Understanding the Mind of a Successful Entrepreneur
This is a guest post written by Gemma Reeves.
Being successful in a business venture does not solely depend on the educational background of a person, if he has finished college, what degree he’s got, or if he’s got MBA. Although education is important in the building of the intellect and for garnering knowledge as you go about your business, it does not give you the drive to success.
In Asia alone, you would be surprised to see how many successful brands have made their way to the top, their founders having no starling background in education.
Business tycoon Li Ka-shing, with an estimated worth of $35.4 billion, ranks as the 23rd richest person in the world. He has one of the best rags to riches story, which began with him an impoverished lad from southern China who fled to Hong Kong during WWII. At 16, he had to drop out of school to support his family after his father died of tuberculosis. He gruelly worked often for 16 hours a day, seven days a week, while 90% of his pay he gives to his mother. In two years time, he became the plastics factory’s factory manager after being a top salesman. At the young age of 22, he was able to open his own plastics factory, the Cheung Kong Industries. And then the rest is history. When he retired, his conglomerate has more than 300,000 employees across 50 countries. Mr Li Ka-shing’s success story is just one of the many in Asia alone. What commonly makes up these entrepreneurs that drive them and their businesses to success?
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Our minds hold the largest power over our lives. In every waking (and sleeping) moment, our minds are at work until we breathe our last. As everyone knows, it does not only control our physiological function but our thoughts as well. The way our minds process our thoughts and feelings determines the way we see things outwardly, react to different stimuli, and basically, the way we live our lives. Each of us has our own mindsets, these are our beliefs that orient or shape the way we think, perceive, and handle situations. Successful entrepreneurs have mindsets that break them apart from ordinary individuals whose drive to succeed in life are apparently moderate. They have that certain drive to achieve more and do better with every opportunity that life throws at them.
It’s never too late
There are people who believe that to start a business, one has to come up with a very original plan or have an idea that is unique. They get discouraged when they see tons of competition already in the market and back out from their business plan thinking it’s already too late. Maybe in a way you agree to this. However, it is not necessarily true and there is actually a good side to it. When you come in late to the game, you have the advantage to see holes in the business plans of others. You can take advantage by coming up with other ideas on how to make your business stand out from your competitors. You do research on what else the market needs that the already existing competitors have not yet provided them.
Making failures work
It is very rare to find an entrepreneur to make it big on their first shot. Most often, even with the grandest idea for business is already in their hands, the process of making that idea work can be something like a trial and error. With this, failures cannot be not anticipated. Failures are doomed to happen, and it is what these successful entrepreneurs make out of their failures that make them unique. They are not afraid to make mistakes, and they actually think and not forget these mistakes to find lessons in them. Success comes when we accept the existence of failure and when they come, they should not be treated as an end to everything. Instead, they are there to teach us invaluable lessons we cannot get anywhere else. Nothing can be made out of us when we are afraid of mistakes. As Theodore Roosevelt, the 26th President of the United States said, “The only man who never makes a mistake is the man who never does anything.”
Becoming successful also means being open to learning new knowledge and skills. You cannot expect success when all you are today is what you were five years ago. As time passes, you grow along with the innovations, the trends, and the changes in the market. You may have started at one business idea, but in time, you get more ideas as you further your business. You have to have that thirst to learn more than what you already know, gain knowledge in areas you have not yet explored. And ultimately, take risks to parallel with your passion to succeed in more. Be not afraid to take risks and listen to your instincts.
Author Bio
Gemma Reeves is a seasoned writer who enjoys creating helpful articles and interesting stories. She has worked with several clients across different industries such as advertising, online marketing, technology, healthcare, family matters, and more. She is also an aspiring entrepreneur who is engaged in assisting other aspiring entrepreneurs in finding the best office space for their business.
Check out her company here: FindMyWorkspace
Photo by rawpixel.com on Unsplash
Hi, I'm Kelly O'Donnell.