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Entrepreneurship

Top 10 Books for Entrepreneurship

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Are you an ambitious entrepreneur or corporate contributor looking to optimize your time and improve your overall performance at work? Are you constantly seeking new strategies to achieve measurable results, learn new skills, and enhance efficiency and effectiveness? If so, you are in the right place! In this post, I will share with you the top 10 books for entrepreneurship that will help you unleash your potential and achieve your goals.

  1. The Lean Startup” by Eric Ries: This book is for anyone interested in entrepreneurship. It offers a practical approach to building and growing a successful business by focusing on customer feedback, testing, and iteration. Ries argues that startups should develop a “minimum viable product” and continuously use customer feedback to improve it rather than spending time and resources building a product that no one wants.
  2. Zero to One” by Peter Thiel: Thiel is a successful entrepreneur and investor who co-founded PayPal and was an early investor in Facebook. In this book, he shares his insights on building a successful startup from scratch. Thiel argues that entrepreneurs should focus on creating a monopoly rather than competing in an existing market. He also emphasizes the importance of having a clear vision and a contrarian mindset.
  3. The 7 Habits of Highly Effective People” by Stephen Covey: Although not specifically about entrepreneurship, this book is a classic in personal development and productivity. Covey presents a framework for achieving success in any area of life based on seven principles: be proactive, begin with the end in mind, put first things first, think win-win, seek first to understand, then to be understood, synergize, and sharpen the saw. These principles are relevant for entrepreneurs who want to improve their personal effectiveness and leadership skills.
  4. The E-Myth Revisited” by Michael E. Gerber: This book is for anyone who wants to start a small business or turn an existing one into a successful enterprise. Gerber argues that most small businesses fail because their owners are technicians who know how to do the work but don’t know how to run a business. He presents a framework for building a successful business by creating systems and processes that can be replicated and scaled.
  5. Good to Great” by Jim Collins: This book is based on a research project identifying companies that went from good to great over 15 years. Collins presents a framework for achieving greatness in business based on five key concepts: level 5 leadership, first who, then what, confront the brutal facts, the hedgehog concept, and the flywheel and the doom loop. These concepts are relevant for entrepreneurs who want to build a successful and sustainable business.
  6. The Innovator’s Dilemma” by Clayton Christensen: This book is a classic in innovation and disruption theory. Christensen argues that successful companies can fail because they are too focused on their existing customers and products and miss emerging technologies and markets that could disrupt their business. He presents a framework for managing disruptive innovation by creating separate units to experiment with new technologies and business models without being constrained by the existing business.
  7. Think and Grow Rich” by Napoleon Hill: This book is a classic in personal development and success literature. Hill interviewed over 500 successful people, including Andrew Carnegie and Thomas Edison, and identified a formula for success based on 13 principles: desire, faith, persistence, and organized planning. These principles are relevant for entrepreneurs who want to succeed in business and life.
  8. The Art of Possibility” by Rosamund Stone Zander and Benjamin Zander: This book is about unleashing creativity and innovation by changing our mindset and perception of the world. The authors offer 12 practices for transforming our approach to life and work, such as giving ourselves an A, reframing our obstacles, and leading from any chair. These practices are relevant for entrepreneurs who want to think outside the box and create new possibilities for their businesses.
  9. The Hard Thing About Hard Things” by Ben Horowitz: This book is a candid and practical guide to building and leading a startup. Horowitz, a successful entrepreneur, and investor shares his experiences and lessons learned, from raising capital to dealing with layoffs and difficult decisions. He emphasizes the importance of leadership, culture, and resilience in building a successful business.
  10. Crush It!: Why Now Is the Time to Cash in on Your Passion” by Gary Vaynerchuk: This book is about turning your passion into a profitable business in the digital age. Vaynerchuk, a successful entrepreneur and social media expert, offers practical advice on building a personal brand, creating content, and engaging with customers online. He emphasizes the importance of authenticity, hustle, and social media in building a successful business.

These top 10 books for entrepreneurship offer a wealth of knowledge, insights, and practical advice for anyone interested in building and growing a successful business. These books will help you unleash your potential and achieve your goals. By reading and applying the principles and practices presented in these books, you can become a more ambitious, busy, results-driven, open-minded learner, strategic and collaborative entrepreneur. So, what are you waiting for? Start reading and start crushing it!

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Entrepreneurship

The Value of Entrepreneurship Skills

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Use Entrepreneurship Skills to Become a Better Manager

We know that successful entrepreneurs share certain traits. They’re driven by passion, creativity, and a growth mindset. They’re also highly adaptable. Developing these skills can make you a stronger team leader and a more productive project manager.

Can You Learn Entrepreneurship Skills?

