1

LESSON 1 obsessed, holistic in approach and

leadership based”.
ENTREPRENEURSHIP AND THE
ENTREPRENEURIAL MIND-SET Characteristics of Entrepreneurs
 Passion for the Business
 Desire to change the World
Nature and Development of  A Product/Customer Focus
Entrepreneurship  Passion Drives Key Actions
Who are Entrepreneurs? –People
 The ability to learn and repeat.
who: Want to be their own boss,
 A willingness to work hard for an
pursue their own ideas, realize
extended time
financial (or other) rewards
 Ability to overcome setbacks and “nos.
 Ability to listen to feedback on the
Being an entrepreneur today:–
limitations of the organization and
 Involves creation process (sees an
yourself.
opportunity/problem through
 Perseverance and persistence when
customers eyes)–
the going gets tough
 Requires commitment of time and
effort. –
How Entrepreneurs think
 Involves understanding what rewards
Entrepreneurs in particular situations may think
do they seek for being an entrepreneur.
differently when faced with a different task or
–
decision.
 Takes Well Thought Out Risks,
Given the nature of opportunities they are
 Calculated risks and not gamblers risks
pursuing or challenges they are addressing,
 Finds the resources to implement the entrepreneurs are able to: Identify & Execute
innovation, creates and builds a ideas.–Be adaptable.–Learn from failure.
business or other enterprise, makes
change
For an entrepreneur….–It all starts with a desired

Who is an entrepreneur? - Jeff Timmons: outcome.–Focuses on the means to generate

“Entrepreneurship is a way of thinking, that outcome….Then it moves on to the execution

reasoning and acting that is opportunity process Understanding what one has (who they
are, what they know, and whom they know).
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household, entrepreneurs imagine the world

differently.
Entrepreneurship is the process of
What is entrepreneurship really about? And
discovering new ways of combining resources.
why’s it so important? “An entrepreneur is the
When the market value generated by this new
person who sees a problem in the world and
combination of resources is greater than the
immediately focuses on creating the solution”.
market value these resources can generate
They’re the leaders that strike out on their own
elsewhere individually or in some other
to improve society. Whether they’re creating
combination, the entrepreneur makes a profit.
jobs or a new product, they constantly take
action to ensure world progress. In the process
Entrepreneurship is the act of creating a
of understanding what is entrepreneurship, let’s
business or businesses while building and
look at why entrepreneurs are important in
scaling it to generate a profit.
society.
 Entrepreneurs create jobs: Without
This entrepreneur definition can be a bit
entrepreneurs, jobs wouldn’t exist.
vague but for good reason. An entrepreneur can
Entrepreneurs take on the risk to employ
be a person who sets up their first online store
themselves. Their ambition to continue
on the side or a freelancer just starting out.
their business’ growth eventually leads to
The reason why they’re considered
the creation of new jobs. As their
entrepreneurs, though some disagree, is
business continues to grow, even more
because where you start out isn’t where you’ll
jobs are created. Thus, lowering
end up. An entrepreneur is someone who starts
unemployment rates while helping people
a side hustle that can eventually create a full-
feed their families.
time, sustainable business with employees.
 Entrepreneurs innovate: Some of the
Same with the freelancer. If your entrepreneurial
greatest technologies in today’s society
mindset is focused on creating a profitable
have come from businesses. The
business, you fit the entrepreneur definition.
technological advances come out of a
However, the entrepreneur meaning
need to solve a problem, create
involves much more than being a business or
efficiencies, or improve the world. Thus,
job creator. Entrepreneurs are some of the
in periods where there’s more
world’s most powerful transformers. From Elon
advancement in technology, it’s usually
Musk sending people to Mars to Bill Gates and
due to the work of an entrepreneur.
Steve Jobs making computers part of every
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 Entrepreneurs create people are being pulled out of poverty

change: Entrepreneurs dream big so today than ever before. This is likely due
naturally some of their ideas will make to globalization. Being able to connect to
worldwide change. They might create a millions and billions of people on the
new product that solves a burning internet allows new entrepreneurs to find
problem or take on the challenge to customers around the world. So, those
explore something never explored before. who want to make money online are able
Many believe in improving the world with to do so to get out of poverty.
their products, ideas or businesses.
 Entrepreneurs give to society: While Why do people become
some have this notion of the rich being entrepreneurs?
evil and greedy, they often do more for What is entrepreneurship’s
the greater good than the average appeal? With over 400
person. They make more money and thus million entrepreneurs, entrepreneurship
pay more in taxes which helps fund social has an international appeal. Every
services. Entrepreneurs are some of the entrepreneur has their own ‘why’ that
biggest donors to charities and nonprofits drove them to dive into being their own
for various causes. Some seek to invest boss. Whether entrepreneurs need more
their money in creating solutions to help freedom or to make the world a better
poorer communities have access to place, they all take control of their life by
things we take for granted like clean living life on their own terms. Here are a
drinking water and good health care. few of the reasons why people become
 Entrepreneurs add to national entrepreneurs:
income: Entrepreneurship generates  To change the world: Many
new wealth in an economy. New ideas entrepreneurs strive to make the world
and improved products or services from better. Whether entrepreneurs believe in
entrepreneurs allow for the growth of new space exploration, eliminating poverty or
markets and new wealth to be created in creating a practical but game-changing
an economy. Adding to that, increased product, they ultimately build a brand in
level of employment and earnings add to service of others. Some entrepreneurs
the national income. use their business as a way to raise
 Entrepreneurship decreases poverty: capital quickly to funnel into their noble
In the spirit of sharing good news, more causes. To social entrepreneurs, building
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an empire is about creating a better world Entrepreneurs might not want to work
for everyone. from the same place every single day, as
 They don’t want a boss: Entrepreneurs it might get boring for them. So, if you’re
often struggle with having a boss. They looking for the freedom to work from
often feel suffocated, restricted and held anywhere in the world, maybe the
back. Some entrepreneurs may feel that entrepreneur lifestyle is the right one for
they have a more effective way of doing you.
things. Others may dislike the lack of  They can’t get a job: Many stumble into
creative freedom. Ultimately, they entrepreneurship when they can’t get a
become attracted to entrepreneurship to job. Getting fired, a lack of experience or
succeed on their own terms. Being the a criminal record can prevent the average
boss can be more fulfilling than having person from getting a job when they’re
one. Check out 10 Obvious Signs You desperate. Instead of being defeated by
Should Be Working for Yourself. their situation, they create new
 They want flexible opportunities for themselves. A new
hours: Entrepreneurship is often popular graduate might start an online store the
around those who need flexible hours. summer after graduation to build up their
Many people with disabilities often enjoy resume. A parent who is seasonally laid
entrepreneurship as it allows them to off each winter might start a business to
work when they’re able to. Parents with ensure they can continue feeding their
young children might also prefer family while keeping a roof over their
entrepreneurship as it allows them to heads.
raise young children at home or pick them  They don’t fit into the corporate
up from school without having to feel environment: Entrepreneurs don’t often
guilty about it. Students may also like the thrive in corporate environments. It’s
flexibility of entrepreneurship as their often very restricting for their growth.
course workload might not allow them to They may dislike the lack of control they
work standard office hours. have in their role or the office politics. In
 They want to work from general, you can spot an entrepreneur in
anywhere: Along with flexibility in a corporate environment as they’re
working hours, entrepreneurship is usually trying to gain more control in their
popular among those who don’t want to role and learning their coworkers
be tied down to a specific location.
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responsibilities to better understand how business. In economics, entrepreneurship

