ENTREP 101

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Transcript of ENTREP 101

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HOW DO ENTREPRENEURS THINK?Despite what you've heard, entrepreneurship isn't necessarily born it's learned.ENTREPRENEURS FIND THEIR OWN WAYS OF THINKING AND DON'T NEED YOUR APPROVAL.

Entrepreneurs have their own way of doing things and do not seek consensus, according a study featured in Inc. magazine. Surround yourself with people who can help you succeed, and ask them good questionsbut in the end, trust your own gut. Taking full control of your own destiny and responsibility for the results of decisions will help you pave a hopefully profitable path that's all your own.

ENTREPRENEURS CHALLENGE THE STATUS QUO.When someone says "this is how so-and-so did it," or "We have to do it this way because" it's like fingernails on a chalkboard to an entrepreneur. A willingness to break the rules tends to come with the territory, as researchers at University of California, Berkeley, and the London School of Economics found recently. According to thestudy, successful entrepreneurs tend to get in trouble more often than their peers as teens, especially when it came to following rules. The key to becoming an entrepreneur isn't necessarily becoming the next Bill Gates it's becoming the nextyou.ENTREPRENEURS SEE OPPORTUNITIES, NOT PROBLEMS.Glass-half-full optimism is a key personality trait of successful entrepreneurs, says research reported in Entrepreneur magazine. And that leads to seeing opportunities where others might see roadblocks. For entrepreneurs, challenges trigger the kind of elated, outside-the-box thinking and innovation successful business owners are known for. Try taking on new challenges at work, or set aside time to brainstorm solutions to common problems.ENTREPRENEURS TAKE MEASURED RISKS.Contrary to popular belief, most entrepreneurs are not bet-the-ranch gamblers. They do have a willingness to take the right kind of risk at the right time, as the UC/LSE study goes on to suggest. Always consider the benefits and downsides to a difficult decision, but don't be afraid to follow your instincts.

ENTREPRENEURS ARE RELENTLESSLY PASSIONATEEntrepreneurs put the "cult" in company culture, typically building their companies in their own image. Researchers atCase Western Reserve University in Clevelandfound that passion was a key ingredient in growing a successful business, which might also account for why they're so revered by society for living out their dreams. We all know someone who "lives, eats, sleeps and dreams" their business 24/7sometimes at great personal sacrifice.ENTREPRENEURS LEARN FROM THEIR FAILURES.The ability to bounce back from failure is a key characteristic of successful business owners, especially in the beginning, says research published in theJournal of Small Business and Enterprise Development. Rather than become discouraged, entrepreneurs tend to capitalize on opportunities to acquire new knowledge. After all, any number of well-known entrepreneurs tried and failed first, including Steve Jobs, Ray Kroc and Thomas Edison, among many others. Some venture capitalists and angel investors won't fund entrepreneurs who haven't had at least one failed business.

It's a big mistake to try to be something you're not. But if you see yourself in these characteristics many entrepreneurs share, you might just have what it takes to succeed.

"Entrepreneurs seize opportunities faster than their cubicle counterparts, continuously searching for new, creative ways to innovate, grow and connect the dots." Dove Presshttp://www.forbes.com/sites/quora/2013/11/05/how-do-entrepreneurs-think/

http://compass.ups.com/how-entrepreneurs-think-differently/