If your current job just isn’t satisfying, it may be time to move on. Doing so, however, doesn’t commit you to going to another company to do the same work. Leaving your job can be the first step towards a complete break from what you’ve done thus far. It can create the opening you need to become an entrepreneur.
As a rule, entrepreneurs are systematic practitioners of innovation. The nineteenth century French economist Jean Baptise Say said that the entrepreneur "shifts economic resources out of an area of lower productivity and into an area of higher productivity and greater yield". The entrepreneur must forge a mind that is constantly attuned to sources of wealth creation. He or she must always search for change and disruption and be ever-ready to take full advantage of them at every opportunity.
To cultivate the mind of an entrepreneur you should seek to develop the following 4 habits of mind. These are not habits you need before starting a business; they are ways of seeing and thinking that you should put into practice along the way.
1. Analyze the Unexpected
People tend to associate the unexpected with bad or catastrophic events. It can be that, of course, but the phrase can also refer to unexpected success. Let’s say you’ve set up your business and launched your product. A few months down the line, sales are much in excess of what you expected. Your next move is to determine what that means. Have you underestimated the demand for this product? And if so, what else may your target market be in need of? Answering these questions can inspire new lines of product development and lead to new sources of revenue and profit.
2. Be Familiar with Industry Changes
Nowadays, industry structures are extremely brittle. As soon as some process, scheme, or best practice becomes widely accepted, someone comes up with a new idea that is more cost-effective and value-enhancing. You cannot afford to be outdone by your rivals on these fronts. You must get into the habit of investigating new ideas in sales, marketing, recruitment, organization, and production; for one or more of them may actually end up producing the right results.
3. Embrace New Technologies
In connection with the point above, you must keep on top of technological advancements. Even if you trained as an IT guy, you may not be as current with what’s new once you’ve turned your attention to the management and administration of business. The best way to keep up on e-innovations and what can be done with them is to maintain a steady inflow of fresh talent from the IT world.
4. Design an Organization for Entrepreneurial Work
Entrepreneurship requires you to create the conditions that will facilitate innovation. The positions you create and the processes you establish must be such that everyone in your company is willing and able to perceive change as an opportunity rather than a threat. Indeed, one of the best ways to make your company thrive is to train and educate everyone in it to see and think like an entrepreneur. The drive to discern and exploit new sources of wealth creation should become second nature to your employees. Your organizational design should incorporate a diverse workforce of individuals who are able to take initiative, adapt quickly to new circumstances, and systematically improve their own performance and that of the company.
Part of becoming a successful entrepreneur is seeing and thinking like one. Entrepreneurship is a discipline that involves following certain methods and practices when approaching business problems, as well as seeing markets and the industries that serve them in a certain light. Once you develop these mental habits in yourself and inculcate them in your employees, you’ll be on your way to attaining the freedom and fulfillment that comes with running your own business.
Are you ready to change your life completely? Are you ready to stop being an employee and start being an employer? Are you ready to see and think in a way that will make your startup grow and prosper?
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