everything fits together. combined with land, labor, natural resources
 They’re curious: Entrepreneurs love and capital can produce profit.
finding out the answer to the question, Entrepreneurial spirit is characterized by
‘what will happen if…’ They’re innovation and risk-taking, and is an
experimental. Entrepreneurs love essential part of a nation’s ability to succeed
learning. They regularly read business in n ever changing and increasingly
books to advance their knowledge. So competitive global marketplace.
naturally, entrepreneurship appeals to
them because doing allows them to learn LESSON 2
the most in the shortest amount of time. An Entrepreneurial Mindset (2)
Their curiosity allows their continued Entrepreneurial mind frame allows the
growth. entrepreneur to see things in a very positive and
optimistic light in the midst of crisis or difficult
 They’re ambitious: Those who love
situations. In fact, in Chinese writing, the word
reaching difficult goals and milestones crisis is composed of two characters. The first
are made to be entrepreneurs. There’s no character means danger while the second
character means opportunity.
limit to how much an entrepreneur can
Entrepreneurial Mind Frame Passion is
make and so they can always work to
the great desire to attain a vision or fulfill a
achieve higher levels of greatness. Since mission. It is about wanting something so much
there’s no limit to what they can achieve, that a person would be willing to totally devote
oneself to the quest. “..people with passion can
entrepreneurs constantly find themselves change the world for the better.” -Steve Jobs
growing and achieving more than they
The Entrepreneurial heart flame is also
ever imagined. When obstacles get about emotional intelligence or EQ, which is
presented in front of them, they find the often manifested in the entrepreneurs’ efforts to
nurture relationships with customers,
workaround to their goal. Entrepreneurs employees, and suppliers.
are unstoppable.
Entrepreneurial Heart Flame The
entrepreneur also looks after the interests of his
Entrepreneurship means or her people by motivating and encouraging
them to be the best that they can be. This
The capacity and willingness to develop, creates caring culture within the organization
organize and manage a business venture that brings about synergy among the people
working toward a common vision.
along with any of its risks in order to make
profit. The most obvious example of The Entrepreneurial gut game refers to
the ability of the entrepreneur to sense without
entrepreneurship is the starting of new using five senses. This is also known as
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intuition. The gut game also connotes courage  Comfort with uncertainty. Similarly, a
or, in the local dialect, “lakas ng loob” (strong distrust of prediction and analysis creates
intestinal fortitude). an atmosphere where uncertainty rules.
Indeed, uncertainty is the very essence
New Product Development. Successful
of entrepreneurship.
new products spring from the convergence of:
(1)the creative mind; (2)the technical  Openness to experimentation. A
mind; and (3)the business mind. comfort with experimentation goes
beyond educated trial and error. The
The creative mind conceptualizes and
ability to experiment with products,
designs a product that consumers find some use
processes and outcomes, no matter
for. It likewise produces a product that is
where the results may lead, is the key
pleasing to see, touch, smell, hear, and taste.
element of this quality.
The technical mind is the technology  Functional humility. Egos can destroy
originator. The entrepreneur may not necessarily the very best ideas. Entrepreneurs who
possess the technical mind but this is what are committed to solving a business
drives him or her to convert new knowledge into problem or reinventing a product or
something highly functional and operational. service display a functional humility.
Wireless Charger
The business mind harnesses the potentials of 15 Common Entrepreneurial
new products by creating the market space for Characteristics for Successful
them. It also organizes sufficient forces and Entrepreneur Mindset
resources to develop, launch, and
(1) Smart - Every successful entrepreneur,
commercialize the new product in order to
and, in fact, every successful person that I
maximize its market value.
know is smart. They may not have an IQ of
Five Essential Characteristics of The 160, but some do. When I say smart, they
Entrepreneurial Mind are of above average intelligence, and most
have higher education, many with advanced
 Creativity. The seed of degrees. Typically, successful
entrepreneurship is the ability to see entrepreneurs are also “Street Smart”, and
things differently. Whether it's with new not just “Book Smart”. They are usually
products or new processes, pretty savy and intuitive. Most successful
entrepreneurs are driven by the uncanny entrepreneurs also have a reasonable
knack to see holes in the marketplace degree of “emotional intelligence”. They can
be empathetic, but sometimes choose not to
and devise innovations to fill them.
be. Not because they don’t care about other
 Suspicion of predictors. Entrepreneurs people, but because they are so fiercely
tend not to labor under the assumption competitive and have incredibly high
that data is the sole predictor of an standards for themselves and everyone else
outcome. Especially in new markets and around them.
with new products where data is largely
interpretive or extrapolated, (2) Hard Working - I know of many people
entrepreneurs are undaunted by the that have a good work ethic, but have very
typical predictors that may put off fainter limited career success. Being hard working
alone is not sufficient to achieve successful
hearts.
in anything, including being a successful
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entrepreneur. However, if you are not willing being focused, goal oriented, and showing
to work hard, even during times of setbacks perseverance, even during times of great
and adversity, it is unlikely that you will be adversity. Successful entrepreneurs are
successful. Generally, successful tenacious. They do not quit. They are
entrepreneurs are hard workers, and they finishers. They are willing to “grit it out” when
also enjoy what they are doing. They are times get tough. As the old saying goes,
dedicated, driven, and focused. They are “When the going gets tough, the tough get
goal oriented and have a strong attention to going.” Trust me, I have heard this saying
detail. They are typically highly organized more than once from my father.
and have seemingly boundless energy. They
know how to start things, but, more (5) Adaptive - Successful entrepreneurs
importantly, they know how to finish things. are constantly learning. This mode of always
learning includes being a student o f people,
(3) Competitive - If you have ever been management, and leadership. Successful
friends with a successful military figure or a entrepreneurs are always trying to be more
successful athlete, you know what efficient and more effective. This translates
competitiveness looks like. Extremely into their teams as well. They want to make
competitive people are not always “in your their companies like “well oiled machines”
face” about things. But you can tell from their that can do things better, faster, and more
approach, and their track record that they efficiently than any other organization on the
love to win, and even more importantly, they planet. As such, over time, they develop a
hate to lose. The most competitive people, situational management style. They are able
weather it is in sports, war or business, don’t to be adaptive depending upon the situation
just want to win, they want to crush the and the people involved. They have a sense
enemy. It reminds me of the quote attributed of the situation, what works well, and what
to Genghis Khan, “The greatest joy for a will work under certain circumstances. They
man is to defeat his enemies, to drive them exhibit what I like to call “selective flexibility”.
before him, to take from them all they They will be flexible if the time and need
possess, to see those they love in tears, to calls for it, in order to fight for the great good
ride their horses, and to hold their wives and of the company.
daughters in his arms.” This quote was
maybe made even more famous by Arnold (6) Passionate - It seems that everyone
Schwarzenegger in his movie, Conan the these days talks about the importance of
Barbarian. Successful entrepreneurs are passion. Be passionate! Show that you are
ambitious, disciplined, and have a burning passionate! What the heck does this really
drive for success. Most operate with a bit of mean? Should I be zealous about everything
a “chip on their shoulder”, like they have and have a ridiculous smile on my face no
something to prove. When thinking about matter what the circumstances? Passion as
this quality, I think about Tom Brady, the it relates to entrepreneurship is about
NFL quarterback for the New England believing in yourself, your team, and the
Patriots. Brady played college football at the mission you are on. Successful
University of Michigan and was drafted in the entrepreneurs are generally very optimistic,
sixth round of the 2000 NFL draft. He has but not naively so. It may appear to others,
gone on to win four Super Bowls, three at times, that they are being naive. But they
Super Bowl MVPs, and two League MVPs. see something that other just don’t see yet.
And they remain passionate, enthusiastic,
(4) Tenacious - One of the biggest and focused during ups and downs and
determinants of success, in anything, is what setbacks. They maintain the vision. They are
some people call “grit”. It is a combination of
 8

