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Posted by: Charles P Myrick CPA Posted on: Feb 14 2020 Posted in: starting a new business, growth strategies, wealth building

How to Think Like an Entrepreneur

While anyone can start a business, not everyone can make it a successful one. Entrepreneurs don’t think like everyone else. They see everything outside the mainstream mindset, with a new idea at the start of each day. If you want to be successful in life or work or starting your own business, you might want to start thinking like an entrepreneur.

This list is a good place to start.

See Opportunity

Entrepreneurs can smell opportunities to solve problems and create solutions from unexpected places. They stay focused on the best way to use resources and get more done. They don’t allow themselves to be distracted by every "shiny object" that may attract others. At the same time, they are willing to try new things and not be held back by naysayers.

Take Risk 

Entrepreneurs are often comfortable with risks that look too big to most people. They understand that great risk can bring great reward. In the event that a risk doesn’t pay off, they count it as a lesson learned and move on to the next idea; they’ve already measured what they can live with and without. Failing, in the entrepreneurial mindset, is all a part of business success, so it doesn’t frighten them. They might also stick with an old idea to perfect it until it pays off.  

Always Learn and Grow

It’s extremely important to someone with an entrepreneur mindset to keep adapting to fit the times, to fit the needs placed on them and simplify for utility’s sake. They become experts in areas they never heard of because they want to be the most knowledgeable in whatever they do. Entrepreneurs learn new skills, developing their own understanding of the world they live in, and they don’t give away their control over ideas, except to allow others to expand upon them.

 

Communicate and Involve Others

Entrepreneurs might be sole proprietors - sometimes called solopreneurs -  and carrying an innovative idea forward on their own; however, they are built to collaborate. Curiosity about the unknown makes sharing ideas with an entrepreneur a lively experience. Other people’s ideas spark their own imagination. They are always asking questions of people who already “make it work” as well as people who struggle. They want to know every aspect of every idea that catches their interest.

 

Take Initiative

These forward thinkers are all about shaping plans and projects for the future. While they might collaborate with others once they start chewing on an idea or issue, they start out by taking action on their own. Entrepreneurs don’t wait for others. They simply meet challenges, obstacles and solutions head on.  

 

Plan Strategically and Take Action 

They plan and strategize how to continue and achieve early goals very well. They are analysts by nature, always planning the next step and all the steps after that, but they also can be flexible to meet changes and adapt to keep an idea alive.

 

Myrick CPA loves to work with entrepreneurial individuals and small business owners. We understand how to help you stay motivated and creative by offering financial planning guidance and making sure you know what to expect. We can help you not sweat the small stuff so you are free to stay creative and innovative. Get in touch today!

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