How To Think Like A Successful Entrepreneur

In these times, where individuals prefer to start their own businesses rather than working under someone else, the mindset is the first thing that needs to be worked on. While a person who works at a company typically gets a consistent income for their work, that is not the case with an entrepreneur. They have to create value for their customers with their creative ideas before they can even think about getting money in return.?

Furthermore, they also need to take full responsibility for themselves, and if they succeed, the responsibility of those under their wing as well.

Here few a few other things that make a successful entrepreneur:

Creating Capabilities Instead Of Solving Pre-existing Problems:

While an entrepreneur is usually encouraged to look into the frustrations and annoyances in life to come up with beneficial solutions for them, successful entrepreneurs prefer focusing on anticipating the needs of people rather than reacting to the existing ones.?

For example, the Apple Store came into existence only because Steve Jobs thought it would be great if one could download different applications on their mobile to serve different purposes.

Expecting Failure:

When wanting to be an entrepreneur, one needs to keep in mind that one could fail a lot and even fail hard. Having such a mindset, believing that mistakes are inevitable, gives them the freedom of making them and learning from them instead of being disheartened by them. They also recognize the fact that the first idea wouldn’t necessarily be the best.?

For example, YouTube initially started as a video dating site until a video of an elephant at a zoo was posted on it, and almost everyone was interested in watching it.

The most successful entrepreneurs even have an expected ratio for failure like 3:1. They know that if they succeed that one time the other failures would be worth the risk.?

For example, Google works by a ten percent ratio for risky moves that could result in absolute failures or extreme successes.?

Have The Energy To Do It:

If you wish to set out on your journey of becoming a successful entrepreneur, you need to actually start that journey. You need to work on yourself and your ideas because if you don’t carry through on those ideas, you won’t be able to give them their final shape because ideas require you to work on them before they become clear and fully formed.

Outwork Everyone Else:

If you wish to get ahead of others, you need to be willing to put in more effort than the rest. To come out on top, you need to take advantage of other people’s negligence and laziness, similar to how the founders of Paypal did.?

When they were in their constructive phase, Visa tried to sue them for entering their credit card business, but they told them to study the problem for 12 months before doing so, and before that period was over, they had already sold to eBay.