You might think you aren’t an entrepreneur—and don’t want to be one. You’re happy with the success you’ve gained in your company, and you like the rewards you’ve earned as a successful leader and manager.

Learning entrepreneurship skills doesn’t mean you have to go out on your own, however. Developing these skills will help you become more driven, more productive, and ultimately more successful when you apply them to your work with high-performing teams.

Use the Knowledge You Already Have 

Do you have to learn a bunch of new concepts? The good news is that you don’t. 

recent study titled, “Neuroentrepreneurs: What Can Entrepreneurship Learn from Neuroscience?“ looked at whether someone can become an expert simply by learning and practicing new concepts. The author, Norris F. Kreuger, concluded that this is a misconception:

“No amount of learning knowledge content can guarantee reaching the mindset of an expert. What differentiates experts is not how much they know but how they structure that knowledge.” Other things that set entrepreneurial experts apart are their passion for a subject and their belief that they can change their mindset to an entrepreneurial one. 

Approach Every Project with an Entrepreneurial Spirit

According to Kreuger, these traits are what give entrepreneurs the “Aha!” moment of inspiration that fuels their productivity.

You have the knowledge and the experience. Developing a passion for your work and believing you can change your mindset will help you develop a strong entrepreneurial spirit. Use your passion and your new mindset to spark that “Aha!” moment when you face your next project.

Use Visualization 

One practical tip straight from neuroscience is to use visualization. Visualization has long been used by top athletes who use it to picture successfully completing a physical challenge. It also works for high achievers in the arts and in business, according to neuroscientist Mike Tranter and author of the book, A Million Things to Ask A Neuroscientist: The Brain Made Easy.

In an interview with Forbes, Tranter explained that using a process called “outcome visualization” will prepare your brain’s neurons for success. To do it, simply close your eyes and try to imagine yourself confidently achieving your next goal. It could be a small one like finally organizing that closet, or it could be a big one like winning a huge contract for your company.

It’s an active process that works best when you imagine every detail. What are you wearing, where are you, what do you see and smell? When you visualize with this much detail, your brain and body react as if the outcome has already happened, and you’ll have the confidence to make that vision a reality.

Position Yourself for Success 

At the Leonard Productivity Intelligence Institute, we use proven, science-based techniques to help high-performing managers develop the skills they need for phenomenal success. If you’d like to learn how, contact us today.

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Entrepreneurship

Can Entrepreneurship Be Taught?

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Is it possible to teach someone to become a successful entrepreneur? A growing number of academic institutions have developed classes and degree programs in entrepreneurship. At the same time, the number of successful entrepreneurs without an advanced education point to entrepreneurial leadership as an inherent trait.

What is an entrepreneur?

When most people think about entrepreneurs, they focus on well-known names in the business world like Elon Musk or Ariana Huffington. Yet, hundreds of successful business people run profitable entrepreneurial endeavors on a smaller scale. Almost every tech startup or niche business has someone with an entrepreneurial mindset pushing it forward.

Entrepreneurs are business people willing to dream big, accept risks, and preserver through failure and uncertainty. The most successful entrepreneurs are those who can analyze the business landscape, recognize opportunities, and take advantage of them.

Is entrepreneurship teachable?

Many aspects of becoming a successful entrepreneur are teachable. A formal business education can help new business owners avoid some of the mistakes and setbacks that come with a bootstrapping approach. Basic business knowledge equips leaders to understand and plan for the risks of a new project.

Hard Skills for Entrepreneurs

MBA programs and other business education classes teach leaders the basic financial and organizational skills that apply to every business. Understanding how organizations operate and make a profit helps leaders speak the language of investors and anticipate common issues like creating a sustainable growth strategy.

Encouraging an Entrepreneurial Mindset

Helping leaders adopt the mindset of an entrepreneur is a different challenge. This kind of education involves teaching students a new way of thinking. Traditionally, the corporate mindset has focused on predictability. The thinking that created the assembly line assumed a world with minimal change. The goal of a CEO in this model is to keep the business on an even keel.

Entrepreneurs know they must adapt to a world where things change unexpectedly. They develop a flexible way of thinking that can respond to how the world is rather than trying to force an outcome based on the way they think it should be. 

Human brains naturally look for patterns and try to predict outcomes. When the world does not line up with your assumptions, it can throw you into confusion and panic. Entrepreneurs must build a mindset that embraces the unexpected.

Entrepreneurial classes often use techniques that force students to recognize their biases and challenge their assumptions. They learn a flexible mindset by experiencing the discomfort of uncertainty.

Learning from Experience

Experience is still the greatest teacher for entrepreneurs. Actively dealing with uncertainty and risk gives you the necessary persistence and confidence to move forward as a leader. New entrepreneurs can also gain insight from the experiences of other leaders in handling success and failure on their journeys.

