How to Think Like an Entrepreneur

todayAugust 8, 2016 8

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By Amanda Hill
Blog Content Contributor

What defines a person as an entrepreneur? A founder of a start up… innovator of a new product. While these thoughts come to mind, our perceptions should expand to a new magnitude of what represents an entrepreneur.   The truth is, all of us have the potential to become an entrepreneur, regardless of our doubt to lead and take risks. All it takes is a mind that has the ability to think outside the box to start an endeavor as an entrepreneur.

An entrepreneur will typically be associated with characteristics such as: leader, motivator and risk taker. These characteristics are the mindset of somebody driven, innovative and confident. The first step in thinking as an entrepreneur is obtaining the mindset of one.

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Entrepreneurs are opportunity drive, so to think as an entrepreneur, you must never leave any opportunity unnoticed to expand your levels of thinking. Even pursuing opportunities outside your realm of expertise is a great way to develop your way of thinking. For example, taking note of the operations of a big manufacturing company could aid in thinking of ways to enhance the operations of your small startup. Apply unconventional knowledge to approach current situations authentically.

Opportunities are another great way to build your network to develop relationships that ensure your ability to grow. Listening and collaborating with others is a great way to acquire exclusive insight. Always surround yourself with the people you aspire to become because you are who you spend your time with. Being around the people that can support you properly throughout your endeavors will keep you motivated.

The ability to be a risk taker is one of the hardest tasks of an entrepreneur. Many people struggle with the thought of risk assessment and abandon the entrepreneur idea all together. Although risk assessment is a crucial decision making skill, every entrepreneur needs to practice being open to each idea. Taking a risk is an opportunity to take your capabilities to another level. Bill Gates went to the extreme of dropping out of school to pursue his vision of the computer that is now worth billions.

Exposure to risks will eventually result in failure. Failure is a fact of life, and is not something that should prohibit you from going after something. I do not recommend not fearing failure at all, so it is crucial to accurately compare pros and cons. Failure is a great opportunity to learn, so don’t let it hold you back.

An entrepreneur must practice flexibility to develop opportunities. Peter Economy mentions how it is necessary to “swim against the current to make great things happen”. You have to be ok with changing the path you were traveling to pursue something different. Respond to the changes happening around you to take advantage of the opportunities change generates.

Collaboration, experimentations and experiences over time will all develop your ability to think outside the box. Challenge yourself to go a degree above your current capabilities. Entrepreneurs are fearless because they take it upon themselves to create something never done before with the potential of gaining nothings and losing everything. With this type of risk, indefinite fulfillment and reward can result if you develop yourself enough to out win your competitors.

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