What Is an entrepreneur?

Passion: Talk to successful entrepreneurs and

you'll nearly always hear the word passion
An entrepreneur is defined by the personal risk when they describe what they do. Following
they take on in pursuit of a new business, your passion is one of the best predictors of
innovation, or some other form of enterprise. In success.
exchange for taking on that risk, they often
profit most significantly from their enterprise's Independent thinking: Entrepreneurs often
success. think outside the box and aren't swayed by
others who might question their ideas.
There is a nuance practiced between a startup
founded by an entrepreneur and a standard Optimism: It's difficult to succeed at anything if
small business started by a small business you don't believe in a good outcome.
owner. Entrepreneurs are dreamers and believe their
ideas are possible, even when they seem
The main difference between the two is unattainable.
innovation and scalability. A startup is founded
on an innovative idea and can be scaled Confidence: This is not to say entrepreneurs
exponentially unlike a small business that is a never have self-doubt, but they're able to
copy-paste of what exists and will not grow to overcome it, and believe they can achieve their
become a unicorn, to give a stretched analogy. goal.

How Do Entrepreneurs Work? Resourceful and problem-solvers: Lack of

assets, knowledge, and resources are common,
Entrepreneurs are an important aspect of the but entrepreneurs can get what they need or
economy. They help spur growth by taking risks figure out how to use what they've got to reach
on innovative ideas. The odds of success may their business goals. They never let problems
not be particularly promising, but if it succeeds, and challenges get in the way, and instead, they
many entrepreneurial pursuits push industries find ways to achieve success despite hardships.
forward dramatically.
Tenacity (will not quit) and ability to overcome
Note hardship: Entrepreneurs don't quit at the first,
Entrepreneurs must overcome obstacles, second, or even hundredth obstacle. For them,
including funding, employee, and organizational failure is not an option, so they continue to
challenges as they pursue their goals. work toward success, even when things go
wrong.
Characteristics of a Successful Entrepreneur

Examining the commonly shared characteristics

may help to explain the way entrepreneurs Vision: Some of the more stringent definitions
work. Whether a person is born into it or of entrepreneurship include vision as a
develops these traits along the way, there are necessary element. It helps to know your end
similarities among those who have goal when you start. Further, vision is the fuel
been successful in their entrepreneurship. that propels you forward toward your goal.
Focus: It's easy to get distracted in this fast- 3. Online Business
paced world. Many start-ups get side-tracked
by the "shiny object syndrome" (products and Internet-based business can be small, home-
services that promise fast results), or they get based, or even large corporations. The key
bogged down in unimportant busywork. difference here is that the business is operated
Successful entrepreneurs avoid these primarily online. This includes companies like
distractions and stay focused on what will bring Amazon or other e-commerce businesses,
results. bloggers, eBay and Etsy owners, and any other
business that does most of its business online.
Action-oriented: Entrepreneurs don't expect
something to come from nothing, and they 4. Inventors
don't wait for things to happen. They are doers. For an inventor to be considered an
They overcome challenges and avoid entrepreneur, they need to go beyond the idea
procrastination. stage to build the product and get it to market.

5. Serial Entrepreneur
Types of Entrepreneurs Those kinds of entrepreneurs start a business,
then they sell it and pivot to launching a new
One of the reasons there is disagreement over
idea. They are still considered entrepreneurs
the definition of an entrepreneur is that it
because they operate and assume risk in the
includes so many different types of self-
business for the time, they own it. Other times,
employed businesses. Here are some common
serial entrepreneurs juggle several businesses
types of entrepreneurships.
at once, earning multiple streams of income.
1. Small Business
6. Lifestyle Entrepreneur
Some entrepreneurial pursuits end up
A lifestyle entrepreneur is one who builds a
becoming massive businesses, but they all start
business that incorporates their interests and
out as a small business, and many stay that
passions and sustains their life goals. Many in
way. These include mom-and-pop shops and
this category are referred to as digital nomads
local business owners. Small businesses can
because they have online businesses that allow
include partnerships, sole proprietors. The
them to travel. However, travel isn't a defining
exact definition of a small business in the U.S.
aspect of lifestyle entrepreneurs. The key factor
depends on its industry, but it's determined by
in a lifestyle entrepreneur is that they've found
an employee headcount, a revenue cap, or
a way to monetize their favorite hobbies,
both.
habits, and lifestyles.
2. Home-Based Business
How to Become an entrepreneur?
A home-based business could fit under the
Becoming an entrepreneur isn't hard, but it is
category of small business, but the primary
work and requires many steps including:
factor, in this case, is that it's run from home, as
opposed to an office or other location.
  Focused development of their own businesses or rely on small business
entrepreneurial characteristics grants, loans, or crowdfunding.
 A great idea that people will pay money
for 2. Scalable startup
 A detailed plan for success A scalable startup is specifically designed to
 Consistent execution and dedication to attract high-value investments with a vision that
that plan could change the world. They aim to create a
While it takes research, planning, and work, you business model that can be easily duplicated
can start a home business fairly quickly— and scaled, given the right funding. (Can change
perhaps even within a month. in size or can be called out)