A Partner for Entrepreneurial Growth

If you want to improve your entrepreneurial skills, the Leonard Productivity Intelligence Institute is ready to assist you. We specialize in helping business leaders cultivate a growth mentality that inspires next-level leadership. Contact us today to learn more.

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How Entrepreneurship Contributes To Economic Development 

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Five Ways Entrepreneurs Contribute to the Economy 

When we talk about entrepreneurs, we often focus on the success stories of certain individuals. We often forget, however, that these entrepreneurs and their businesses contribute to the overall economy of a city, town, or country. In the same way, fostering your entrepreneurial traits can enhance your contributions to your company. 

1. They create jobs

This is the chief way it the economy. Successful businesses grow, and this growth requires new employees. These employees spend money on goods and services in their local businesses. Communities flourish, and this cycle creates even more opportunities for everyone.

In a recent United Nations report, the authors predict that “Entrepreneurship will contribute to growth and employment creation in advanced, emerging, and least developed economies alike. “

2. They create the need for more businesses

A successful business needs support services, and fellow entrepreneurs will rise to meet the challenge. There are many examples of this. During the recent pandemic, restaurants and other retailers relied on delivery companies to keep their customers happy and their businesses operating. If you have successful businesses somewhere, you typically also have grocery stores, restaurants, transportation companies, and other service businesses.

2. They drive innovation

Successful entrepreneurs respond to emerging trends and needs by creating products and services that answer those needs. The best entrepreneurs are those who can predict those trends ahead of time. We can thank these forward-thinking innovators for creating products that make our lives easier. 

Lou Costello, head of regional markets for PNC Bank, writes, “Many of the products and services we rely on in our professional and personal lives weren’t around 10 to 20 years ago, especially technology advances. The results of entrepreneurship and the innovations that come with it are now the basis for the entire economy.”

4. They foster social change

Entrepreneurs help transform societies by developing new ways of doing business. According to an analysis by the Duke Sanford Center for International Development, companies that focus on social innovation have transformed the way we think about conducting business: “These changes are associated with improved lifestyle, generous thinking, better morale, and higher economic choice. In this way, social changes gradually impact national and global changes.”

5. They help companies become more successful

Entrepreneurs are not only found in startups or individual businesses. 

“Intrapreneurship” refers to people in companies and organizations who have an innovative, entrepreneurial mindset. When these independent spirits have the room and the flexibility to experiment, the company benefits enormously. Creative solutions help everyone succeed.

How to Foster Your Entrepreneurial Spirit

While every entrepreneur has a different approach to business, they share certain characteristics. Most people with this mindset are:

• Tenaciously focused on their goals
• Self-confident and optimistic
• Able to find creative solutions to problems
• Willing to take chances

If you are looking for proven techniques to enhance your work skills, contact the Leonard Productivity Intelligence Institute. We help business leaders, project managers, and executives transform their work lives by becoming more engaged, more creative, and more productive.

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Will Entrepreneurship Make You Rich?

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These days, entrepreneurs are more iconic than ever. Before modern times, people primarily looked to great generals, brave warriors, generous saints, and daring philosophers for inspiration. However, in this new era of expanding global commerce, successful innovators and entrepreneurs captivate the average person’s attention more than anyone else. 

Intelligent entrepreneurs provide new solutions to the world’s problems and gain great personal wealth in the process. Thus, it’s no surprise that so many people are clamoring to be the next big innovator. However, being an effective entrepreneur isn’t easy. Everyone wants to know how to get rich, but few people are prepared for the challenges that come with running a business. Therefore, if you want to be successful, then you should consider the three following questions before moving forward with any plans to open a business.

Do You Have To Be Born an Entrepreneur?

While some people may be born with traits that help them succeed in the business world, anybody can become an effective entrepreneur with the right skills, knowledge, and attitude. While talking about starting a business is easy, you need to be prepared to persist when things get difficult. Moreover, you must be decisive when faced with a dilemma, and you have to have good social skills to properly hire employees and manage a team. If you find that you don’t adapt well to change or can’t effectively direct employees, then you need to work hard to build these skills. Otherwise, you may want to choose a different career path.

Is Being an Entrepreneur Worth the Trouble?

Many people study entrepreneurship to learn how to get rich, but do entrepreneurs actually bring in a lot of money? The average entrepreneur earns around $72,000 per year, so there might be better options if earning money is your only goal. While that’s still higher than the average yearly income in the United States, many people think that they’ll earn millions of dollars by starting their own business. Still, although the financial prospects aren’t out of this world, owning a business gives you a lot of independence and flexibility. Therefore, before deciding to start your own business, you should carefully think about your values and goals.

Can You Become an Entrepreneur if You’re Not Already Rich?