on a quest. They are carrying the torch for have “bought in” to the vision. These people
the organization. have “drank the Kool-Aid”, and they want
more! Like all great leaders, great
(7) Confident - they actually are confident entrepreneurs can delegate with
because they know what they are doing and responsibility and still hold others
they know what they are talking about. It accountable. They can articulate the vision.
does not mean that they won’t listen, or need But most importantly, they have a loyal
to cover-up their insecurities by being overly following.
confident. In fact, it is quite the opposite.
Great entrepreneurs usually are “right”. (12) Decisive - A person with this
When they are occasionally wrong, they characteristic on some lists is called a “risk
admit it, make any amends that need to be taker”. However, I don’t think entrepreneurs
made, and move on with things. are just risk takers. You can go to Las Vegas
and be a risk taker, but the odds are
(8) Visionary - Nearly all successful massively stacked against you. You can go
entrepreneurs are very curious and skydiving or bungee jumping. Is that risk
inquisitive. They don’t just take things at face taking? For sure. It is thrill seeking? It most
value. They have a honed sense of seeing definitely is. Great entrepreneurs definitely
trends and piecing together information and have a willingness to take risks, but I think it
data in such a way that they can “see over is more about the ability to assess
the horizon”. As such, they can predict risk/reward in a way that others can’t or
trends and competitive moves before others don’t. This is a combination of risk taking,
can even start to understand them. risk assessment, and decisiveness. Getting
back to the vision, good entrepreneurs can
(9) Convincing - Most successful see over the horizon, so they don’t see the
entrepreneurs are good “salespeople”. They same risks that others see. Great
know how to promote themselves, their entrepreneurs have a high tolerance for
ideas, their products, their people, and their uncertainty and ambiguity, and they can
companies. They have credibility with make decisions in that type of environment.
people, and they can do a good job of In fact, they thrive on making decisions in
describing things in such a way that people that environment. They want to win. They
not only understand, but resonate with. Most want the competition to lose. They want the
can operate at various levels of technical competition to be scratching their heads and
depth depending upon the audience. saying, “How the heck did they do that?” If
you are just making decisions in an
(10) Ethical - Most successful
environment with certainty and low risk, how
entrepreneurs operate with high integrity.
is that any fun?
This is not always the case, but I am hard
pressed to call someone successful if they In situations when the entrepreneur makes a
are unethical. They may experience a mistake, they take responsibility, adjust, and
season or two of success, but eventually course correct along the way. This is
things inevitably come crashing down on typically no problem from a business
them. perspective because the great entrepreneurs
are so far ahead of completion in their
(11) Leader - Many books have been
thinking, that they have time to make course
written about leadership, but my best
corrections!
definition of a leader is someone that has
followers. To be successful, you have to (13) Loyal - Nearly all great entrepreneurs
have a “tribe”. Great leaders have a set of are fiercely loyal. They are loyal to other
like-mined people that are passionate and
 9

people, to causes, and to a “greater good”. all of the information out there. You’ve probably
The greater good may not be the same for
been doing plenty of research, and you might’ve
any of them, but there is a commitment to
their greater good. come across the idea of an entrepreneurial

(14) Direct -Great entrepreneurs are mindset, which is, above all, a mindset that will
typically very direct communicators. They help you to succeed in the world of business.
can be charming, and they can turn-on that
charm. But, frequently they can be very The essentials of an entrepreneurial mindset
direct and unambiguous in their are, among other characteristics, the lack of fear
communication style. They can sometimes
be quite “clinical” and seem unsympathetic when it comes to innovation and taking risks,
and “harsh”. They typically don’t “sugar coat” and the ability to take failures into stride. If you
anything. This does not mean that they lack
empathy; they simply have extremely high consider yourself an entrepreneur, it’s important
expectations of themselves, their team, their to know why entrepreneurial mindset is
company, and their “greater good”.
important for business.
(15) Have Mentors and Role Models - Great
entrepreneurs foster relationships with more
seasoned and experienced people to learn 1. Thinking like an entrepreneur will help you
things at an accelerated rate that would not right from the beginning
be possible if they tried to learn everything
on their own, or if they only assessed You have a plan for your business, you’ve
situations based on their personal figured out all the details, and you’re ready to
perspective and “lens” versus seeing it from
their trusted advisors as well. Like great start making money, but it’s normal to feel
athletes, great entrepreneurs want the best worried or anxious about your new venture.
coaches, and the best guidance. This is how
you become great. This is all about a great Here’s where you should begin to channel your
entrepreneur’s willingness to learn, and not inner entrepreneur! Creating that entrepreneurial
just from books, but also from other
seasoned and experienced people. mindset will help you to think about what you’re
doing and why. It will help you to know where
you would like your business to lead you, and

LESSON 3 what risks you’re willing to take to succeed. If

you know the answers to these questions, you’ll

REASONS WHY AN ENTREPRENEURIAL be ready to tackle all the challenges your new

MINDSET IS ESSENTIAL FOR BUSINESS business throws at you.