3. Large company

ENTREPRENEURSHIP Large companies that are entrepreneurial often

introduce innovative products that complement
What is the Definition of Entrepreneurship? their main offering while staying up to date with
new technologies and competition in their
The basic definition of entrepreneurship is the niche. Large companies may attempt to reach
act of starting a business with the intention of new markets by acquiring smaller companies
turning a profit. Entrepreneurship is also an with existing customers.
opportunity for self-motivated individuals to
create their own career path and income, 4. Social entrepreneurship
working for themselves to develop goods or
services that people want or need. It’s a risky What makes social entrepreneurship unique is
approach to making a living, but it can result in its focus on making the world a better place by
amazing rewards and lasting success. solving social issues. A social entrepreneurship
business can be a nonprofit, for profit, or a
hybrid of the two.

Social entrepreneurship is the process by which

individuals, startups and entrepreneurs develop
4 Types of entrepreneurships? and fund solutions that directly address social
There are many ways to define issues. A social entrepreneur, therefore, is a
entrepreneurship, but your business will likely person who explores business opportunities
fit into one of these four main categories. that have a positive impact on their community,
in society or the world. Best example: (find
1. Small business vaccinations for various diseases impacting
those around the world are a clear example of
A small business is when the owner is also in
global social enterprises).
charge of operations, including hiring
employees. Their goal is usually to make a
profit, and many small business owners fund
Characteristics And Key Skills of An
Entrepreneur
If you have some of these characteristics, you many small businesses don’t survive their first
may have what it takes to be an entrepreneur. year of operation and use failure as an
opportunity to grow.
1. Entrepreneurs are innovative.
4. Entrepreneurs adapt and evolve.
Often, the terms “entrepreneur” and
“innovator” are used interchangeably. The To be successful, entrepreneurs must be able to
definition of “innovative” is “original and evolve and adapt to changes in the
creative thinking,” and an innovator is someone marketplace. This is an important characteristic,
who “introduces new ideas.” Entrepreneurs are as it helps entrepreneurs respond well to the
innovative because they apply creative thinking changing needs of the consumer and tweak
to an issue or problem and create a new their business model to meet the demands of
product or service as a solution to the problem. the market. They must be good at pivoting to
respond to changes in the marketplace and be
2. Entrepreneurs are problem solvers and open to evolving their business in order to
change-makers. expand and increase their impact.
Entrepreneurs focus on finding solutions to How does entrepreneurship impact the
address an issue or problem. This means they economy?
often must think critically to come up with a
unique solution. They focus on how they can
make an issue better or improve on an existing
•Entrepreneurship increases employment.
solution to a problem. By going into business for themselves,
entrepreneurs create their own employment. If
Often, entrepreneurs act as change-makers,
they are successful, they may also employ
advocating for a shift in the way things are
others and help to increase employment
normally done. In fact, many entrepreneurs
related to their operations, such as outsourcing
come up with business ideas by engaging with
to a supplier for their business.
their community and considering the gaps that
can be filled with a good solution.
•Entrepreneurship opens
3. Entrepreneurs aren’t afraid of failure.

“Entrepreneurs make their way down a never- •New markets and stimulates the economy.
ending list of problems with grit, passion, and
energy.” Entrepreneurs create new businesses all the
time by inventing new goods and services or
Because entrepreneurship is a risk, and there
improving on existing ones. This creates a ripple
are no guarantees you will be successful,
effect that helps to open up new markets in the
entrepreneurs need to be resilient and
economy. By creating new products and
unwilling to give up. Many successful
services regularly, entrepreneurs help to keep
entrepreneurs had to fail and persevere
the economy healthy and innovative.
through challenges to get to where they are.
Entrepreneurs have to be open to failure, as
 What Resources Do Entrepreneurs Need?
•Entrepreneurship helps to increase national
income. 1. Financial stability