A startup isn’t going to fund itself. You’re going to need money to pay your staff, market your company’s products and services, and stock up on inventory, so where are those funds going to come from? Starting off with a lot of money in the bank can help, but even if you’re already wealthy, do you really want to self-finance your business? More than half of all new businesses close within five years of opening. Essentially, this means that there is a 50% chance that you will face a personal financial loss if you start a business with your own funds. If this risk isn’t acceptable to you, then you’re going to have to appeal to investors. Investors will probably want some control over the company, so you need to weigh the pros and cons of self-financing and getting money from investors before picking a way to fund your startup.

Take Control of Your Destiny

Entrepreneurship may be the key that unlocks a life of wealth and success. On the other hand, even if you work very hard, there’s a chance that your business will go nowhere, and you may waste a lot of time and money in the process. Still, with the right skills, a good plan, and realistic expectations, you can bring in a respectable income as an entrepreneur. Thus, if you really want to take control of your life by starting a business, then you must work on your weaknesses and come up with sensible goals and a good plan to maximize your odds of success.

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Entrepreneurship

Are entrepreneurs born or made?

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These days, entrepreneurs and self-employed people have become the latest business buzzwords. If you’re not a business owner, how does this talk apply to you? Even if you never plan to start your own business, developing an entrepreneurial spirit can enhance your productivity at work. It can help you develop the leadership skills you need to propel your company and your career to greatness.

What Is an Entrepreneurial Spirit, and How Can It Work for You?

Although many people talk about a particular “entrepreneurial” personality, it’s not clear there is such a thing.

According to Harvard Business School Online, no specific personality profile leads to success as an entrepreneur. There are, however, some personality traits that are characteristic of successful entrepreneurs. They include:

• Curiosity
• Team management
• Adaptation to change
• Willingness to take risks
• Decisiveness
• Persistence

The good news is that those same characteristics will make you successful in any career. They’re what lead to success in team leadership and project management.

What Does Science Say?

Scientists and sociologists have grappled with the question, “Are entrepreneurs born or made?” In recent years, some researchers have claimed there is an “entrepreneurial gene,” and that successful self-starters share this gene. That intriguing idea, however, has been roundly criticized by other researchers, who say opportunity and training are the keys to success. 

In 2009, Cambridge University scientists developed what they called an “entrepreneur drug” that used brain chemistry to help people develop the mindsets of successful self-starters. They said the drug helped people improve their ability to tolerate risk and their level of cognitive flexibility. Cognitive flexibility refers to the ability to produce a new solution when the first one fails. 

Train Your Brain for Success

While we still don’t have a drug that will make you a productivity superstar, there are things you can do to keep your mind healthy and focused. In an article for Forbes, Travis Bradberry writes that people with high levels of emotional intelligence (EI) were more professionally and financially successful than their counterparts. These people have several habits that set them apart. Typically, they:

• Ignore fearful thoughts. Uncertainty causes fear, and fear of the future can make you do foolish things. When you react from fear, you’re not making smart decisions.

• Cope well with stress. Staying positive, managing uncertainty and embracing what you can’t control are all parts of managing stress. If this sounds like mindfulness, it is remarkably similar. A mindful approach will always help you deal with stress and focus on being productive.

• Act decisively. This is one characteristic of successful entrepreneurs that people with high EI share. The ability to make decisions is key to moving forward.

How To Develop an Entrepreneurial Mindset: 4 Action Steps You Can Take Today

1. Discover opportunities for entrepreneurship

According to the Harvard Business Reviewone definition of an entrepreneur is a person or team who actively looks for opportunities for innovation. 

You don’t have to start a business to develop this mindset. Look around at your current workplace. Can you find ways to streamline your operations? Are any of your team members ready for more responsibility? Discover opportunities for growth where you are.

2. Develop entrepreneurial skills

Were you born with the skills most entrepreneurs have? If you weren’t, can you learn them? Many studies and business experts agree that you can.

2010 study found that there was no “prototypical personality” that went with being a successful entrepreneur. The study concluded, “The focus of entrepreneurship education and training programs should be skill development, not behavior modification.” 

In a 2013 study of entrepreneurial skills, researchers found that the biggest predictor of success was having a varied set of work experiences. This was even more important than education qualifications or years of experience. 

What does this mean for you? It suggests that successful entrepreneurs take everything they’ve learned from their life experiences and use that knowledge to face challenges. Think about your own past experiences. What have they taught you about how to face the future, overcome obstacles and make tough decisions? 

3. Cultivate luck

There’s no denying that luck plays a role in many people’s success. There’s also no denying the old saying, “Luck is when preparation meets opportunity.” 

You can cultivate luck by preparing yourself to meet it. Most people understand this preparation to mean being sure you have the skills, training, experience and willingness to take advantage of an opportunity. In the book Heart, Smarts, Guts and Luck, the authors say that anyone can learn the components of luck. That’s the combination, they say, that makes someone a successful entrepreneur.

