4Business Blog for the complimentary series on business startup and entrepreneurship.
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