Another way entrepreneurship affects the Aim to put together an adequate cash supply to
economy is by increasing the gross national cover your business expenses for at least the
income (GNI), which is the total amount of first year. Being financially stable before you
money earned by a nation’s people and jump into entrepreneurship will give you more
businesses. With increased employment, wiggle room to build your business over a
people in the economy earn more and longer period.
contribute more to taxes. This then helps the
2. Cultivate a diverse skillset.
government spend more on public projects and
services. Entrepreneurship is a critical driver in As an entrepreneur, you have to wear multiple
creating a healthy economy, and an essential hats and tap into different skills to build your
aspect of many economies around the world. business. Make a list of your current skills and
identify any gaps in your skill set. Then, think
•Entrepreneurship furthers social change in about how you can learn more about the skills
you might need to develop further. That way,
society.
you’ll feel confident in your skill set as an
Entrepreneurs break with tradition and the entrepreneur.
status quo to push the economy in new and
3. Do your research.
exciting directions. Often, entrepreneurs are
responsible for the development of the latest, Before you leap into entrepreneurship, take
greatest products, rendering old methods and some time to research existing small businesses
systems obsolete. They can also bring more and entrepreneurship. Read business
awareness to a gap in social services or goods books and blogs about entrepreneurship, listen
and identify weak spots in society. to podcasts, and follow entrepreneurs on social
media. You may want to focus your research on
•Entrepreneurship creates a healthy, a specific industry or area, especially if you’re
balanced economy. thinking about creating goods or services for
that industry.
Left unregulated, research has shown that
entrepreneurship can lead to unfair market 4. Identify a problem you’re passionate about.
practices and corruption, as well as income As an aspiring entrepreneur, you probably have
inequality. This is why government often helps a lot of good ideas, but you won’t be able to
to develop the entrepreneurial ecosystems, make all of them a reality. Rather than chase
supporting entrepreneurs through programs every problem you see, focus on the problem
and venture capitalism to maintain a healthy, you are most passionate about solving, the
balanced economy. The government also problem that nags at you and keeps you up at
supports business incubators, education night. Your passion and dedication to solving
programs for entrepreneurs, and other that problem are what will push you as an
resources to encourage entrepreneurship.
entrepreneur and give you the drive to be allows you to create, customize, and sell your
successful. own designs without having to worry about
order fulfillment or shipping.
5. Create a unique solution.

Successful entrepreneurs often respond to a •Open an in-person service-based business.

problem with a specific solution that is unique
and impactful. Think about how you can add Some examples of service-based businesses
value to the problem and contribute something include hairdressers, pet groomers, dry
new to the marketplace. Be as specific as you cleaning, clothing alterations, and so many
can and consider if your solution differs from more. If you don’t have any training in a specific
what’s already available or offers consumers niche, you may want to pursue a degree for
something new. entrepreneurs.

•Start freelancing from home.

6. Build community with other entrepreneurs.
One of the most accessible and inexpensive
Being an entrepreneur can be a difficult and
ways to start your own business is to become a
rewarding career, especially during the early
freelancer who works from home. There are so
years of your business. Reach out to other
many options for starting your own remote
entrepreneurs in your community and connect
business, like teaching online, creating passive
with them to build your network. Ask them
income products, or working as a virtual
questions about how they handle the
assistant, to name a few.
challenges of entrepreneurship,
from incorporating to merchandising to
promoting products on social media.
ENTREPRENEURIAL MINDSET
Business ideas for entrepreneurs
What's your mindset meaning?

•Start an online store. You see life through your own unique lens. This
is your mindset – the assumptions and
There are so many benefits to opening an expectations you hold about yourself, your life,
online store. The first is the money you’ll save and the situations around you.
by not having a brick-and-mortar location.
There are a few different ways that you can also Your mindset is a set of beliefs that shape how
avoid having to invest and manage you make sense of the world and yourself. It
inventory and potentially lose money if your influences how you think, feel, and behave in
products don’t sell as well as expected. any given situation. It means that what you
believe about yourself impacts your success or
If you’re a crafty entrepreneur, you could sell failure.
handmade items that are made to order.
Another idea is to offer print on demand Two Basic Mindsets:
products through a third-party company. This
1. Fixed Mindset, you believe your abilities are Positive mindset
fixed traits and therefore can't be changed. You
may also believe that your talent and • Is the tendency to focus on the good things in
intelligence alone lead to success, and effort is life rather than the bad.
not required. • People with a positive mindset may use
2. Growth Mindset, you believe that your strategies like gratitude, reappraisal, and
talents and abilities can be developed over time savoring to identify the good things and
through effort and persistence. increase their positive emotions.

