How To Become a Successful Entrepreneur

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“How do I become a successful entrepreneur?”

This has to be among the first and most frequently asked questions by almost every aspiring entrepreneur. It is so because unlike most conventional jobs, being an entrepreneur, and a successful one at that, doesn’t quite have a proper road map. Many even believe it to be a streak of luck, one’s IQ, charisma, personality, and sometimes even an inherited trait from a bloodline of successful entrepreneurs.

As such, many narratives have been given to explain the “how” behind entrepreneurial success. So many in fact that there are 212,000 results for this question alone on Google’s organic search.

But, despite the numerous responses, one question still remains unanswered; which of these responses is closer to the truth? Well then, let’s find out what it takes for you to become a successful entrepreneur.

Studies Explaining What It Takes To Be A Successful Entrepreneur

It may be relieving to know that while many entrepreneurs like yourself were pondering over this question, so were experts and scholars within the field. During the Global Entrepreneurship Mindset Project, the Global Entrepreneurship Research Network, wondered what led people to becoming entrepreneurs and being successful at the craft? Is it a measurable characteristic? Do some cultures nurture it more than others? Why do some people seem to have it while others don’t?

The leading cause of entrepreneurial success or failure stems from the mindset of the entrepreneur.

What Does ‘Having An Entrepreneurial Mindset’ Mean?

It is this series of questions that led them to form the Global Entrepreneurship Mindset Project. This was a scientific approach to proving, through the use of scientific data, the elements of an entrepreneurial mindset and the importance of such a mindset in the growth and success of entrepreneurship. According to the findings by Kelly Shaver and Immanuel Commarmond, the two scientists involved in this research, the leading cause of entrepreneurial success or failure stems from the mindset of the entrepreneur. Apparently, your cognitive ability to organise your ideas, and the behavior you show when transforming the ideas into reality, is most likely what drives you to be an entrepreneur and equally what determines how good you will be at it. After this powerful realisation, one would ask, what are these factors that sum up to an entrepreneurial mindset? In the study presented above, nine factors have been pointed out as being some of the highest indicators of a person having a mindset for entrepreneurship.

Here however, we will discuss what can be considered as the five most important elements of an entrepreneurial mindset.

Confidence

Confidence has remained the top most desirable trait for success in almost every field of life. Be it a job interview, an audition, a speech, handling a client, you name it and confidence has to be present. Entrepreneurship too relies on confidence. The ability to believe in yourself and in your vision cannot be further emphasised. It is this belief that will propel you and your ideas further into entrepreneurship, and drive you closer to success.

Diligence

While you need to be determined and to make effort in all matters relating to your entrepreneurial venture, what you may need to focus your diligence on even more will be your ability to be flexible and adaptable. Entrepreneurship is a tumultuous world and to navigate it, flexibility and adaptability are key. You cannot afford to remain static in entrepreneurship. Doing so only prevents you from realising other opportunities and ends up hindering your growth.

Desire for Entrepreneurship

One of the most highly undermined aspects of an entrepreneurial mindset is having a desire for entrepreneurship. Many take up entrepreneurship because they are driven by the need for money, freedom or status. This should not be the only motivations to becoming an entrepreneur. To add on to the list, you should consider incorporating the desire to be an entrepreneur. We say this because sometimes, things do not go as planned when it comes to entrepreneurship. Before you break even, frustration may come your way. At this point, only one thing is likely to keep you going. It is not the money, nor the possibility of being renown, but the desire you have for entrepreneurship that will sail you through.

Innovation

Often having to identify opportunities for the future, entrepreneurs should be able see things for what they can be. Much like having an invisible crystal ball, they should posses the ability to predict, and analyse beneficial trends and patterns. They should also be capable of creating valuable products or experiences from these predictions, resulting, in a world full of improvements.

Focus

You cannot afford to waver in entrepreneurship. The steadiness of your vision is a make or break factor to your entrepreneurial success. Remaining focused therefore, is part of the vital elements of an entrepreneurial mindset..

Where Do I Get Resources To Grow An Entrepreneurial Mindset?

While these are definitely not the only concepts that help form an entrepreneurial mindset, they have been considered to be among the most important. With that said, can one learn or grow these concepts? The answer is yes!

Using platforms that expose your mind to journey’s of other entrepreneurs, for instance: books and blogs, videos or podcasts, you can easily develop these new perspectives. Similarly, by engaging with other entrepreneurs or taking part in entrepreneurship-related events, you can get a chance to learn by asking different questions and discovering hidden opportunities for the future.

Also, being on sites such as Edventures helps expose you to training and guidance from experienced entrepreneurs and entrepreneurship trainers. This can in several ways impact and help you cultivate these or many other concepts that will grow your entrepreneurial mindset even further.

Grow Your Entrepreneurial Mindset at Edventures

Having an entrepreneurial mindset is no easy feat, but it is definitely worthwhile. And it is achievable. That’s why we are here to help you achieve this important step.

We are here for you, the budding entrepreneur. So, do you have an idea that you want to grow but don’t know where to start? Do you want to solve some problems in your community? Do you want to add value to the people around you? If yes, sign up for our waitlist!