Five Reasons Why an Entrepreneurial 2. An entrepreneurial mindset will help you in

Mindset Is Essential for Business other areas of your life

If you’re starting out in the business Being willing to take risks and accept

world, you might feel a little overwhelmed with failure is a unique skill that isn’t relevant solely in
 10

the business world. Incorporating an

entrepreneurial mindset into your everyday life 5. Thinking like an entrepreneur will enable
will help you to minimize the importance of you to take healthy breaks
failure and rejection in your life. It will also help Don’t overextend yourself as rest and
you to keep moving forward even when things relaxation are important. Successful
are difficult. Additionally, being able to plan entrepreneurs know that focusing entirely on
ahead and foresee potential problems (a key business is a sure-fire way to burn out. Go on an
part of an entrepreneurial mindset) will help you international trip. Relax and visit new
to live a more organized, less stressful life. In destinations. You might be surprised by the
turn, this will help you to better run your ideas and inspiration you can get by
business. experiencing new cultures. If you are thinking
like an entrepreneur, you will know that taking
3. Having an entrepreneurial mindset will regular breaks will actually benefit your business
encourage creativity in the long run and that you need not feel guilty
If you’re open to innovation and willing to for indulging once in a while.
take risks, you’ll be more likely to think outside If you’re wondering how to develop your
the box. If something isn’t working well, there entrepreneurial mindset, rest assured that there
may be more than one fix, and you shouldn’t are plenty of resources out there! To get started,
always fall back on the simplest or safest you might like to jot down the names of your
method. Critical thinking is the key to a favorite successful business people, and
successful business, and being willing to find research how they came to success, and any
creative solutions even if it might mean more advice they might have.
work will help your business greatly in the long
run. The Entrepreneur Mindset of 10 Successful
Entrepreneurs
4. People trust others who seem to know
what they’re doing Entrepreneurs are all different. They all
The old saying “fake it ‘til you make it” is have a different entrepreneur mindset that
especially true in business. If you do your best to contributes to their success. Their entrepreneur
think, feel, and act like an entrepreneur, people mindset might have to do with their personality
will treat you like one. By channeling an or even the field in which they have chosen to
entrepreneurial mindset, you’ll be able to make work. When figuring out your own approach to
new contacts with ease.
 11

the challenges of entrepreneurship, it can help Sam Phillips, founder of Sun Records,
to learn from the experiences of others. did not invent Rock ‘n Roll, but his small
The experiences and entrepreneur mindset of Memphis label will forever be linked to its
10 well-known entrepreneurs from a variety of beginnings.
different fields were selected. Each of their Phillips established his recording studio
stories will help you in your own entrepreneurial and eventually his record label as a way to
adventures. capture the interaction of country and blues
music he was already familiar with as a DJ.
1. Reach Out to Customers First There was a wealth of talent he believed most of
Though it may seem to many like product the country was unfamiliar with and had never
development should come first, master boot heard. He created a relaxed studio environment
strapper Greg Gianforte insists that’s the with unique acoustics to capture and immortalize
wrong approach. After moving to Montana with that talent.
his wife and children after selling a previous Phillips would eventually discover stars
company, Gianforte grew restless and decided like Elvis, Jerry Lee Lewis, Carl Perkins and
to start again. Johnny Cash and he became an icon and a
He focused on the tech sector where his wealthy entrepreneur as a result.
experience was strongest. But instead of starting
with a prototype for a product or service and 3. Use Networking to Build Your Business
then seeking funding, he started by getting on Many entrepreneurs talk about the
the phone with potential customers. That led to importance of networking, but few are as
conversations about what kind of product they specific about how and why networking is
would buy. After a month of phone calls, important as Jason Nazar, co-founder and
Gianforte spent about 60 days coding the CEO of Docstock.com.
product his customers said they wanted. He In an interview on the MyTreat Blog,
claims his company, RightNow Technologies, Nazar says he owes his success — particularly
was cash positive from the beginning. the founding and growth of his current company
The business makes cloud-based software for — to his networking efforts. He says he used
large consumer businesses and was sold to networking to raise $4 million in startup funds.
Oracle in 2011. He says he also used it to locate a co-founder
and build the majority of his organization.
2. Find a New Market for an Existing Product Nazar gives some important advice to
other entrepeneurs when using networking in
 12

business. First, measure the return on not been easy. Complaints about counterfeit or
investment you are getting from your networking fake items sold on the site as name brands
efforts. abound. And, of course, the problem is
Second, make sure you give something of value exacerbated as Alibaba attempts to position
first when making connections instead of itself as a site other businesses use as a source
beginning by asking for something. of wholesale merchandise.
4. Give Without Expecting a Return As Alibaba considers going public with an
This may seem like a contradiction to our IPO, another challenge looms. Ma wants
last point. But author, former hedge fund to keep tight control of his company and of the
manager and tech entrepreneur James team of executives he already has in place. This
Altucher stands by the belief that great can be hard to do once investors enter the
opportunities come your way when you offer picture. Many want to have a say in how the
something without looking for payback. company is run after investing their hard earned
Altucher says he regularly sends out money. But Ma believes in his vision for his
ideas to people with whom he would like to do company and in the culture he has created to
business or those he admires and would like to get the job done.
meet and asks for nothing in return. Often he
does not receive so much as a response, he 6. Understand the Power of Brand
says, but sometimes the results are magical. In When the first series of Star Wars movies
one instance, Altucher sent investment expert was released in the late 70’s and early 80’s,
Jim Cramer, co-founder of TheStreet.com, a list most people saw only a pop culture
of suggested article topics. As a result, Altucher phenomenon. The string of successful films
received an invitation to become a contributing created a whole new market for science fiction
writer. TheStreet.com would later invest in one and fantasy. But creator and filmmaker George
of his websites, Stockpickr.com – then buy it Lucas saw so much more. To him, the first
from him. trilogy of films and the three additional movies
that followed became a powerful brand. That
5. Keep Control of Your Vision brand became a spring board to lucrative
Jack Ma, also known as Ma Yun, is the licensing deals for everything from toys, to video
founder and guiding hand behind Alibaba, a games, to memorabilia and live attractions. In
giant Hong Kong-based wholesale eCommerce 2012, Lucas sold Lucasfilm and the Star Wars
site. Despite its popularity and financial success, franchise that went with it to Disney for $4.05
Alibaba’s road to acceptance outside China has billion. In the meantime, Lucas clearly hasn’t lost
 13