How do you do this? According to co-author Anthony K. Tjan, you do it by focusing on your inner passion, your skills, your courage and your mindset.

4. Hire the right people

In an article for the Harvard Business Review, Dan Bricklin, the creator of VisiCalc and founder of Trellix, talked about his life as an entrepreneur. Among his insights, he stressed the importance of hiring people to help you manage the increased demands that go along with growth:

“If these aren’t your talents, you may need others to step in, for instance, to swim in the details of running the operation, to build strategic partnerships, to set financial priorities or to make the trains run on time.”

Are you surrounded by the right people? Use your position as a team leader or project manager to make sure everyone has the right role.

Cultivate Opportunities To Enhance Your Entrepreneurial Side

It’s important to develop your entrepreneurial skills, even if you never plan to start your own business. Look around for opportunities to innovate, lead and inspire your team. Cultivate the skills you need to be more productive every day.

Are you ready to fire up the high-productivity entrepreneur inside you? Contact the Leonard Productivity Intelligence Institute. We can help you develop the skills you need to power your productivity.

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How to Develop an Entrepreneurship Spirit?

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It’s common to think that entrepreneurs are born and not made. While it’s true that the most successful entrepreneurs possess certain traits, it’s false to assume that you can’t be successful because you don’t inherently have the exact attributes that you see in others.

What makes someone an entrepreneur is less about genetic disposition and more about mindset. This is called the spirit of entrepreneurship. Today, I will outline exactly what an entrepreneurship spirit is and give you five tips on how to cultivate it within yourself.

How to Define an Entrepreneurship Spirit 

Before you can figure out how to cultivate an entrepreneurial spirit within yourself, you have to understand what makes someone an entrepreneur. There’s no single “it factor” to point to. Instead, the best way to define it is through a series of traits that successful entrepreneurs have. 

The “Big Three” factors of an entrepreneurial spirit are: 

1. Self-efficacy

From a business standpoint, self-efficacy manifests as a belief that you can and will perform the tasks necessary to achieve the desired outcome. It’s confidence in your own capabilities and motivations.

2. Ambition

Entrepreneurs can never think small. You need the drive to do more, be more and dream more. Ambition persists in the face of challenges, setbacks and criticisms. 

3. Purpose

Most importantly, an entrepreneurial spirit has a deep-seated purpose. Purpose will drive you when you feel tired or discouraged. A sense of purpose pushes you to seek out opportunities for improvement and take risks in the name of growth. 

5 Ways Everyone Can Build a Spirit of Entrepreneurship

1. Approach life with unending curiosity.

Nobody is born with all of the “secret ingredients” of a successful entrepreneur. However, everyone is born with a boundless curiosity. As children, we are relentlessly, unabashedly curious about the world. We are shameless in our questioning, and we think of creative solutions to our problems. 

Many of us tamp down this innate curiosity as adults. We learn to feel shame for asking too many questions or going against the grain. An entrepreneurial spirit allows you to throw off these constraints and dive headlong into that childlike curiosity and questioning. 

In fact, studies show that heightened curiosity is directly correlated with greater creativity. 

2. Learn to take smart risks.

It’s normal to feel an aversion to risk. In fact, taking risks is often viewed negatively because it is associated with recklessness or impulsivity. Successful entrepreneurs understand that there’s a difference between taking risks and taking calculated risks. 

Build up your entrepreneurial spirit by increasing your tolerance for intelligent risk-taking. Being able to stay mentally agile and resilient is a critical component to success in life. 

3. Don’t second-guess yourself.

“There is a world of difference between knowing what to do and actually doing it.” – Bill Phillips

Entrepreneurs are confident in their ideas and abilities. This doesn’t mean that you should run headlong into every idea you have, of course. Instead, it means that once you’ve weighed the pros and cons of a decision, you make your choice and act decisively. 

Maybe you’ll succeed; perhaps you’ll fail. Regardless, an entrepreneurial spirit is tenacious and willing to learn from mistakes. Those who second-guess or doubt themselves are less likely to take any action at all, which means they never get the opportunity to fail or succeed. 

4. Get in touch with your passion and potential.

It’s true that entrepreneurs need more than passion to make their ideas work. However, research proves that passion is a key component of a true entrepreneurial spirit. 

What is the driving force that compels you to create? Why do you feel a relentless urge to develop newer, better, more innovative solutions to problems that other people don’t even see? If you can identify the answers to these questions, you can pinpoint your passion. 

Without passion as fuel, it’s much harder to engage in entrepreneurial activities that take a substantial amount of time and energy. It is worth the effort to get in touch with the unique passion inside of you because this will help to unlock your full potential. Entrepreneurs who can tap into this passion and potential often see their ventures succeed and thrive more frequently than their peers. 

