The idea of entrepreneurship might sound appealing to many, but not me. To be honest, I dread the thought of being an entrepreneur. Not because I’m lazy, I mean I work my head off in my current line of work, but it also begs the question, how rewarding is the ‘9-5’? Even with that, I’d still probably be the first person to tell you that I don’t have an entrepreneurial mindset.
Entrepreneurship sounds cool to many people, mostly because it is sometimes more financially rewarding, or because it presents some kind of freedom you wouldn’t otherwise get if you’re answerable to a superior.
Other times, I think some folks go into entrepreneurship because they just want to add the title of ‘CEO’ to their name, even though they are running a “business” with N5,000. Trust me, I’m not judging.
The pertinent question here is; Is entrepreneurship for everyone? Should you quit your 9-5 and go start your own business?
To be successful as an entrepreneur, you have to make money (enough money to ensure you are profitable). To do this, you need to have the right mindset and processes in place. Let me share this lesson I learned from somewhere.
What is an entrepreneurial mindset and how do you know if you have it?
Consider this your entrepreneurial litmus test.
Belief that you will succeed
Do you believe you’ll be a successful entrepreneur? As a man thinks in his heart, so he is. This is the first and most important entrepreneurial mindset that everything else flows from. This is the biggest determining factor in whether you become successful as an entrepreneur. This means that you create your future.
Commitment to succeeding
Belief without requisite action is pointless. It is one thing to believe you will succeed, it is another thing to do the work towards achieving that success and be committed to succeeding no matter what. This means you are; committed to taking massive action until you get the result you want. All the failures and obstacles that come up don’t stop you and you are resilient towards your goal.
An obsession with marketing and business:
A good entrepreneur is obsessed with business and marketing as this is how you actually make money. As an entrepreneur, you make money in your business by providing something in the marketplace that someone else buys. There is a product (or service) to market match. Since there is so much competition out there, to be successful in business, you need to get your marketing right.
Thinking you’re worthy of making, having, and charging money
The critical entrepreneurial mindset is that you have your money mindset in check. If your money mindset is a mess, you’re going to have a very hard time being a successful entrepreneur. If you don’t think you’re worthy of receiving a lot of money, you won’t be able to charge what you are worth and consequently won’t make a lot of money. Financial expert and best selling author, Rachel Cruze gives her definition of the money mindset here.
Measure based on results:
This means that at every point in the business, you’re keeping track of key performance indicators (KPIs). These will be different for everyone, but successful entrepreneurs are clear about what they’re measuring and where they’re going. Revenue, expenses, and net profit are some of the most important results to measure on a regular basis.
Invest in yourself:
The final entrepreneurial mindset is investing in yourself. Successful entrepreneurs spend money on self-investment opportunities that will provide a profitable return, such as courses, coaching, books, etc. Successful entrepreneurs find people who are doing what they want to be doing and they learn from them.
If you do not possess all or most of these qualities, then you might need to reconsider going into entrepreneurship. It also does not mean you have a problem or that you’re incapable of making money.