The Entrepreneurial Mindset

As all of us in entrepreneurship education somewhat agree, entrepreneurship is really a mindset — a way of thinking.

Entrepreneurs at every level have shared their insights with us on how and what they think about when it comes to entrepreneurship, and what entrepreneurs “do.” What it all boils down to is this: perception = reality.

Aspiring entrepreneurs may have a different view than those that have been around a while. In a small or mid-size business, those who did not personally start the company might hold a different perspective than those who did.

Sometimes we have to re-frame how we receive or interpret what we see or hear. No matter where you are in the world, a single word or phrase can have very different meaning. The real key is how entrepreneurs react to what they see in the marketplace. We all believe, at a high level, that entrepreneurs are individuals that see an opportunity in the marketplace or a problem they would like to solve, or an opportunity to provide some type of service or product to the marketplace.

Some do deep investigations and others just jump right in. Either way, at a high level, that is what we believe entrepreneurs do. Some say they are risk-takers. The bottom line is this: understanding the mindset of how an entrepreneur works can help aspiring entrepreneurs to act.

In the meantime, you don’t need to become a researcher on the subject of whatever business you are launching. If you believe your neighborhood needs a coffee shop, do a little bit of market research. Investigation is important, but if you put seven years into it, you will have missed the boat.

At one point, you have to act based on the information you have. Verify it by piloting your product or services or partnering with organizations that allow you to engage potential customers and build a pipeline can also help enhance the probability of your business succeeding before you launch it.

BEFORE YOU GO:

We see our blogs as opportunities for dialogue. Please share your thoughts as comments.

1. Understand the difference between a start-up and a small or medium-size business.

2. Analyze the market but don’t be come a researcher on the market.

3. What other tools or insights have you used to keep you going?

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Faris Alami is Founder and CEO of International Strategic Management, Inc. (ISM). He works internationally, presenting Exploring Entrepreneurship Workshops and other entrepreneurial ecosystem — related ventures.