11 Nov 2021 18:46 IST

How entrepreneurs can keep the wheels turning

The entrepreneurial mindset is unique and for that, one must be creative, communicative, and self-motivated.

Entrepreneurs foster economic development, create new jobs, and invent products or services that make the world a better place. Being a successful entrepreneur requires out-of-the-box thinking and bigger-than-life ideas. Anyone can come up with a new idea but building a successful business around it is an entrepreneurial challenge. The entrepreneurial mindset is unique and for that, one must be creative, communicative, and highly motivated to succeed, yet must be open to risk and failure.

It takes an amalgamation of characteristics to meld one big idea into a fully functional business. So, what are the important characteristics that aspiring entrepreneurs should cultivate for the amalgam of skills and traits that allow them to become widely successful?

Positive attitude

The mindset of the head of the company sets the tone for the rest of the company and influences corporate culture, whereas negative thoughts undermine forward motion and the progress of the company, not to mention the management’s ability to lead staff and motivate employees.

Cultivating a positive attitude is not about sticking your head in the sand and ignoring things that could go wrong, but about learning how to mentally reframe your response. Ask yourself, “How can I actively correct this?” By exploring your reaction and response to a perceived problem, you will soon learn to cultivate a positive approach to change.

Psychological research has made a correlation between higher productivity and positive work environments. Moreover, positive work environments have been linked to higher business profits, fewer sick days, and higher staff retention rates.

Focus on your diet, amount of sleep, and exercise. Research has shown that even one ten-minute walk each day can boost your mood and reduce rates of negative thoughts.

Creative mindset

The basic life cycle of any entrepreneurial product stems from the conception of an idea followed by turning that idea into a viable product or service. One of the benefits of being the boss is that you get to express creativity each day. You try out creative tactics to better your business and make changes. Even if you are not in a creative field, working out ways to optimise your business operations is a creative act.

Most entrepreneurs are inherently creative thinkers; otherwise, they would not be inspired to take the innovative leap to create their own business. Irrespective of whether creativity is a gift, explore ways to cultivate a creative mind.  

Persuasive communication

The power of persuasion can help you negotiate, close a sale, or score a lower price on your inventory. Not to mention, persuasive people tend to be inspiring leaders, ergo they tend to be stellar bosses. Here are a few ways to cultivate persuasiveness for business:

Reciprocate: Psychology shown that when a person does you a favour, you must provide a favour in return. Try to make your persuasive case by “giving” something to the person you are trying to persuade. You may just close the deal or make the sale. 

    Look to others: Social proof is the concept that people look to others on how to behave in social settings. If you are trying to sell one of your products, showing how the product has been successful for others can help make that sale. 

    Use labels: This is a mode of persuasion that indicates how one should act in a way that is consistent with a label. For example, say, “Your restaurant is a fine French restaurant and good French restaurants stock our wine.” This is a common tactic used in marketing campaigns to make sales. 

    Keep the focus on the endgame. See the big picture. Where is your company headed? What plans do you have in the future to grow? Remember to set high-quality, clear, achievable and manageable goals to keep the motivational wheels turning.

    (The writer is Dean, Skill Development, KL Deemed to be University.)