Business

The Mindset of the Entrepreneur.

By Ogbonnaya Agom-Eze, Editor-In-Chief

Entrepreneurship is the ability as well as willingness to organize, develop and run a venture bearing in mind all the risks, costs and profits associated with it. In most cases, the most common type of entrepreneurship is starting a small business, (4, pp. 15-19). People or entities venturing into such kinds of business are referred to as entrepreneurs. In most cases, entrepreneurs thrive by identifying a market gap, designing or modifying products to suit the market need and delivering the products to the target population of consumers. Typically, entrepreneurs are entities that occupy different occupational capacities in the society. Therefore, to be an entrepreneur, it requires one to step out of their comfort zone and venture into unchartered territories (4, pp. 15-19).

Not every business qualifies as entrepreneurship. As a result, it is essential to understand some of the examples that meet the mettle of entrepreneurship. In the world today, several people have ventured and come out triumphant in the field of entrepreneurship. Some of the renowned entrepreneurs include Jeff Bezos, Sam Walton, Steve Jobs, Mark Zuckerberg, Benjamin Franklin, and Oprah Winfrey among many others. Additionally, the four levels of entrepreneurship include the scalable startup, social, large company, and small business entrepreneurship, (2, pp. 168-186). All these levels of entrepreneurship require the creation of a new business idea that is unique to other ventures already present in the market.

Innovation

As an entrepreneur, it is essential to have a creative approach to life. Innovation/Creative is the first mindset of the entrepreneur. Creativity helps in identification of market niche and formulation of ideas to best solve the market problem to fit the newly found innovative cubbyhole. However, creativity should be complemented with comprehensive market research. Market research is vital in identifying the hurdles, the expected costs, the loopholes as well as the legal requirements to be met (1, pp. 1-23). The background study of the market and research is vital in aiding an entrepreneur on the model of business approach to adopt.

Execution

An “execution mentality” is the second mindset of the entrepreneur. According to research by the John Hopkins University, most entrepreneurial ventures fail to prosper due to inadequate funding, market forces as well as poor execution. However, such evidence exists to motivate the resolute people to plan well. The execution phase is the most crucial stage of any business or venture and therefore requires adequate preparation. It is advisable to determine the source of funding, raw materials, labor, as well as the target market (2, pp. 168-186). In this segment, strategic business location is crucial to tap into the market and save on logistics fees. There are many obstacles bound to arise in the processes of starting up, but as an entrepreneur, it is important to persevere and stay focused to overcome them.

Learning

Another core mindset of the entrepreneur is the ability to learn. Learning is a continuous process. Irrespective of how much one has researched, after execution, it is imperative to be open to learning opportunities within the market. In most cases, reviews, as well as poll ratings help; however, it is necessary to take the initiative to learn directly from the consumers. The entrepreneur must make concerted efforts to continue learning from the consumers of his/her product/services. Measures such as having suggestion boxes, carrying out random surveys through questionnaires, and engaging clients online, (3) and through the social media will help entrepreneurs to learn areas of strength to maintain and areas of weakness to be improved.

Flexibility

Finally, as entrepreneurs learn from the markets, they must be flexible and adapt to the changing market landscapes. All markets in the world are dynamic. Therefore, consumer trends and tastes tend to change with time. As an entrepreneur, it is advisable to provide room for business flexibility. By so doing, the venture can be able to adapt and change to reflect customer needs and accommodate now tastes and preferences. Not only does the market change but also technology (1, 1-23). Therefore, a flexible entrepreneurial venture should readily embrace technological change relevant to its operations. In situations where the tests succeed, other similar enterprises are bound to rise and compete for the market segment. Flexibility plays a consequential role in challenging and adapting to competition to avoid being faced out.

References
  1. Cunningham, Paul M., Miriam Cunningham, and Love Ekenberg. “Factors impacting on the current level of open innovation and ICT entrepreneurship in Africa.” The Electronic Journal of Information Systems in Developing Countries 73.1 (2016): 1-23.
  2. Goldberg, Albert I., Gilat Cohen, and Avi Fiegenbaum. “Reputation building: Small business strategies for successful venture development.” Journal of Small Business Management 41.2 (2013): 168-186.
  3. Guiso, Luigi, Luigi Pistaferri, and Fabiano Schivardi. Learning entrepreneurship from other entrepreneurs?. No. w21775. National Bureau of Economic Research, 2015.
  4. Lazányi, K. “What is entrepreneurship.” Erenet Profile 7.2 (2013): 15-19.

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