5. Explore the power of personal connection. 

In business, nobody can genuinely succeed alone. Those with an entrepreneurial spirit understand the need for connection. Not only do you need partners in your venture, but you need a network of mentors, friends, peers and supportive individuals who care about you and want you to be successful. 

“People power” is very real. Establishing meaningful connections with others helps to give you accountability, access to resources and advice when you’re in difficult situations. True entrepreneurs recognize the value in staying connected both within their chosen industry and in as many adjacent fields as possible. 

You Too Can Channel a Spirit Of Entrepreneurship

You don’t have to be born with a special set of traits that magically make you a great entrepreneur. The best in the business all learned how to channel the tireless passion of the entrepreneurial spirit, and so can you. 

In my work at the Leonard Productivity Intelligence Institute, I’ve seen many clients who simply needed a shift in mindset. Once they understood the power of their potential, they were able to lock in and reap the benefits of their own unique entrepreneurial spirit.

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Do you have an Entrepreneurship Spirit?

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The entrepreneurial spirit is a top characteristic of desirable team members. Those who have it push themselves to achieve more and do things faster. What is the entrepreneurial spirit? It is having a development-oriented mindset. When you have this type of spirit, you know that your skills can be improved and perfected. People who have a development mindset keep their attention on learning. This means that they don’t focus on whether they can do something. Instead, they focus on growing and improving. 

Do you have the entrepreneurship spirit? Here are six characteristics of people who usually do. 

1. They’ve Discovered a True Passion 

Consider the last time you talked to someone who was passionate about something. Regardless of whether you were interested in what they were telling you, it’s likely that they were speaking with conviction and genuine enthusiasm. This alone can captivate others. 

When someone is passionate about something, they learn everything they can about the subject and gain an in-depth understanding of it. 

Hiring people who are passionate will give your company the best chance of success. The reason for this is that they are always looking for a better way to do things. This comes with the benefit of efficiency, which will help your company see higher profits. 

The brain is a complex organ, one with 100 billion neurons that are capable of continuous learning. When you learn more information and apply it to something practical, you’ll increase your intelligence, ability to adapt and resourcefulness.  

2. They are Mainly Optimistic 

People who are natural entrepreneurs are generally optimistic. They don’t waste time thinking up reasons why they can’t do something. Instead, they come up with ways that make it possible. When starting something new, the chances of being successful are usually against you. This is when an optimistic attitude is most needed. 

If you’re hiring people with the entrepreneurial mindset, keep an eye out for job seekers who become excited when you mention tough challenges and major goals. These are the employees who will search for new and better ways to do things. 

To encourage your current staff toward the entrepreneurial mindset, make sure that your team goals are clear and reachable. Also, stay current on your field’s best practices. Review what others in your industry are doing. Then, release conventional thinking and focus on creativity. It’s okay to let things become messy and chaotic for a bit. 

3. They Have a Fear of Failing Financially 

People who have entrepreneurial thinking fear financial failure. They’ll pinch pennies and create new ways to recycle to keep their businesses in operation. This characteristic can help your company trim its overhead, increasing profits. 

Natural Brilliance

How is it that some people easily overcome challenges while you might struggle?

4. They are Willing to Take Risks 

Not only are people with the entrepreneurial mindset optimistic, but they are also willing to take risks. This doesn’t mean that they take action without considering the potential consequences. Instead, they take planned steps while knowing that they are not guaranteed success. 

People with this mindset also know how to work on their own and are generally resolute about making decisions. In the past, the term “entrepreneur” typically referred to someone who started a company or developed a new business. Today, according to Forbes, most professionals consider an entrepreneur to be a person “who sees opportunities and pursues them.” The financial journal also posted that 58% of millennials think of themselves as entrepreneurs. 

5. They Follow Through 

People with entrepreneurial thinking follow through on their ideas. They take their ideas out for a test drive to get in-person feedback and determine whether their plans work as intended. When it comes to team members, you’ll want to look for those who execute their ideas regardless of the situation. 

6. They Make Things Fun 

Those who are natural entrepreneurs make things fun. When an environment is safe and fun, it automatically engages the brain. This helps your staff relax. It also relieves stress. Put people in charge who tend to make work fun and productive. Doing so is likely to create a work environment that people enjoy. A happy staff is a more ingenious one. 

How Can You Develop the Entrepreneurial Spirit?

Six steps can help you foster the entrepreneurial spirit for yourself and your team. The first step is to consider life and opportunities from the viewpoint of a coworker, client, friend or even your child. This will allow you to experience life from a new perspective. Entrepreneurs generally try to see things from the perspective of a customer. For instance, they’ll consider how a customer would use a product or a service. 

