Developing an Entrepreneurs Mindset
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The BIGGEST problem new entrepreneurs face is? Raising finance? Nope! Deciding what business to run?
01:05:53 of on-demand video • Updated June 2019
- Healthier lifestyle
- Working from home
- Developing an entrepreneurs mindset
- How to overcome isolation whilst working from home
- Health related issues. Saying no
- Motivation whilst working from home
- Ideal home office
- Right and wrong ways of doing it
- Offline lessons
- How to deal with people who say you don't have a real job
English [Auto] In this video I want to talk about developing an entrepeneurs mindset because the way that entrepeneurs think is often very different from the way that ordinary working people think and a lot of people say that entrepreneurs have a different attitude. It's true but it's not just attitude. You need to have the right attitude. So let's take a look at some of these character traits that many entrepreneurs share. Well one character trait that many entrepreneurs share is curiosity. They're curious about the world around them and they like to look at things they like to see how things could be done differently and they tend to be very curious people they tend to have a wide range of interests. The next character trait is decisiveness. They're not afraid of making decisions. They'll weigh up the pros and cons and then they'll go in and they'll make the decision and they'll stand by it. Right or wrong they don't shilly shally and think shallow short die do I. Don't die now. They'll make the decision and then they'll stick by it. Another entrepreneurial trait is fearlessness. You know sometimes they have to make a real leap of faith but once they've decided don't do it like the side of the book says yeah they'll feel the fear but do it anyway. And that is another character trait that many entrepreneurs share. Then there's risk taking. You know most entrepreneurs are not afraid to take a risk and they enjoy the adrenalin buyers of taking a risk you know lots of entrepreneurs play poker high stakes because that's the thing that they enjoy. That's what makes them want to get up in the morning is the fact that they can take a risk that they can take a gamble and if they've calculated the risk properly then it'll come off if they haven't. If it goes wrong well they're prepared to take the consequences as well. And that's something that a lot of people who are used to having a steady job with a guaranteed income find very difficult when it comes to you know becoming a business owner or becoming an entrepreneur. Then they tend to be in perfectionist. They don't wait until everything is absolutely perfect before launching a new business or launching a new product because they know that once the time is right then you've got to get it out to the market or somebody else is going to beat you to it. So they don't wait until everything is absolutely perfect as soon as something is good enough then they will get it out of the market and they will then move on to the next product or on to the next business. And finally they work with ruthless efficiency. There's no room for sentiment in business as far as they're concerned. Their main objective is a healthy bottom line. And if that means that they can get something done cheaper or better somewhere else then that's what they're going to do. And that is another characteristic that makes entrepreneurs. Well it makes some entrepreneurs rather unpopular but it does make them very popular with shareholders and people like that and other entrepreneurial character trait is perseverance. And as it says here from dictionary dot com. Perseverance is a steady persistence in a course of action a purpose a state and so on especially in spite of difficulties obstacles or discouragement. And this is something else. Entrepreneurs don't give up. They carry on they carry on until they meet their objective. And that is something else that sets them apart from ordinary working people and another entrepreneurial trait. And this is why they're so curious is they know that anything can be made into a business. You can take anything and you can turn it round into a business to make money. And that is something else that sets entrepreneurs apart from ordinary working people. Let me give you a few examples of people who have done this and the first example here is Mark Zuckerberg and Mark Zuckerberg started Facebook while he was still a student. In fact he started Facebook as a way of raising girls he have pictures of different girls and people would be invited to rate them on a scale of 1 to 10. But of course he didn't have very many pictures of girls or so the story goes anyway. So he hacked into some of the computers at Harvard University in order to get hold of these pictures so that he could have them on his Web site and go into serious trouble because of it. Although the charges were later dropped and he turned it into a full time business. And now it's worth mega money and of course you can find Mr. Zuckerberg Web site here at Facebook dot com. Let me show you another example. This second example is Carole Middleton and she runs a business called party pieces which makes party bags for children that do other things as well now. But they started out making party bags for children. She's got three children and when they were small she was giving a party and she found it very hard to track down all the party favors and all the other things that you have for kids at kids parties. And so she started this business at her kitchen table because she thought if it's difficult for me to find all these things there must be other parents who give parties for their children who find it hard to track all this stuff down as well. And she started a business off line that was mail order and then they went online and now most of their business comes from their web site and the business makes so much money that her husband was able to quit his job and joined the business full time. And this is the Middletons Web site party pieces dot uk. And it's a fairly ordinary shopping cart type of site because it's a privately held business. Nobody really knows what the turnover is but it's estimated to be a good seven figures every year and I'm sure there are lots of other sites on the Internet that turn over a certain amount of money and are run by people that you never hear of because they stay pretty much under the radar. In fact I'm sure the Middletons would've stayed very much under the radar were it not for the fact that their eldest daughter Catherine known as Kate married Prince William of the United Kingdom. One more example to show you and our final case study is Richard Branson who is perhaps one of the world's best known entrepeneurs and he started his first business while he was still a teenager in fact. So the story goes he actually started two businesses one breeding budgerigars and another selling Christmas trees and they both went out of business and he started his third business which was a magazine while he was at school while he was still in high school and now his Virgin Group has more than 400 different companies worldwide and they operate in all sorts of different industries music airlines finance and a whole lot more. And you can see here on the Wikipedia page for the Virgin Group it lists all the different companies that they've had over the years and all the different subsidiaries here and so on. And another character trait of most entrepreneurs Hamid that most entrepreneurs know is that you have to work smarter not harder. And they also know that pay is not the result of work. You know most people who have a job they work out how much they should be paid so much an hour so much a day so much a week and it all adds up to a certain amount every year. Well entrepreneurs don't look at it that way. They know that pi is not the result of work that the amount of money that they make is the result of the decisions that they make and the amount of time that it takes to do that is so completely irrelevant. It's what the decision is and how things work out. And this is another thing that is very difficult for most people to grasp because for a long time you know people are told You have to work at a job and you get paid for the result of the time that you put in. And I suppose most people get this from school. That's what you're taught in school you know time is money and therefore you sell your services and you sell yourself by the hour or by the month or by the year. And so there is this correlation between time and money. But most entrepreneurs don't think that way at all and that's what sets them apart. Another thing that entrepreneurs know is that you don't try and do everything yourself. Think about it. Richard Branson's got 400 companies employing goodness knows how many people he couldn't possibly do every single job itself. But of course when you are someone who works at a job perhaps it's not a management job. Perhaps it's just an ordinary working type job. Then you try and do everything yourself because that's what you've been paid to do. So of course entrepreneurs know that they have to outsource and this can either be to other people or it can be to other companies and you know people outsource things all the time you outsource staff. Every time you put a stamp on a letter and put it in the mail you're outsourcing the delivery of that letter to the post office for the price of a stamp. So the whole thing they're trying to do is hire employees to work in the business and hire executives to run your business for you. That's something else that's very important when you're an entrepreneur because you can't do everything you can't know everything. So you have to hire people who know how to do what you don't. But at the end of the day being an entrepreneur the sort of mindset means that they know that it's all down to you. You have to make the decisions you have to have the vision and the drive and that is what sets entrepreneurs apart from other people. So ask yourself if you got what it takes to be an entrepreneur.