How to think as an Entrepreneur, you ask me.
Starting a business? Investing in a startup? Inventing your own business model?
Either ways, the most important thing you must have as an entrepreneur is the ability to think like one.
Often, in my discussion with several business enthusiasts, I discovered that, although enthusiasm is there (Which by the way is one of the most valuable attributes of an entrepreneur), a larger percentage of them lack the ability to think like an entrepreneur.
Surprisingly, thinking like an entrepreneur is not an in-born attribute; it can be mastered with practice over time, which is why I have decided to write on this topic, and hopefully, it would serve as a guide to business enthusiasts and prospective investors.
Time: When you work for somebody (Corporate Job), you’re held accountable to the system. Your boss would always make sure you show up at work every day, lunch break is limited and you must clock in within the appropriate time.
When you own the business, the time rule is bound to change, because you’re not in danger of losing your job. Most beginners see this “freedom” as a way to monitor their business and do other things.
As a serious entrepreneur, other than money, time is one of your greatest assets (You can always buy ideas). You’re not supposed to monitor your business and do other things within the business hour.
Because you’re not allowed to do other things while working for others, the same rules should definitely apply to your business, if possible stricter rules should apply.
In thinking like an entrepreneur, you want to make your business hour as sacred as possible, this would in-turn make family members and friend respect your work and keep them away from distracting you.
Opportunities and Ideas: This part might be a little bit confusing, but I will explain the basis in a way that would keep the concept clear enough.
A larger percentage of people think outside the box; which is the conventional idea that has been around since time immortal. The truth however is that; entrepreneurs are not supposed to think outside the box.
Entrepreneurs think within the box.
There is no point inventing the wheels all over again, while you can always re-invent the wheels and drag people to your “new wheel”. The best ideas are product of pre-existing ideas.
The main thinking model of an entrepreneur when it comes to business ideas is simple; sample three similar businesses, analysis their failures and create another business that would solve the problems of the pre-existing business.
Need examples? Myspace has been around for years, it was doing fine, but all of a sudden, the site went into emergency extinction the moment Facebook came on board. The tactics behind the success of Facebook over Myspace is simple; Myspace technology isn’t sophisticated enough to connect users with their real life friends, Facebook fixed this.
Need more examples? Ever heard of uber? Basically, Uber is a transportation company without a car. Yes! They connect drivers with passengers and earn a percentage from the payment you make.
The car hire/Taxi business has been around for decades, so there is no point in buying your own car because you want to start a transportation business, Uber created a platform that connect passengers to drivers. That’s what thinking as an entrepreneur entails.
Now, you know entrepreneurs don’t do other things with their business hours, you also know they don’t invent the wheels, entrepreneurs re-invent wheels.
Go out there and put this model into workings.