The Entrepreneurial Mindset
Many people have the misconception that the word "entrepreneur" connotes a person. Many people visualize an entrepreneur as a person who owns his/her own enterprise. Many people think that an entrepreneur is a person taking risks by starting and running a small business. Many people believe that entrepreneurs are creative and less logical thinkers.
Well, these many people are all wrong. Entrepreneurship is a mindset. It is a thinking process. It is a way of looking at the environment.
The non-entrepreneurial mind looks for problems and finds them. The non-entrepreneurial mindset solves problems by making decisions. The non-entrepreneurial mindset anticipates all the problems and prepared for them.
In contrast, the entrepreneurial mindset seeks opportunities, screens opportunities and seizes opportunities. Instead of seeing the danger in a crisis, opportunities are seen. Instead of making decision to solve the problem, opportunities will be pursued. Instead of making a plan to prevent problems, a set of opportunity seizing tasks are started and an initial plan to swiftly convert the idea into a reality is made. The key words in seizing are initial plane. This plan is ready to be changed on the fly when the seizing is not fast enough.
Indeed, the entrepreneurial mindset is in constant idea generation. These ideas are meant to discover opportunities to increase profitability, productivity and professionalism. These ideas are screened to determine which ideas would be incubated. The critical part of the process is checking the idea for its fit to the vision and the market. This fit test differentiates great ideas from irrelevant ideas. Both market and vision fit must be present. The market fit demands that the idea will potentially be accepted by the market. The vision fit demands that the idea is consistent with the vision of the person and/or the firm.
The incubation process tests the idea in a very manageable scale. It must be big enough to simulate reality but small enough not to critically injure the person and and/or the firm, is the incubation must be done in a very short time (others are watching and they may implement earlier). When incubation is successful, a full implementation with full human and financial resources must be done.
In the process of idea generation, incubation and implementation, the entrepreneurial mindset moves from the creative mind to the logical mind. The entrepreneurial mind is whole brained (not only left or right brained). In the idea generation process, there is more creativity but it's founded on some logic. The incubation process requires more logic and less creativity. The entrepreneurial mindset is able to balance the two sides of the brain and calls into action the correct balance as demanded by the process.
This mindset however is not only found in the body of a person who owns his/her own enterprise. It is found in the three types of entrepreneurs. The first type is the classic entrepreneur. This type of entrepreneur is the one often referred to as an entrepreneur. The great challenge to this set is to use the mindset to find opportunities and ideas to professionalize ideas that he been implemented. This is the secret of many classic entrepreneurs who have grown their initially small enterprise to a large enterprise. The ability to professionalize the implementation leaves the original entrepreneur more time to seek more opportunities and generate new enterprises. Those who can't will remain small.
The other two types of persons that can have this mindset are the corporate entrepreneur and the social entrepreneur. Corporate entrepreneurs are individuals who do not own the firm they work for but use the mindset to increase the profitability, productivity and professionalism of the enterprise. Corporate entrepreneurs will however not survive if the classic entrepreneur who owns the enterprise does not create the environment that will allow corporate entrepreneurs to thrive.
The social entrepreneur is a person who uses the mindset not only to improve profitability, productivity and professionalism but also improve social equality and environmental sustainability using enterprise creation for the disadvantaged.
Entrepreneurship is a mindset that is practiced by three types. the classic entrepreneur, the corporate entrepreneur and the social entrepreneur. Every person has an opportunity to practice the entrepreneurial mindset.