The next step is to go for it. Ignore the desire to do everything properly. Instead, take a leap and let yourself try. When you encourage your staff to try, they’ll be more creative and likely more productive. 

Step three is to collaborate. Encourage your people to share their ideas and welcome the suggestions of others. 

The fourth step to developing an entrepreneurial spirit is to grow in the face of uncertainty. When you are unsure of things or situations, take it as an opportunity to learn and be patient. 

Step five is sharing your victories. In business, success is rarely solo. Be sure to give credit where it is due. 

The last step is to allow yourself and your team the time to dream. Go ahead and imagine what the future holds. 

Propel Your Company to Greatness 

What is the entrepreneurial spirit? The entrepreneurial spirit is what inspires people to take risks. It helps them believe that anything is possible and pushes them to achieve new and wonderful things. It will propel your company to great things. To learn more about how to encourage the entrepreneurship spirit, contact us at the Productivity Intelligence Institute today

Culture Is The Bass

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Entrepreneurship

Do You Have An Entrepreneurship Mindset?

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The world is fascinated by modern entrepreneurs. Stories of successful start-ups bring to mind the California gold rush of the 1850s. If only I can be at the right place at the right time, I will discover the genius idea that will make me rich.

There is always a measure of luck involved with business success, but a growing body of research shows that entrepreneurs share several characteristics. The entrepreneurial mindset is what carries these business leaders through repeated failures. It is also the inspiration that keeps them thriving after they find a measure of success.

What is the mindset of entrepreneurship?

Entrepreneurs are often experts in their fields. However, it is a set of entrepreneurial mindset characteristics that set them apart from other leaders.

Growth and Goal-Oriented Attitude

Psychologists make a distinction between growth and fixed mindsets. A fixed mindset assumes that everything should continue as it is. A great deal of effort goes into maintaining the status quo. 

A growth mindset assumes that things can always be better. Processes can be more streamlined, and products can be improved. To achieve this growth, entrepreneurs set actionable goals and work toward them without distraction.

Decisiveness

Neuroscientists have noticed the fast pace of entrepreneurial decision-making. It turns out that such leaders do not make snap decisions, but they are more efficient at making informed decisions. They combine their knowledge and experience with a gut-level response to make choices that move them forward.

Accountability

Decisions do not always pan out as expected, but successful entrepreneurs do not play the blame game. When they experience failure, they accept responsibility for their choices and try to learn from what happened. A growth mindset accepts personal responsibility for both success and failure.

Resilience

Almost every well-known entrepreneur has as many stories of setbacks as positive outcomes. These individuals always know that failure is a possibility, and they work hard to prevent it. They also learn when to let go of a failed idea to start something new.

Improvisation and the Entrepreneurship Mindset

As a professional musician and business consultant, I see parallels between the mindset of entrepreneurship and playing in a jazz ensemble. Over the years, I have seen naturally-gifted musicians who make improvisation look easy. However, I have also played with instrumentalists who had to work hard to find their sound.

Taking in the Music

A big part of successful improvisation is paying attention and listening. What can you pull from the melody, and what can you add? How have the other musicians set up your solo? 

Entrepreneurs must also pay attention to what is going on around them. They are problem solvers who figure out how to meet consumer needs. When they look at what is in front of them, they are always thinking about how to make it better.

Riding out Your Decision

Improvisation is about experimentation. Of course, you can stay in the safety of a familiar rhythm and melodic line, but the real fun is in searching for possibilities. A few sour notes will let you know that you may have gone too far. However, a real jazz musician does not put down the instrument and walk away. She will adapt the melody and bring the music back on track.

Business leaders will also make imperfect decisions. Their plans may fall apart due to forces beyond their control. A common sign of the entrepreneurial mindset is the ability to recover, adapt and grow.

Making It Look Easy

When a great jazz ensemble plays at a club, it feels like they are doing something easy. Most audiences do not recognize the amount of effort that goes into learning and perfecting an instrument. It is the hours in the practice room that make the performance look like its second nature.

Entrepreneurs have a reputation for taking advantage of unexpected opportunities. However, they can only do so because they have done the hard work that sets them up for success. There may be luck involved, but tenacity and diligence are also necessary.

How to Share the Mindset of Entrepreneurship in Your Business
To move from a start-up to a full-fledged business, you will want to cultivate the entrepreneurship mindset in your team members. Inspiring this kind of permission-giving culture will help you grow in unexpected ways. For your leadership, this transition will require humility. You are moving from being the main soloist to becoming an interdependent ensemble. For your team members, this change will require education and freedom.

Provide the Necessary Tools

To gain confidence, your need your team members to grow in expertise. Make education a priority. Expect that your team members will always be learning something new.