• Their attitudes are generally optimistic and

they tend to expect the best.
Fixed vs Growth Mindset
• A positive mindset can be great for our well-
Carol Dweck, the leading growth mindset being and even help us to be more successful.
researcher, suggests that fixed vs growth
mindsets result in us living by different self- How to Unfix a Fixed Mindset?
implemented rules (Dweck, 2009). •Focus on the journey. An important factor
Rule #1 when building a growth mindset is seeing the
value in your journey. When you're fixated on
Those with a fixed mindset strive to look the result, you miss out on all the things you
talented to others. Those with a growth could be learning along the way.
mindset strive to learn.
• "Incorporate "yet." If you're struggling with a
Rule #2 task, remind yourself that you just haven’t
mastered it “yet.” Integrating this word into
Those with a fixed mindset believe they your vocabulary signals that despite any
shouldn't work too hard. struggles, you can overcome anything.
Those with a growth mindset believe in working • Pay attention to your words and
with passion and dedication, always striving to thoughts. Replace negative thoughts with more
give their best effort. positive ones to build a growth mindset.
Rule #3 • Take on challenges. Making mistakes is one of
Those with a fixed mindset believe they the best ways to learn. So, instead of shying
shouldn't attempt things they might fail at and away from challenges, embrace them.
they hide their weakness from others. Those
with a growth mindset are not afraid of failure
and aim to improve upon Entrepreneurial mindset:
their weaknesses even if they look silly or stupid
in the process. “Mindset”

What Is a Positive Mindset? - Refers to the specific behaviors, attitudes, and

thought processes that prompt our decisions.
- It encompasses how we view situations, • You’ll have a stronger sense of self. When
obstacles, and our mental faculties. you have an entrepreneurial spirit, you take
ownership of your ideas, goals, and dreams.
- Our thought processes can be positive, You know your purpose, skills, and weaknesses
negative, or anywhere in between. and have a strong sense of identity. With this
A negative mindset can blind you, clouding kind of self-awareness, you’ll boost your self-
your judgment with doubt and uncertainty, esteem and elevate your team.
while a positive mindset opens your mind to 5 characteristics of an entrepreneurial
the possibilities of a situation. This gives you a mindset:
more well-rounded view of a situation, helping
you adapt and approach things creatively. 1. Independence

An entrepreneurial mindset - Self-directed learning is necessary to achieve

any goal, whether private or professional.
- is a set of skills that relies very heavily on - a certain level of independence and faith in
positive and resilient thinking. - your own abilities is necessary to keep moving
People with this mind frame see new forward.
opportunities where others only view risk.
2. Accountability
They’re constantly generating ideas to solve
everyday problems and are unafraid of - Taking ownership of your triumphs and errors
advocating for their views or pursuing their is a trait of any good entrepreneur. - This
ideas on their own. empowers you and allows you to reflect on how
your actions impact yourself and others, what
The importance of having an entrepreneurial you’ve learned from your mistakes, and
mindset everything you’ve accomplished.
• You’ll learn to overcome challenges. Being 3. Goal-oriented
entrepreneurial means identifying challenges
and overcoming them. It also means learning - The best entrepreneurs are focused
new skills, so you have a bigger toolbox with individuals who prioritize their goals and follow
which to fix problems. an action-oriented trajectory to achieve them.
Knowing what you want to do is the first step to
• You’ll think outside the box. Sometimes the achieving success.
best way to overcome a challenge is to ditch
conventional wisdom. If you develop your 4. Resilience
creativity, you can solve problems in ways you
haven’t thought of before. - Mistakes and failures come with the territory
of taking risks and having an entrepreneurial
• You can influence and inspire people. You spirit.
don’t have to change the world to make an
impact. As an entrepreneurial person, your skills - Bouncing back and moving forward despite
can make a difference for your team and challenges and adversity will help you grow,
community. learn, and build your problem-solving skill set.
5. Willingness to experiment They’re thinking about their ideas 24/7 and
have no qualms about getting down to work at
- Playing it safe, though a solid option, only any time of the day or night.
takes you so far. -
People with an entrepreneurial mindset don’t 8. A Thirst for Knowledge
shy away from failure.
They have ideas, but they recognize that much
9 Characteristics of the Entrepreneurial more information is needed to bring those ideas
Mindset to life.

