Developing an Entrepreneural Mindset

Entrepreneural Mindset and Opportunity Creation –

Developing the entrepreneur-

Definition- For me an entrepreneur is the one who views life a bit variously. They don’t focus on the petty hurdle’s life offers and run away. For them no is to discover a divergent and improved style. Entrepreneurs are repeatedly training, burgeoning and stretching immense. (Smith, 2012)

Sufficiently developed areas-

A) Leadership-

 In an uncomplicated way the art of persuading people to accomplish a common objective is leadership. I was the leader of the passing out parade of the whole batch in my high school. There were many challenges like dealing with different students and to be patient. I never treated them with arrogance rather motivated them in a friendly manner and ensured they understood their own roles and team goals. Due to proper direction and teamwork we bagged the first position in events. Nelson Mandela influenced me a lot as he did not get distracted by his critical situation rather, he was focused due to his vision and wisdom. (Kirby, 2003). A leader arouses and merges the members towards the common goal.

B) Creativity-

Trying to think and look for other possible solutions is what all it takes to be creative.  In 2015, my goal was that I had to manage to get students of other school to attend my school’s annual function as on that day my school was going to tell about the college they were going to start so it would have given then potential students. For this I had to experiment different ways so the steps I took were free transport and food along with 50% on the school’s sports facilities as we had the best playgrounds and coaches in the state. The outcome was that my school received 120 applications for the college.  The Cleveland orchestra on its 100th birthday set the target to lure youngsters to be their audience which was very low at 8%. The team managed to bring it to 20% as of 2014 by appointing young agents and by giving student passes arranging short concerts followed by party. (Seelig, 2015). It shows why it is crucial to be creative at workplace because in order to achieve your goal you have to look for other possible solutions.

C) Visionary-

Visionary is someone who identifies an issue/challenge and explores the means to produce something which nobody has thought of.  During learning with my father in the real estate company there was a challenge to increase sales of apartments. For this I devised a plan to give 5year free paint and repairs service to all the customers who booked apartments from our company. This impacted a lot as at that time no builder was giving that type of service and it helped us to boost the sales as well as sell the stock. Having the vision of this service helped us to be at the top in future also, as we implemented this plan when nobody else did and made us win trust of clients. Introducing Nano (the cheapest car of India) when no other manufacturer though about it explains how visionary is Ratan Tata. (Babu , 2012). A visionary can see the invisible.

Areas of Further Development-

A) Risk-taking-

A person achieves almost nothing at the end of the day if he does not dare anything. Henry ford slit the prices so steeply such that he risked catching losses still handled to accommodate the squeezing demand for t’s models. Another example of his risk-taking attitude from which I want to learn from, is when he increased the minimum compensation and shortened the engaging hours for his laborers so that they work for more time before surrendering. This could be treated as a blunder but was a big reason that why he could rule the automobile sector. (Addicted2Success.com, 2014). The reason why I want to be a risk taker is I want to explore that side of me which would enable me to process in an unfamiliar environment as till now I have been a calculated risk taker. Another exemplification through which my point will be epitomized is that I want to regret after taking the risk rather than not taking at all. It will create more trust in my shareholders and public as they will have the faith that I can take sound decisions at critical times in business due to my risk-taking attitude.

B) Networking-

Short term success can be attained alone but if a person wants to go long then he has to make connections. Building network ahead of starting the business is what I cultivated from Bradi Nathan and Terry Starr (My Work Butterfly). They organized a National survey for Moms on Facebook and moved this to all their knowns and asked to push it further to everyone they knew. The objective was to ascertain what moms demand from another mom’s communal chain. The development was that the survey participants became the initial customers of the My Work Butterfly. (Spark, 2009). I want to build a web of those people who belong to different fields so that I don’t remain specific in my career and can be a well connected with what’s going in the world and other businesses. Currently I tend to connect with people who only relate to my background and in this manner, I won’t be able to be a global and vigilant person.

C) Resilience-

How to recover quickly from severe circumstances is what I learnt from Alan Mullaly, former CEO and President of Ford Motor Company. When the company was making billions of losses it was, he who escorted Ford out of it and fend off insolvency without government bailouts.  A Unique company culture was constructed due to his target on synergy and liability which brought outcomes and confident direction with an eyesight to move ahead. ((Cohn, 2015). I am currently habitual to remain attached to the things happened for example I could not get out of the loss I made in 2017 due the demonetization and because of it my business remained at a standstill. Henceforth I want to get back hastily and ogle at new opportunities rather than remain at the same point and think about what’s already lost.

Learning contract-

Areas for development

Steps to develop

Time Frame

How will I know I am improving?

Risk taking

Experimenting, access antithesis, understand failure is the part of the big plan

30 days

Boost in self confidence

Networking

Making friends and not contacts, follow up on social media, keeping conversation interesting and being a good listener

45 days

Increase in my knowledge, addition in friend list

Resilience

Meditation (helps to stay calm), focusing on the goal, reading about optimistic leaders

2 months

Less stressed, positive attitude

Brief Summary-

This assignment helped me in self-analysis and reflection. It made me aware of the positive attributes present in myself which could not have been identified and bound in a contract so that I can improve within time.

References-

1)     Addicted2Success.com), J. (2014). The Top 10 Dare Devil Entrepreneurs Who Embrace Risk. [online] Addicted 2 Success. Available at: https://addicted2success.com/entrepreneur-profile/the-top-10-dare-devil-entrepreneurs-who-embrace-risk/ [Accessed 15 Oct. 2019].

2)     Babu, S. (2012). Ratan Tata: The visionary. [online] @businessline. Available at: https://www.thehindubusinessline.com/news/variety/Ratan-Tata-The-visionary/article20545504.ece# [Accessed 16 Oct. 2019].

3)     Cohn, C. (2015). 5 Visionary CEOs and Their Key Traits That Every Leader Should Master. [online] Entrepreneur. Available at: https://www.entrepreneur.com/article/242302 [Accessed 14 Oct. 2019].

4)     Kirby, D. (2003). Entrepreneurship. London: McGraw-Hill, pp.169,170,171.

5)Seelig, T. (2015). Creativity rules. New York: HarperCollins, p.64.

5)     Smith, C. (2012). Definition of Entrepreneur from 15 Successful Business Owners | Think Entrepreneurship – Entrepreneur Motivation. [online] Thinkentrepreneurship.com. Available at: https://www.thinkentrepreneurship.com/definition-of-entrepreneur-from-15-successful-business-owners/ [Accessed 13 Oct. 2019].

6)     Spark, D. (2009). 12 Inspiring Stories of Successful Social Networkers. [online] Mashable. Available at: https://mashable.com/2009/04/28/grow-social-network/?europe=true [Accessed 15 Oct. 2019].