his interest in powerful and profitable brands. He refused to mass produce his product. Instead,
recently invested $10 million in the successful he insisted that each loaf still be hand crafted by
Starbucks cafe chain. a baker personally trained in his techniques.
Even as he experimented with more modern
7. Focus Your Energy on What’s Good for techniques and expanded his bakery operations,
Your Business Puoilâne’s interest in maintaining quality control
From best selling albums to a nightclub, a in his business never wavered. His daughter,
clothing line, a sports franchise and more, Apollonia, continues that tradition to this day.
rapper Jay Z is known not just for his music but
also for his business acumen. His success is 9. Set Your Product Apart
based in part on his focus. It includes a refusal The desire to create a product that stands
to spend his time on anything that does not alone is nothing new. Way back in 1783, the
expand his entrepreneurial ventures. Forbes Primrose brothers (George and
staff writer Zack O’Malley Greenburg says this William) promised to produce crystal as fine as
focus caused Jay Z to decline involvement in a any in Europe – and the Waterford brand was
book Greenburg was writing about him. Instead, born. The brothers’ secret technique of
Jay Z decided to put out his own book and profit combining glass and minerals to produce crystal
directly from his own story and image. While that actually “sings” when tapped with the finger
some might consider this outlook shortsighted, became renowned. The crystal is also known for
the question remains. How often have we the deep and ornate carvings created by skilled
allowed someone else to drag our focus and artisans that give it a distinctive appearance. So
energy away from our businesses – and what beloved and valued was the Waterford brand
has it cost us? that even when the factory closed in the 1850’s
due to economic hard times, the unrivaled
8. Always Maintain Quality Control quality of Waterford Crystal was never forgotten.
From the age of fourteen when he began Almost a century later, the Waterford Crystal
his apprenticeship in his family bakery until his tradition was revived, returning the crystal and
death in 2002, Lionel Puoilâne was the town in Ireland for which it was named, to
obsessed. And that obsession was with the their former glory.
quality of bread that bore his family’s name.
Puoilâne became world famous for artisan 10. Take Ownership
crafted bread baked in wood fired ovens. As Oprah Winfrey had experienced plenty
international demand for his bread grew, he still of success as a broadcaster and even in the
 14

entertainment industry before ever launching the product or service with a market that is willing to
pay for that product or service so that it can form
Oprah Winfrey Show in 1986. After some initial the basis of a profitable business. Innovation is
the process of making changes to something that
radio and TV jobs, she would host a successful
adds value to customers.
chat show in Baltimore and later a show in
Three Ways to Identify an Opportunity
Chicago that beat Phil Donahue in local ratings.
 Observing Trends (Jeans/Electric cars
She would even star in a movie, “The Color  Solving a Problem (Energy problem)
 Finding gaps in the Marketplace ( electric
Purple” with Whoopi Goldberg, directed by cars)
Steven Spielberg. But it wasn’t until after taking Discovery Consider your hobbies or skills
ownership of her syndicated talk show from ABC Consider consumer needs and wants Conduct
Surveys and questionnaires – test the market
that Winfrey’s entrepreneurial skills began Study demographics/ Market research

coming into focus. Her production company Steps in the Entrepreneurial Process 2. Concept
Development:  Develop a business plan: a
would eventually produce other TV and film detailed proposal describing the business idea
projects. Winfrey’s entrepreneur mindset Executive summary Objective Mission Statement

eventually led her to launch a magazine and Concept Development

even her own TV network.  Develop a Business Plan

 Choose business location. Will a patent
or trademark be required?
 A trademark is a type of
intellectual property consisting of
a recognizable sign, design, or
expression which identifies
products or services of a
particular source from those of
LESSON 4 others
 Copyright refers to the legal right
THE ENTTREPRENEURIAL PROCESS
of the owner of intellectual
The Entrepreneurial Process. The property. In simpler
entrepreneurial process is a process of pursuing a new terms, copyright is the right to
venture that involves more than just problem solving in a copy. This means that the
typical management position. An entrepreneur must find, original creators of products and
evaluate, and develop an opportunity by overcoming the anyone they give authorization to
forces that resist the creation of something new are the only ones with the
Steps in the Entrepreneurial Process exclusive right to reproduce the
work
1. Discovery
2. Concept Development
3. Resourcing
4. Actualization  A patent is an exclusive right
5. Harvesting granted for an invention, which is
Discovery. The stage in which the entrepreneur a product or a process that
generates ideas, recognizes opportunities, and provides, in general, a new way
studies the market Idea of doing something, or offers a
new technical solution to a
An idea is a concept for a product or service that problem. To get a patent,
doesn’t exist or is not currently available in a technical information about the
market niche. It may be a brand-new concept or invention must be disclosed to
an improvement of a current product or service. In the public in a patent application.
contrast, an opportunity is an idea for a new
 15

application of
frame to the
an already desktop, then
existing laptop and
product, recently the
service or notebook
Resourcing: The stage in which the entrepreneur process computer
identifies and acquires the financial, human, and Duplication Creative The adaptation of
capital resources needed for the venture startup, application of
the franchise from
an existing fast food industry
etc .
concept to the education
 Identify potential Identify potential
industry
investors Synthesis Combination of The fax machine,
 Hire employees existing the combination
 Apply for loans, grants and concepts and of existing
assistance factors into a technologies has
new given rise to a
Actualization: The stage in which the formulation or new
entrepreneur operates the business and utilizes use product(telephone
resources to achieve its goals/objectives. + photocopy =
fax)
Harvesting: The stage in which the entrepreneur
The Dark Side of Entrepreneurship
decides on business’s future growth/
development, or demise. What is your 5-year or  The Entrepreneur’s Confrontation with Risk
10-year plan? Consider adding locations or  Financial risk versus profit (return) motive
providing different products/services Will you go varies in entrepreneurs’ desire for wealth.
public?  Career risk—loss of employment security
 Family and social risk—competing
Differences Between Entrepreneurship and
commitments of work and family
Wage Employment Career Options
 Psychic risk—psychological impact of failure
Wage Employment on the well-being of entrepreneurs
4
78. Entrepreneurship
Work for Others
LESSON 5
Own Boss
Follow Instructions
Characteristics Of An Entrepreneurial Mindset
Make own plans
Routine Job
Creative activity
Earning is fixed, never negative 1. Positivity
Can be negative sometimes, generally surplus
Does not create wealth Maintaining a positive attitude doesn’t mean being naïve;
Creates Wealth, contributes toGDP
Can choose from- Public Sector, Private Sector it means looking at challenges not as obstacles, but as
Can choose from- Industry Service Enterprise opportunities to learn and improve.
Invention VS Innovation
Invention can be defined as the creation of a When setbacks occur, it’s almost instinctive to react
product or introduction of a process for the first negatively. While it’s healthy to embrace your emotions,
time. Innovation on the other hand, occurs if wallowing in negativity hinders your ability to move on
someone improves on or makes a significant
contribution to an existing products, process or from the setback.
service.
Approaching an obstacle as a chance to develop new
TYPE DESCRIPTION EXAMPLES ideas is a much more productive way to spend your time.
Invention Totally new Wright brothers-
product, airplane
service Thomas Edison-
or process light bulb 2. Creativity
Extension New use or Development
different from the main
 16