1. Determination 9. Creativity

The refusal to fear failure keeps entrepreneurs The ability to think outside the box and
going. improvise when necessary is an essential
element of the entrepreneurial mindset.
2. Focus
How to develop an entrepreneurial mindset
Entrepreneurs rarely allow distractions to take
their minds off matters at hand. 1. Set clear goals

3. Drive - Manifesting your dreams on paper or out loud

can be the spark you need to start. -
Entrepreneurs are driven to make their ideas Outlining where you plan to go can act as a
work, so much so that they develop daily habits visual reminder of your goals.
to remain on track.
2. Practice being decisive
4. Decisiveness
- Must make decisions daily. -
Time is money, so the ability to make rational work your way up to significant moments.
decisions quickly can help an entrepreneur
avoid wasteful thoughts and actions. 3. Redefine failure

5. Independence - face challenges head-on and turn them into

learning experiences. - Mental
The need for independence is one of the wellness will improve your performance and
reasons why a person who has already enjoyed lead to self-love, and you’ll forget what failure
a long career in business may break from their ever meant.
company to strike out on their own.
4. Face your fears
6. Authenticity
- Engaging with situations outside of
Even if people don’t always believe in their your comfort zone helps you grow. -
ideas, you cannot question their passion for Addressing and analyzing what worries you will
what they are hoping to create. get you one step closer to achieving your goals.
7. Flexibility 5. Remain curious
- Let your inner child run free and wonderous. 2. Adaptable
- Always be curious about your competition,
current trends and events, new technologies, • An entrepreneurial mindset embraces change.
new people, and new business ideas. • When change happens, an entrepreneurial
mindset keeps an eye on the mission, he said.
The benefits of an entrepreneurial mindset in
the workplace: 3. Anti-fragile

• More resilient. Everyone is willing to try new Anti-fragility has four parts:
things and learn from their mistakes. This Heart — The confidence to say when change
means your team is ready to adapt to rapidly occurs that it’s not something to survive, but
changing work environments. rather “this is what we were built for.
• Collaborative. Entrepreneurial people are Head — The understanding that when change
curious, ask a lot of questions, and know how to happens, it’s time to act and have a plan of
ask things of others. Stack your team with what you’re going to do.
people like this, and they’ll work together like a
fine-tuned machine. Hand — “It’s not enough to know what to do
when we go into battle. “We have to be able to
• Solutions-oriented. No problem is do it.” It’s converting the head’s knowledge into
insurmountable. An entrepreneurial work the capability to get things done.
culture thrives on a good challenge.
Home — Building a community that can help
• High performing. These people are on the you get resources, particularly those beyond
cutting edge. With an entrepreneurial mindset, your control.
your team will constantly expand their skills so
they can rise to new heights. Antifragile Definition.

Things benefit from shocks; they thrive and

grow when exposed to volatility, randomness,
3 Traits Of An Entrepreneurial Mindset disorder, and stressors and love adventure, risk,
1. Solutions-oriented and uncertainty. Anything that has more upside
than downside from random events (or certain
• Resilient, resourceful, and solutions-oriented. shocks).
• They're self-directed, action-oriented, highly
engaged. • They So how can this be applied to
have optimistic interpretations of adverse entrepreneurship?
events” and see problems as potential Four antifragile principles towards difficulties:
opportunities.
1) Maintain a bias toward learning and personal
• Entrepreneurial mindsets understand that growth, instead of financial success.
pursuing and following through on something
can lead to unforeseen opportunities.
2) Keep your eyes open when you’re getting SMART Goals of Success:
punched in the face. Stay AWAKE and AWARE
during the difficult times. 1. Pay attention to your thoughts.

3) Develop the ability to flow with randomness. • Your mind has a voice which comes in form of
Accept a perspective of the universe as a force thoughts.
that is conspiring to provide a learning • It controls your action and how you think.
experience through each situation.
2. Always Keep a Positive Attitude
4) Follow an approximate direction, not a
detailed roadmap. Treat each obstacle as a • Never underestimate the value of a positive
potential new path forward. Maintain a sense of attitude toward achieving your goals.
open-minded optimism.
• No matter the path you follow, it can be easy
to get discouraged by temporary setbacks or
failures to achieve specific goals.
THE MINDSET AS THE PATHWAY TO SUCCESS
3. Positive thinking
Success is a term that means different things to
different people. • Means identifying these setbacks as learning
opportunities.
• For some, success may mean reaching a
certain level of financial stability or professional • This makes it easier to overcome small failures
achievement. and continue striving toward your goals.

• For others, success may mean having a 4. Take Action /ACT

fulfilling personal life or positively impacting the
• You need to transfer your thoughts into
world.
action. Don’t content yourself with a remodeled
inner voice.