Let Them Play

It can be tempting for the most experienced musicians to take all the solos, but your team will never learn that way. Allow them to pursue new ideas and take risks. 

Keep Things Light

Musicians who are afraid of making mistakes will never learn to improvise. If an honest effort results in a failed experiment, use it as a learning opportunity. When your employees are walking on eggshells around you, they will be too scared to take risks that lead to growth.

Growing the Entrepreneurial Spirit

You and your team can learn to adopt many entrepreneurial mindset characteristics. When you do, you will create a workplace that is innovative, exciting and fun. If you are looking for a partner on your entrepreneurial journey, I would be delighted to work with you.

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Entrepreneurship

7 Things All Entrepreneurs Have In Common

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Understanding the Entrepreneur Mindset: Seven Common Entrepreneurial Traits

For every story of entrepreneurial success, there are hundreds of tales of woe and disappointment. Yet, people still wake up each morning with a brilliant idea and a desire to start something new. The difference between triumph and failure may be found in developing your set of entrepreneur skills.

1. Creative Vision

Creative vision is a hallmark of successful entrepreneurship. Entrepreneurs are curious by nature, and they are always on the lookout for innovative ideas. However, a fascination with novelty is not enough to start a business. One critical trait of an entrepreneur is the ability to take new information and make unexpected connections. This creative view allows a leader to realize unmet needs or imagine new applications for existing technology.

2. Passion Coupled with Expertise

Successful startups begin with passion. Part of what sustains new business leaders during challenging times is their love for what they do. When you are excited about your tasks, work can be a joy.

At the same time, the passion of entrepreneurs leads them to become experts in their fields. These leaders are always learning, seeking to improve their skills and looking for the latest information. This knowledge puts them in a much better place to make informed decisions.

3. A Growth Mindset

In 2007, psychologist Carol Dweck made the distinction between a fixed mindset and a growth mindset. People with fixed minds assume that their world will remain the same despite any extra efforts. They are less inclined to seek personal growth. Instead, they try to remain content with the way things are.

An entrepreneurial mindset is a growth mindset. For these individuals, hard work and education are tools that can change the world. They believe that things can always get better and are willing to work to make it so.

4. Discipline

People who try to turn a vision into reality quickly understand the value of discipline. Especially in the early stages of a new business, leaders must stay on task. If you struggle with self-discipline, there are steps you can take to live with greater intentionality.

Research points to the importance of habits in developing self-discipline. Habits simplify making the choice to get up earlier, avoid distractions, or exercise to get your blood pumping. Every time you choose to delay a reward, it takes up some of your daily reserves of willpower. Establishing a habit bypasses this by making such choices automatic.

Another school of self-discipline teaches the importance of choosing mild discomfort as a way to greater discipline. For example, choosing to start the day with a cold shower gives you the knowledge that you can endure some discomfort. This trait can be an advantage when you must work through lunch or put in extra hours.

5. Organization

Every person has a different organizational style. Some leaders may have a clean workspace, and every file on their laptop is in its proper folder. Other people know exactly where every document is in the loose piles on their desks. Whatever your style, organization is a key trait of an entrepreneur.

The ability to stay organized becomes even more important as your business grows. Your team needs clear goals so that they can help you work toward your long-term vision. Without direction, they will have trouble meeting your expectations and lose trust in your leadership skills. Defined goals give them something to shoot for and celebrate. As the banker J.P. Morgan put it, “Go as far as you can see; when you get there, you will be able to see farther.”

6. Adaptability

One of the facets of a growth mindset is the ability to adapt to change. A million things can happen on your way to starting a business. How do you react when someone launches a competing product? What do you do when a supplier falls through on a contract? The best entrepreneurs recognize that they may have to shift their business plans quickly. Often, this switch is easier at the beginning when your business is small. However, even the largest companies must deal with the unexpected.

7. Resilience

Your great idea for a business is not a guarantee of success. Most entrepreneurs do not succeed on the first try. It took a failed candy shop in Philadelphia before Milton Hershey got the idea to manufacture sweets in rural Pennsylvania. Elon Musk has watched a few of his SpaceX rockets explode. Resilience in the face of failure is a necessity for an entrepreneur. When the vision comes crumbling down, entrepreneurs learn something new from the failure and move on to the next project.

It is difficult not to take failure personally. However, many businesses falter for reasons that a leader could never have predicted. Working with soft skills like mindfulness and self-compassion can help you and your employees avoid being paralyzed by a negative outcome.

Sharpening Your Entrepreneur Skills

For those who love a challenge, becoming an entrepreneur offers an exciting way of life. By developing creativity, discipline, and passion in yourself, you will serve as an inspiration to your team. If you are looking for support on your entrepreneurial journey, feel free to reach out. I would be honored to work with you.