An entrepreneur solves problems, while a successful one Rest if you must, but don’t you quit.
finds new ways to solve them.
— Don’t Quit, John Greenleaf Whittier
Any useful product or service started out as a mere idea.
During times of hardship, and there will be plenty, you’ll
As an entrepreneur, you need to be able to come up with
need to be persistent, stubborn even, to get through
innovations to problems and turning them into real
them. You’ll have to accept that you’ll be rejected and
products that you can sell.
disappointed frequently throughout your journey, and
This creativity shouldn’t just be confined to thinking being able to withstand all of those is essential to
about what you’re going to sell. You’ll also need to be maintain your business.
creative in handling obstacles related to your business.
Another thing you need to accept is that you’ll make
mistakes. Everyone makes mistakes. Whether you’re a
beginner or an expert entrepreneur, you’ll commit errors
and blunders. Knowing how to learn from your mistakes
is crucial part of surviving and getting through these
difficult challenges.
3. Persuasion
Being tenacious doesn’t mean that you stop adapting. If
It’s not enough that you truly believe in your solution; your plans aren’t working, maybe it’s time to examine
you have to be able to persuade other people, especially what you’re doing and change tactics. Changing how you
your target audience, to believe in your solution enough do your tasks doesn’t mean that you stop what you’re
to buy it. doing.
Of course, being a persuasive communicator can help you
with other things aside from sales. It helps you create
compelling content for your blog, negotiate with other 6. Curiosity
bloggers for guest blogging opportunities and other
Investigating how things work and looking at things with
collaborations, and effectively deal with freelancers and
fresh eyes aren’t possible without a sense of
other companies.
inquisitiveness about everything.

Maintaining your curiosity is key to solving problems in

4. Self-motivation your niche in ways nobody has ever seen before.

A successful entrepreneur is a highly driven one. Keep your mind active and strive to see things from fresh
perspectives. Ask questions every chance you get about
Being skilled isn’t enough. No matter how good you are common struggles in your niche.
as a blogger and a marketer, if you’re not motivated to do
your tasks every single day, you won’t be able to do
them.
7. Flexibility
Also, being hardworking isn’t enough. All that heavy
Nothing is ever predictable in business, as in life.
lifting will eventually wear you down if you’re not
determined enough to keep at it. You have to be prepared for sudden events that pop up.
These aren’t necessarily problems; just occurrences that
All the great entrepreneurs hold themselves accountable
happen out of the blue that throw your plans into
and are not afraid to sacrifice time, money, energy,
disarray.
blood, sweat, and tears to get their business running
smoothly. As an entrepreneur, you need to be able to roll with the
punches and take everything that happens as they come.
Being able to adapt to changing environments, audience
5. Tenacity
 17

preferences, even personal circumstances ensures your 11. Vision

survival in the world of online business.
You need to be able to think of the big picture when it
comes to your business.

8. Ownership Entrepreneurs must stay focused on the long-term goals

of the business while not getting overwhelmed by short-
Yes, life can throw anything at you, but ultimately, it’s
term hurdles. Also, you need to be able to set mini-goals
you who decides what to do.
that lead to your overall goal so you don’t get lost along
There are plenty of things that you can’t control, but in the way.
the midst of those, there are still plenty of things that
you can control.
12. Self-regard
Ownership means not only taking possession of your
business but also taking responsibility for your tasks, Starting and building up your online business from the
actions, and reactions to various events. ground up can certainly be stressful.

When you take full responsibility for your decisions and Taking care of your physical and mental health should be
actions, that gives you the confidence in your power to part of your daily routine.
steer your business toward success
Having a healthy body and mind allows you to do your
9. Receptivity best work and come up with the best ideas. The three
most important aspects of self-care you need to consider
It’s tough having a vision for your business and your
are diet, exercise, and rest.
product only to not have that vision be as popular and
profitable as you wanted it to be.

But as an entrepreneur, you have to be ready to get You don’t need to adhere to a specific diet to be healthy.
feedback that you don’t want to get and read analytics Just do your best to eat nutritious food without any
that you don’t like. empty calories, and give yourself tasty treats from time to
time.
A good entrepreneur is open to audience input and to
information about their business that tells them if their Same with exercise; you don’t have to train intensely if
business is thriving or not, because they’re focused on that’s not really your style. Get a standing desk if you can
providing the best solution and not on having their idea and find physical activities that you enjoy. Walk, run,
be correct. swim, bike, skateboard, or dance; do whatever physical
activity you find pleasure in doing that you can
incorporate into your day.
10. Passion

As I probably keep going on and on about, maintaining

Getting enough sleep is underrated; plenty of people brag
your business isn’t easy.
about how little sleep they can get by on while still being
You have to be genuinely enthusiastic enough about your functional. But based on recent scientific research,
desire to develop solutions for your niche. getting adequate, uninterrupted sleep can significantly
improve your mental processes.
As an entrepreneur, you have to want to help people,
want to make a difference, otherwise your business will Being well-rested also involves taking frequent breaks in a
eventually fail, or otherwise not as successful as you want day. Trudging along hour after hour can take a toll on
it to be. your mental health. Take 5 minutes out of every work
hour to get up and stretch.
 18

The more you coop yourself up while working, the more

lonely and isolated you’ll feel, which isn’t good for your No matter what their business entailed or
health. Schedule some weekend trips and extended what they needed assistance with, I noticed every
single one of my clients had a true entrepreneurial
vacation time every year to reset and refresh yourself.
spirit. I began working towards shaping my own
professional work ethic to capture that same energy
and passion and have it reflect in my work. Here are
Conclusion five traits of an entrepreneurial mindset:

Running your own online business is probably the most 1. Clear Communication
rewarding thing you can do with your life, but it’s going to It may sound like common sense, but my
be full of challenges. Having an entrepreneurial mindset most successful clients knew their business inside
will help you face those challenges so you can build a and out and could relay important information to a
successful, thriving business. variety of audiences. Whether they were requesting
a bank loan or pitching their business to media
Here again are the characteristics of an entrepreneurial contacts for coverage, these entrepreneurs
mindset you should develop. possessed the ability to eloquently explain every
detail of their business and clearly state their
purpose.