5. Take Complete Responsibility

• If you make a mistake or harm someone along

your path, taking responsibility lets you contain
The Importance of Defining Success the damage and preserve your reputation.
• It helps you to set clear goals and priorities in • Those who achieve great things generally
your life. believe they can improve and grow as people.
• It can help you to feel more fulfilled and This is called a “growth mindset.”
satisfied with your life.

• When you have a clear idea of what success The Power of a Growth Mindset: Paving the
means to you, you can take steps to achieve Path to Success
your goals and live a life that aligns with your
values and passions.
In a world full of challenges and uncertainties, 4. Maintain a Growth-Focused Routine: Engage
the key to achieving our goals and unlocking in regular learning and skill-building activities to
our true potential lies within the power of a keep your growth mindset active. This could
growth mindset. include reading books, attending workshops, or
seeking mentors.

5. Celebrate Small Wins: Acknowledge and

The Essence of a Growth Mindset celebrate the small victories along the way.
• A growth mindset is the belief that one's Recognizing progress, no matter how
abilities and intelligence can be developed incremental, reinforces a positive mindset and
through dedication, effort, and resilience. boosts motivation.

The Path to Achievement How to Cultivate a Growth Mindset in

Yourself:
• When faced with obstacles or failures, those
with a growth mindset view them as stepping 1. Effort and Persistence
stones toward improvement, rather than 2. Effort and hard work
roadblocks that define their limitations.
3. Embrace challenges.
Staying Positive Amidst Adversity
4. Learn from failure.
• A growth mindset is a powerful tool,
maintaining positivity during difficult times can 5. Seek out feedback and to be open to learning
be challenging. from others.

Strategies on How to Achieve the Path: A fixed mindset

1. Embrace Failure as a Learning Opportunity: • is the belief that your intelligence, talents and
Instead of dwelling on mistakes, focus on the other abilities are set in stone. You believe that
lessons learned and use them to refine your you're born with a particular set of skills and
approach. that you can't change them. If you have a fixed
mindset, you will likely fear that you may not be
2. Cultivate a Supportive Network: Surround smart or talented enough to achieve your goals.
yourself with positive, like-minded individuals
who encourage your growth and provide • Fixed mindsets make us hypersensitive to lack
support during tough times. and scarcity. We compare ourselves to external
ideals in every aspect of life… our jobs, our
3. Practice Gratitude: Expressing gratitude for bodies, the people we associate with, and the
the progress made and the resources available fortunes we amass.
helps shift your focus from challenges to
opportunities.
• Fixed mindset may be more comfortable with and learning while also acknowledging one’s
routine and may be less prone to taking natural talents and abilities.
unnecessary risks.
10 Tips For Becoming A Successful
Here Are the 3 Big Problems of a Fixed Entrepreneur
Mindset:
1. Develop a business plan.
1. It Decreases Self-knowledge - refers
to knowledge of one's own mental states, A business plan materializes your ideas onto
processes, and dispositions. Most agree it paper and helps you to envision how your
involves a capacity for understanding the business will be operated.
representational properties of mental states 2. Be frugal.
and their role in shaping behavior.
Think twice before buying anything or signing a
2. It inhibits risk-taking- The main inhibitor of lease. To determine if the expenditure is a
risk taking–fear–usually centers on concern necessary and good investment, refer to your
over failure, which is, again, fixed mindset business plan and ask yourself how your
territory. purchase will contribute to the success of the
3. It Causes Unhealthy Competition business.

The very competitor you despise may just be 3. Continuously educate yourself.
the person doing the most to improve the Be a voracious learner. You can attend live
trajectory of your life. seminars or classes online. Observing how
others solve problems can give you tips on
resolving your quandaries.

4. Build a winning team.

Advantages And Disadvantages to
Both Growth And Fixed Mindsets. Behind every successful business is a reliable
and competent team. Hire someone who can
• Those with a growth mindset tend to be more facilitate revenue by either increasing sales or
resilient and willing to take on challenges, but making the sales process more efficient.
they may also be more prone to overestimating
their abilities and taking on too much at once. 5. Find a mind-body-soul balance.

