In continuation of our theme this month on Becoming an Entrepreneur, this week we explore the Mindset of the Entrepreneur.
Entrepreneurship is everywhere. From the high school drop out who decides to peddle his music on Soundcloud to those pop-up stalls that sell phone accessories.
It is even present in those full time employees who have a side hustle on Shopify selling custom T-shirts.
So long as you create an Idea into a product you exchange for cash, you are an Entrepreneur.
Yes as common as it seems, there are many people who are not entrepreneurs. There are many more who desire to go into entrepreneurship but do not know how to go about it. Some even think they do not have the DNA for entrepreneurship.
Yes starting your own company is the most likely way to financial freedom.
So what mindset is required to become an Entrepreneur?
There are a lot of characteristics that make up the mindset of an entrepreneur from grit to being a sales person – there are many attributes that every entrepreneur needs to cultivate in order to be successful.
From my point of view though, I believe that the most important mindset is to be a visionary problem-solving thinker who is not afraid to fail.
You must be able to see problems in your life and in the lives of others. You must be able to see problems in your community and country. You must be able to see problems in your region and in the world.
You must then be able to envision a solution. And keep mulling it in your mind over and over again. You must be willing to discuss your ideas with those close to you and to solicit feedback from your online and offline networks.
You must be willing to take action to test your solution and to use failure to improve your proposition. You must be willing to accept rejection from potential partners, customers and investors.
Once you develop this type of problem-envisioning-feedback-testing mindset– I call it the PEFT mind, you will be able to quickly start multiple companies, fail at some, succeed at others and grow on. The one or two that do well, can make you very successful while ensuring your legacy in the world.
In the last 6 years, I have launched 7 market solutions – 3 are doing very well, 3 are so-so, and 1 has failed. But all through I have gained experience that has improved my mind and grown my self-belief.
I enjoy you to cultivate the PEFT mind and there will be no barriers to your becoming a successful entrepreneur.