 1. Positivity 2. Strong Work Ethic

True entrepreneurs don’t believe in set work
 2. Creativity days. There is no such thing as a 9 a.m. to 5 p.m. job
 3. Persuasion only five days per week. Successful entrepreneurs
work all hours of the day and night. I’ve received
 4. Self-motivation emails from clients both late at night and early in the
morning proposing new outreach ideas, or asking
 5. Tenacity questions they were stressing over. In turn, their
determination proved how serious they were in
 6. Curiosity ensuring their business was successful.
 7. Flexibility
3. Effective Branding
 8. Ownership Why should anyone support your business if
you don’t believe in it yourself? H
 9. Receptivity
4. Thinking Long-Term
 10. Passion Entrepreneurs tend to think less short-term
and focus more on the end goal. They also accept
 11. Vision that very rarely does everything go as planned.
Never let obstacles deter you! Thinking long-term
 12. Self-regard
motivates you to work hard and think critically about
the steps needed to achieve your overall goal.

LESSON 6 5. Importance of Networking

I can’t stress this point enough. My clients
Traits of an Entrepreneurial mindset always knew of at least one person who could help
Enventys Partners promote their business in one way or another.
Conversely, I almost always had a professional
I have worked with countless entrepreneurs contact ready to assist them, whether it be a banker,
over the past few years. Their businesses varied local economic development leader or a media
from pharmacies and boutique shops to restaurants contact. Networking allows for countless
and start-up consulting firms. Working one-on-one opportunities regardless of what stage your business
with entrepreneurs had a tremendous influence on is in. Take advantage of local workshops or seminars
my work ethic as a public relations practitioner.
 19

related to your business, join LinkedIn and don’t be The long hours and erratic demands of
afraid to cold call people within your industry. heading up your own company can
negatively impact both your personal life and
At the end of the day, entrepreneurs thrive on mental outlook.
their constant hunger for success. Try to learn from
the entrepreneurial mindset and see how it can 2. A Creative Mindset - Creativity is
positively influence your work needed for entrepreneurial success. The
mind of an entrepreneur is always looking for
novel ideas and innovations. The basic life
Entrepreneurial Mindset: 5 cycle of any entrepreneurial product stems
Characteristics to Cultivate from the conception of an idea followed by
turning that idea into a viable product or
1. A Positive Mental Attitude - A positive service.
attitude and outlook is a must for successful
entrepreneurs. The mindset of the head of One of the benefits of being the boss is that
the company sets the tone for the rest of the you get to express creativity each and every
company and influences corporate culture. day. You get to try out creative tactics to
Negative thoughts undermine forward motion better your business and make changes.
and the progress of the company, not to Even if you are not in a creative field, per se,
mention the management’s ability to lead working out ways to optimize your business
staff and motivate employees. Part of what operations is a creative act. When you’re
gives entrepreneurs the fortitude to weather heading up your own company, you can
the business downturns is positivity. apply creative thinking to your sales, PR,
hiring, tech…the list is endless.
“When everything seems to be going against
you, remember that the airplane takes off 3. Persuasive Communication Ability -
against the wind, not with it.” – Henry Ford, The best entrepreneurs are persuasive
founder of Ford Motor Company. Cultivating individuals. The power of persuasion can
a positive attitude is not about sticking your help you negotiate, close a sale, or score a
head in the sand and ignoring things that lower price on your inventory. Not to
could go wrong, but about learning how to mention, persuasive people tend to be
mentally reframe your response. There is no inspiring leaders, ergo they tend to be stellar
point in wallowing in mistakes. bosses

One way to change your outlook is to look a “If you would persuade, you must appeal to
negative pain point and ask “How can I interest rather than intellect.”– Benjamin
actively correct this?” By exploring your Franklin
reaction and response to a perceived
While some people are more naturally
problem, you’ll soon learn to cultivate a
persuasive than others, persuasive
positive approach to change. Positive people
communication skills can be learned and
look to challenges as a way to improve and
practiced. Learning to communicate and
learn, so you should try to focus on this skill.
present your ideas will make you a better
Part of relinquishing negativity is realizing entrepreneur—no matter what your industry
that your own negative thoughts as a is.
company leader waste energy, time and
4. Intrinsic Motivation and Drive - One of
money. Being positive is something which,
the top entrepreneurial characteristics is
like all life skills, can be learned. Becoming
intrinsic motivation, meaning you are self-
an entrepreneur is not for the faint-hearted.
motivated as opposed to looking to others to
 20

push you to do things or hold you 1. Decisiveness

accountable. Broadly speaking, those who To succeed as an entrepreneur, you must gain the
own their own businesses are incredibly ability to look at a problem or situation, digest all
motivated to succeed. They’ve poured blood, available data (at that point in time), and make a
confident decision to move forward.
sweat, and tears into their company, and
Your ability as a decision-maker will make or
may have literally mortgaged their future to break your future successes.
first open their businesses’ doors. Having a In fact, at the opposite end, indecision is one of the
lot at stake personally fuels the motivational greatest causes of business failure.
drive. When you can’t decide what to do, you delay taking
action. In other words, you do nothing. Think about
“The secret of change is to focus all your how many dreams (and businesses) failing to take
energy not on fighting the old but on building action has killed.
the new.” – Socrates Like many other skills an entrepreneur needs, being
decisive is a skill that can (and should) be practiced
One way to stay motivated in the long-term and strengthened in your day to day life — starting
is to keep the focus on the endgame, the big with the tiniest decisions.
picture. Where is your company headed?
What plans do you have in the future to grow 2. Confidence
and expand? How will your company fit into There are many skills you will need to learn to
its respective industry in the future? Experts accomplish everything you want in life.
But how do you act confidently when you don’t
say that formulating long-range goals and
know what you are doing?
plans keeps the motivational fires burning. You learn to act with confidence, the second
characteristic of the entrepreneurial mindset. And
5. Tenacity and an Ability to Learn from one the of the most important qualities of an
Failure - When you’re starting a business, entrepreneur.
you hope that your business will be a wild It is essential that you get used to the uncomfortable
success. It’s true that success is wonderful, feeling of knowing that you don't know what you’re
but failure is where growth and change doing.
happen. The key to learning from failure is to They weren't born knowing how to speak confidently,
actually learn and embrace your mistakes so launch successful products, or write excellent books.
they make your better, not break you. They also weren't born knowing how to become
entrepreneurs.
“Every failure is a step to success.” –
Malcolm Forbes 3. Accountability
The entrepreneurial mindset comes from taking
Don’t be afraid to fail, because when you do, responsibility for your actions and outcomes.
you’ll be in good company. The richest You need to internalize and accept that:
 Everything that happens at work – YOU are
business owners, most decorated sports
responsible for.
stars, and well-known artists have all failed
 Everything that happens to your business –
at one time or another in their path to riches YOU are responsible for.
and fame. Everyone is human, therefore,  Whether you succeed or fail, it is YOUR
imperfect. Do not expect yourself to be responsibility.
perfect in the pursuit of your business
dream. It is, by definition, impossible. From this moment forward, you must accept
responsibility for everything in your life and hold
yourself accountable to it.
LESSON 7 All that matters is what you are doing RIGHT NOW
FIVE CHARACTERISTICS OF ENTREPRENEURS to find your success.
Accountability is required of entrepreneurs as well as
The five (5) characteristics of Entrepreneurs are: successful employees. Stop passing the buck and
blaming others.
 21