• Those with a fixed mindset may feel more Make sure you eat healthily and find time to
secure in their abilities, but they may also be declutter your mind. Your personal wellness is
more likely to hold themselves back from new as important as your company’s bottom line.
experiences and opportunities. 6. Take advantage of free marketing tools.
• Ultimately, the key is to find a balance Some free marketing tools such as Google My
between the two mindsets, embracing growth Business and social media can be used for
marketing and promotion. Many businesses
create Facebook peer groups to spread the • Entrepreneurial opportunities are favorable
word and interact with like-minded people. conditions that create the need for a good or
service or business.
7. Find a mentor.
• Can be in form of new goods or services, new
Having a mentor you can trust is a valuable production processes, new distribution
asset. Work with someone who has climbed channels, new ways of organizing or new
that very mountain you are trying to navigate to markets.
shorten your learning curve.
• It is the point at which identifiable consumer
8. Don't be afraid of networking. demand meets the feasibility of satisfying the
Don't be afraid to seek help. A friendly greeting requested product or service.
and introduction with no expectations of any What are entrepreneurial opportunities as
outcome is all it takes to start a conversation responsibility?
with a stranger. It might seem unpleasant and
awkward at first, but the more you do it, the Entrepreneurs willingly take responsibility for
easier it becomes. serving new stakeholders through the creation
of a good, service, or technology that meets
some stakeholders' needs and/or wants.

Ways In Which Entrepreneurs Can Discover

Entrepreneurial Opportunities:

9. Be financially prepared. • solving a problem,

Starting a business always costs more than • identifying gaps in the market.
anticipated. You can allocate part of your • Observing trends in the environment.
revenue into an emergency fund to prepare (Political, economic, social, or technological
against unexpected financial emergencies. trends.)
10. Invest in insurance. Technology facilitates entrepreneurship by:
Risk management is a major part of an • Introducing new and better products, services
entrepreneur’s work. Consult an insurer to find & processes
out how to protect yourself and your business.
Your future self will be thankful that you did. • Increasing the speed at which businesses are
launched.
WHAT ARE ENTREPRENEURIAL
OPPORTUNITIES • Reducing the cost of starting a business

• Consists of a set of ideas, beliefs, and actions • Reducing the cost of doing business
that enable the creation of future goods and
services in the absence of current markets for • Reducing entry barrier
them. • Enhancing competitive advantage.
 3. Use existing technology to produce an old
product in a new way.
After identifying opportunities, entrepreneurs
need to evaluate the opportunities before 4. Use an existing technology to produce a new
exploiting them. Whether the venture will be product.
successful or not depends on several factors
such as: 5. Finally, use new technology to produce a
new product.
• creativity,
Supply and demand are economic terms
• prior experience, relating to the production of goods.

• cognitive factors or Supply is the amount of a product or service

produced.
• social networks of the entrepreneur.
Demand is the consumer or user desire for the
outputs, the products, or services produced.

Theories of Opportunity More recent research has expanded on the

• Entrepreneurs create value “by exploiting a concept of technological entrepreneurial
new invention or, more generally, an untried opportunities, identifying several areas:
technological possibility for producing a new • creating new technology,
commodity.
• utilizing technology that has not yet been
• Entrepreneurial innovation (creative exploited,
destruction) is the disruptive force that creates
and sustains economic growth, though in the • identifying and adapting technology to satisfy
process. the needs of a new market, or

• The dynamics of businesses advances the • applying technology to create a new venture.
economy and improves our lifestyle.

Methods for finding new business

opportunities: Before investing time and money, the business
landscape requires:
1. Develop a new market for an existing
product. • Thorough investigation to see whether there
is an entrepreneurial opportunity.
2. Find a new supply of resources that would
enable the entrepreneur to produce the • Entrepreneurial opportunity is the point at
product for less money. which identifiable consumer demand meets
the feasibility of satisfying the requested 5. Viral marketing is a technique that uses
product or service. engaging content in the hopes that viewers will
share it on their personal and social media
• “Feasibility” in this definition includes networks. Successful content then spreads like
identifying a sizable target market interested in a virus, creating exponential exposure to a
the product or service that has sufficient company’s message.
profitability for the venture’s financial success.
6. Digital marketing refers collectively to all
Marketing Techniques and Tools for digital (online) marketing efforts, which can
Entrepreneurs include social media, email communications,
1. Guerrilla marketing refers to creative websites, blogs and vlogs, and search engine
approaches to marketing that seek to: optimization (SEO).

