Most people desire to become their own boss someday, without the regular 9 to 5 schedule that comes with working for someone.
According to business experts, every economic downturn as the country is currently experiencing, offers an opportunity for creative thinking and investment that will position entrepreneurs for growth when the economy bounces back.
It is common knowledge that being an entrepreneur comes without the security of a job or any of the perks that an employee takes for granted and oftentimes, entrepreneurs battle with the fear that their idea may not yield the kind of return they have in mind.
However, experts say that the first step is for a would-be entrepreneur to have a conviction that he truly wants to be independent, and also chooses an appropriate investment, which should be one that he is passionate about.
They add that often, words such as aggressive, leader, street-smart and risk taker, among many others are used to describe good entrepreneurs but that the challenge is in changing one’s attitude to fit all the adjectives.
In addition to having a viable idea, experts say entrepreneurs must abide by the following rules:
Learn to be perseverant
Start-ups and entrepreneurs analyst, Mathew Maniyamkott, says there is no power like perseverance.
According to him, an entrepreneur will be repeatedly subjected to rejection and could also encounter naysayers at every step of the way.
“One should be immune to criticisms and learn to treat success and rejection in the same way. Disappointments are difficult to deal with, but are also chances to learn and absorb the most. At the same time, success should never give someone a heavy head on their shoulders which can make them highly opinionated and shut them to new and better ideas,” he says.
Develop positive attitude
One needs to have the ability to put things in perspective and analyse them in a positive manner.
According to Maniyamkott, one of the things to do is to look for ways to find a good lesson to learn from every roadblock faced and use it as a means to better the business.
He adds that the right attitude makes a lot of difference to any predicament.
“Never obsess over past mistakes, try to learn from it and move on,” he says.
Do not hang around for permissions
Experts say it is always tempting to seek opinion on an idea but that the true entrepreneurial mindset forges ahead; not hang around for approvals.
They note that entrepreneurs are not satisfied with the status quo and they dare to challenge them.
Welcome change with open arms
There is nothing like change; it satiates an entrepreneur’s hunger, Maniyamkott says.
He posits that intelligent minds usually prefer chaos and that only in such thriving uncertainty do great minds perform miracles. He advises entrepreneurs to take up challenges that scare them and rise to the occasion as challenge helps them look at adversity in the eye.
Develop a curious mind
Developing a curious mind involves the ability to see things from different angles and according to business analysts; it is a gift that is acquired through lifelong pursuit of knowledge.
They note that a wide-ranging curiosity to know what makes things work in the universe is a trait that is commonplace among entrepreneurs and anyone aspiring to become one must develop such a mindset.
Know your number game
According to Maniyamkott, when it comes to numbers, an employee needs not be fully aware of the nitty-gritty of a business, but an entrepreneur should know and manage his numbers.
He adds, “Cash flow is what keeps his business afloat. Metrics, ROI per marketing channel, gross margin and burn rate are some of the numbers that an entrepreneur is expected to know. Get comfortable with these numbers.
“When we embark on a new journey, we are engaging in a small act of entrepreneurship. Having an entrepreneurial mindset is all about thinking and doing something that has not been done before to achieve a goal of yours.”
