Being an entrepreneur requires determination, stamina, the courage to take risks, and the fortitude to withstand failure. Yet what's the good of having a dream if you don’t think like an entrepreneur?
Recently, the Kauffman Foundation, a non-profit that focuses on education and entrepreneurship, compiled incisive insights on this topic from top thought leaders, including a professor who teaches entrepreneurial thinking at the University of Virginia. Here are some key takeaways from the Kauffman Foundation article that can help any entrepreneur:
1. Ask questions
Curiosity is a great way to keep the entrepreneurial flame going while discovering new ways to achieve the next goal. When you stop asking questions, complacency and indifference can set in—both of which are the scourge of visionary thinking. Never stop asking questions, and remember that curiosity is the signature of a true entrepreneur.
Being able to think and do things off-the-cuff is a quality that all resourceful entrepreneurs share. And because business success can often be arbitrary and relative to factors beyond the entrepreneur's control (i.e. economy, market trends, etc.), it's imperative to master the art of improvisation. Getting locked into a restrictive mindset squashes imagination and spontaneity, both of which are necessary attributes of the successful entrepreneur.
3. Be open to risk
To launch a business, it's a given that you must be willing to take a risk. That tenet is Business 101. Without the willingness to take chances, an entrepreneur cannot push forward to pursue his or her dream. "Entrepreneurs are in constant motion, pushing forward despite the environment surrounding them," writes Kauffman Foundation author Alex Krause. "In an ongoing hectic environment, risk is part of the day-to-day, and thinking in such a way that expects risk and helps entrepreneurs respond better to risk."
To paraphrase an old business adage, failure is the precursor to success. This might sound like counterintuitive thinking, but it isn’t. Without making mistakes, you will never learn from them and be able to take the next step with the new knowledge you’ve acquired.
5. Don’t go it alone
Successful entrepreneurs rarely operate in a vacuum. “Whether it’s business partners, investors, networking, or competition, successful entrepreneurs are never alone,” writes Krause. Similarly, if you’re an extrovert, it’s incumbent that you leverage your natural social skills to cultivate and seek out those who can help you with your ventures and vice versa. Conversely, if you’re an introvert, then you will need to overcome your innate shyness to forge partnerships with others leading to success.
6. Be self-driven
Having discipline and motivation are integral for thinking like an entrepreneur. Without these traits, you will not have the wherewithal to stick to a schedule, be your own boss, and assume accountability. Being an entrepreneur often means learning to forge your own path. There will be obstacles along the way—there always are—but learning to think more creatively and getting comfortable with risk will go a long way to helping you achieve the success you’re after.
Bank of America, N.A. engages with Touchpoint Media LLC to provide informational materials for your discussion or review purposes only. Touchpoint Media LLC is a registered trademark, used pursuant to license. The third parties within articles are used under license from Touchpoint Media LLC. Consult your competent financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.