• gain maximum exposure through 7. Word-of-mouth (WOM) marketing occurs

unconventional means. when a satisfied customer tells others about
their positive experience with a good or service.
• means staging some sort of event or Although like viral marketing,
interaction that is designed to attract attention
to a brand or product. Summary of Entrepreneurial Marketing
Techniques
2. Relationship marketing, which seeks to
create customer loyalty through: Marketing Description Example
Technique
• personal interactions and Aims to gain
maximum
• long-term engagement strategies. Guerilla exposure Events, such
marketing through as flash mobs
3. Expeditionary marketing refers to strategies unconvention
that are aimed at: al means

• moving established companies and their Creates Personalized

products into new markets and territories. customer communicatio
Relationshi loyalty n to individual
p marketing through customer
• As the name implies, there is an element of
personal
risk and discovery involved in expeditionary
interaction
marketing strategies as they help a company
grow into new areas. Strives to Pivots that
move create new
Expeditiona established products or
4. Real-time marketing attempts to turn
ry companies attract new
immediately available sales data (often marketing and products markets
collected from social media, websites, point-of- into new
sale systems, and the like) into actionable and markets
timely strategies that target the shifting
Seeks to turn
landscape of consumer tastes and trends.
immediately
available
 sales data 1. Jobs to Be Done
into
Real-time actionable Analyzing • Is the process of using available resources to
marketing and timely clicks or
fill unmet market needs.
strategies “likes” and
that target modifying
• People don’t buy a product; they “hire” it to
the shifting posts/offering
s in response do a job.
landscape of
consumer 2. Low-End Market Opportunities
tastes and
trends • The key to identifying market gaps is
Uses engaging understanding the theory of disruptive
content in the innovation.
Viral hopes that Slight
marketing viewers will branding There are two types of disruptive innovation:
share it on embedded in
low-end disruption and new-market disruption.
personal and stories users
social media want to share
Low-end disruption
networks
Occurs when a new market entrant claims the
lowest segment with a low-profit business
Online ads model.
and use of
Digital Uses online search engine 3. New Market Opportunities
marketing marketing optimization
strategies (SEO) • occurs when a company creates a new
Relies on segment in an existing market.
satisfied
Word-of- customers Online • If you identify such an opportunity, make a
mouth telling others customer product that’s less expensive and of “good
(WOM) about their reviews enough” quality to create and capture a new
marketing positive market segment.
experience
3 WAYS TO IDENTIFY BUSINESS
OPPORTUNITIES
A flash mob is a group of people who assemble
1. Identify Your Pain Points
suddenly in a public place, perform for a brief
time, then quickly disperse, often for the When searching for potential market needs,
purposes of entertainment, satire, and artistic start with yourself. Starting with personal
expression. Flash mobs may be organized via questions can help determine if others have the
telecommunications, social media, or viral same pain point and if opportunities are low-
emails. end or new-market disruptions.

2. Conduct Market Research

TYPES OF BUSINESS OPPORTUNITIES
Another way to prove whether a business idea • is different from other innovation and
is viable is by conducting market research. This ideation processes in that it’s solution-based
includes using industry research to define the and user-centric rather than problem-based.
competitive landscape and determine your
target audience, as well as interviewing or This means it focuses on the solution to a
surveying people who fit your target problem instead of the problem itself.
demographics. • It’s about the person behind the problem and
3. Question Processes solution, and requires asking questions such as
“Who will be using this product?” and “How will
You can also identify business opportunities by this solution impact the user?”
examining the processes and delivery methods
of existing product or service offerings. Try to Design Thinking Stages
evaluate each process with an open mind and 1. Clarify
ask questions about how you could improve it,
such as: • The first phase is about narrowing down the
focus of the design thinking process.
• Could this process be faster?
• It involves identifying the problem statement
• Could this process be executed using a to come up with the best outcome.
cheaper business model?
2. Ideate (the formation of ideas or
Is there a more sustainable way to execute • concepts).
this process?
• Once the problem statement or question has
•]Does this process exclude certain groups of been solidified—not finalized—the next step is
people? If so, is there a way to make the ideation.
process accessible to all?
• The goal is to ultimately overcome cognitive
fixedness and devise new and innovative ideas
WHAT IS DESIGN THINKING? that solve the problems you identified.

Design thinking is a mindset and approach to 3. Develop

problem-solving and innovation anchored • The third phase involves developing concepts
around human-centered design. by critiquing a range of possible solutions.
Human-centered design is a problem-solving • This includes multiple rounds of prototyping,
technique that puts real people at the center of testing, and experimenting to answer critical
the development process, enabling you to questions about a concept’s viability.
create products and services that resonate and
are tailored to your audience’s needs. 4. Implement

• The fourth and final phase, implementation, is

when the entire process comes together.
Design thinking
• implementation starts with testing, reflecting
on results, reiterating, and testing again.