Hold yourself accountable – even when you aren’t to humility will keep you focused and centered. From
blame – and take action to fix the problem. accountability to resilience, you will continue to move
The entrepreneurial mindset requires you to take forward through failure, mistakes, and upsets. This is
complete control and hold yourself accountable to accomplished with humility.
your outcomes – both good and bad. As James Along with humility comes coachability — the ability
Altucher said on the podcast, life is a sentence of to be coached.
failures punctuated with brief successes. If you want to accomplish big things in life, you need
to be willing to learn from others and nourish a
growth mindset. To do big things, you need to grow.
To grow, you need to learn.
No matter what you are trying to accomplish,
someone already has done it before you.
Thinking like an entrepreneur means seeking out
mentors and coaches who have been where you are
trying to go — and having the humility to accept their
guidance.

4. Resilience
As an entrepreneur, you will need to learn to deal LESSON 8
with making mistakes and failing. They are inevitable Characteristics of an Entrepreneurial Mindset
and a part of your growth.
This mindset shift takes resilience and is
foundational to the entrepreneurial mindset. 7 CHARACTERISTICS OF AN
Success rarely happens in a straight line. Taking
wrong turns and making mistakes is something that ENTREPRENEURIAL MINDSET — AND HOW TO
happens to everyone. DEVELOP THEM
“The only people who don’t make mistakes are the
ones who don’t do anything.” Your entrepreneurial venture begins with you.
Resilience is not only helpful when dealing with Entrepreneurship is a challenging and rewarding
catastrophic mistakes. It’s a way to handle the small,
simple decisions you’ve made that didn’t turn out path. Are you cut out for it? What will give you the
right. ability to grow through failures, carry on when things
Resilience enables you to think, act, and move
iteratively — making small, incremental corrections get tough, boost your spirits in difficult moments, and
along the way. ultimately achieve success? Although research on
As the pilot, you set a trajectory north to Manila upon
departure. Yet with the wind blowing, you are the psychology of entrepreneurs shows there is no
beginning to get slightly off course. single set of characteristics suggesting success, here
Do you keep plowing ahead as planned and end
up in Cebu instead? are seven characteristics often shared by successful
Or do you continually and incrementally correct entrepreneurs.
your course against the wind and turbulence?
The answer is obvious. You need to constantly
correct against external forces, or you will never Curiosity.
reach your destination.
You need to be resilient to change and keep pushing Inquisitiveness is extremely common among
ahead no matter what may try and knock you off successful entrepreneurs. Keep your mind active.
course.
There is no straight line to where you are going. Investigate how the world works and where things tie
together. This will strengthen your ability to see
5. Humility
Humility is freedom from pride or arrogance, things with a fresh perspective. Learn from
and it ties all of the characteristics of achievers. Examine their lives and accomplishments.
entrepreneurship. From decisiveness to confidence,
Note what made them great. Question what they did
 22

that you could do. Consider what you would do problems appear constantly. To battle on, it helps to
differently if you were in their position. Ask questions, be flexible in your thinking so you can roll with
check out competition, look for new ways to do punches, solve problems readily, and recover quickly
things. View your surroundings as inspiration for from setbacks. To become more agile, build a
value creation. structured critical approach to problem solving. Keep
a journal and record your thoughts. List the
Commitment. challenges that you face — stumbling blocks or
While passion may lead you to start your own perceived limitations that prevent you from
business, commitment will keep you going and allow advancing. For each of these, one at a time, write
you to persevere through every dilemma. The ability down everything that you know about it. Ask yourself
to withstand repeated rejection and disappointment what you need to know. List all of your ideas and act
is an essential part of an entrepreneur’s makeup. on them, developing a time line to overcome this
Successful entrepreneurs draw lessons from hurdle.
rejection, as well as prevent it from damaging their
self-esteem. Deflect the rejection away from yourself Ownership.
and use it as an indication to fix flaws in your Successful entrepreneurs have a high
business ideas. Focus on comparing yesterday to internal locus of control — they trust in their ability to
today with an attitude of “look how far I’ve come.” determine their success. Entrepreneurs have an
When you see what you have achieved, it fuels almost pathological need to control their own fate.
motivation. It drives you to continue to moving They see that their own actions, decisions, and
forward. Continues to produce results. Helps you responses — despite what life throws at them — will
persevere. make or break them. This means taking
Optimism. responsibility for doing the things that need to be
Despite challenges, successful entrepreneurs done. Hone the understanding that you are in
maintain a buoyant attitude. Being optimistic about a complete control of your responses to the
situation means approaching it as a possibility to be experiences life throws at you. Build confidence that
explored. When a problem occurs, an entrepreneur you can conquer and carry out your dream.
sees it as a learning opportunity. Build your
confidence. Use the lessons taken from each Leadership.
situation to develop and refine your ideas. Be As an effective entrepreneur, you must guide
optimistic. Know that there is a solution to every and motivate your team, empower them and lean on
complication. them for support. It is critical to share your vision in a
way that inspires. Clear, compelling communication
Flexibility: is key. By developing focus and involvement for the
We know that entrepreneurship is a team, entrepreneurs have a greater chance of
challenging arena. Unexpected demands and realizing their visions of greatness. Create your
 23

vision, your compelling call to action, and model it

consistently.

Connection.
If you think or act like you’re an island, you’re
bound to fail. Entrepreneurs must break out of the
silo that entrepreneurs often unknowingly build.
Create a network, a tribe. Choose individuals who
will help form the collaborative bonds needed to grow
your idea. Make emotional connections that do more
to generate effort than any financial reward could
create. Cultivate strong ties to family, friends and
colleagues. Take time to invest in the relationships
that matter. And then fortify your ability and
willingness to reach out for support when you need.

Self respect.
Care for your body and mind as much as for
your business. Take care of your self as a pillar of
your daily practice. Three key areas to uphold are:
Rest — get adequate sleep and time to renew;
Exercise: walk, run, go to the gym, whatever you
enjoy; and Diet: nourish your body with healthy
choices and a few treats. Pleasure is important too.
Tend to your body and spirit to be successful in your
life.
Entrepreneurs see the world differently. Find and
nurture your authentic self, heighten your awareness,
and devote yourself to the pursuit of your idea.
Develop these characteristics as part of who you are
as aligned with where you want to go.