THE ENTREPRENEURIAL MINDSET –  ESSENTIAL FOR BUSINESS GROWTH

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Every Entrepreneur or startup desires to be celebrated and be a model in the society. Just like the likes of Otedola, Tony Elemelu, Sujibomi Ogundele, and many more successful entrepreneurs who are celebrated in our society today. Amazingly, if the above is one of the many desires of every startup or entrepreneur, obviously no entrepreneur or startup would engage a business idea with the objective of failing. Now a brief scenario from Nigerian society pictures the fashion store owned by a tailor with almost 15 years of experience who has remained at the cubicle called a shop for years same as the popular local barber on your street. The question is, what has actually kept these folks in this state? Could it be the original aim, a lack of focus, the economy, the nation, or its customers?

As an Entrepreneur, it is good to know that generally people replicate and display the level of knowledge (information) they have in all their executions. No one would successfully act outside of the wealth of the information they have and the mindset they own.

In our age today and even before now, the amount and quality of information owned is key. The information you do not have about an entity makes you subject to such an entity. The gap between past centuries and now is the information each has. So It is the information you have that builds your outlook, attitude, and worldview.

At the inception of your business, your first intention or reason for creating or establishing is a reflection of the entirety of the information you have and the mindset you bear. Understand that every goal or objective set and the intended strategy pattern to achieve them is a product of the CEO’s level of information and mindset.

How do you earn information to build a healthy mindset?

1. Identify and Study your interest: it is a common interest to make money but then it won’t just come. There are different ways to make or convert your interest to money. Your interest could be your hobby, that is, something you enjoy doing or something you have a strong passion for which in turn meets people’s needs or solves a problem. Successful entrepreneurs create solutions before making money, you don’t start a business just to make money.

2. Identify and  Understand your Why:   Identify the problem you intend to solve, whether is it a personal need or a need with a wider audience, the location of the problem, and the people with the problem, it is when your why is focused on meeting a need with a wider audience then the scope of your business will always be larger than a business that is designed to serve a personal need, remember you don’t start a business just to make money.

2. Understand your Environment: Identify the relationship between your interest and your environment. Consider the prevailing culture and practice of your environment. 

3. Build the Right Network: Surround yourself with the right people, people of like interest, teachers, and coaches in the same line of business.

4. Educate Yourself: Much more than a college degree, you do need to be aware of the risks and realities of business ownership. Preliminarily research the idea. Poke around the web and see what you can find. Are there other businesses like this? Learn more about your type of business, Reach out to competitors, and attend events, seminars, and conferences.

5. Have a Concise Business Plan and follow it with all Discipline. On the contrary, what sets successful entrepreneurs apart is not just their business plan. Most times, it’s the attributes of the entrepreneur themselves.

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