Top ten elements of entrepreneur mindset
The mindset is what makes the mind work much better. You may have a great mind as good as Elon Musk and Steve Jobs, but you need to acquire the mindset of theirs. The mindset is not something any books teach. In fact, the mindset can only be taught in practice.
Here are the top ten elements of entrepreneur mindset. Get them by practicing selling, somehow and some where. Every great entrepreneur got their mindset early, independent of schools.
Ready?! here are the top ten lists of entrepreneur mindset.
Most business dies.
#1 in any business niche gets money.
To sell, go to market. Let customers find you.
Every plan needs adjustment.
Every great idea needs to be validated.
Good things don't sell. Every great products needs you to sell effortlessly.
Quality equals price. Quality equals time. Time equals money. Therefore quality equals money.
Don't try to provide a solution. Provide benefits.
Schools only teach ignorance.
Social media is only a funnel - it is not where you sell things.
Now let me explain some of the points to the best of my ability. Again, great entrepreneurs "get it". If you don't "get it", then you need to practice and learn in practice.
Most business dies.
The vast majority of ideas, projects and products do not rise to the level of a sustainable business. They become a hobby or a hang up business that never grows. If you want to build one, it is not enough just to have a good idea.
Most entrepreneurial efforts born out of "I am smart" or "I want to solve problems" becomes miserably unfit for the people and market, or there are not enough customers to support your startup organization financially.
We rarely hears about businesses that don't make it. But they are the vast majority. You never see the zero view channels on Youtube - because they are not visible. Healthy entrepreneurs are paranoid and humble. They know their success is a reward for their pursuit - called luck, not chance.
#1 in any business niche gets money
Ever wonder why only the Gold medalist in Olympic events gets to earn sponsorship money? this is like everything else. Your number one pizza shop in town makes a ton of money. The number two? not much. Every niche has a winner. Be that winner.
Business is grabbed from someone else.
Business is rare - like a rich Gold mine is rare. Once people find a business, they all converge on it. There is no such curtesy such as "don't steal Johnny's ideas". People in business don't steal ideas. They steal business.
Business is a game, or a war. "Good business" is rare.
To sell, go to the market
Don't just "find the customer", don't believe the customers would care enough do so pages of google search to find you. To sell, go to the market and sell to the people coming into your store.
Why the market? because people only go to the market to shop, compare, and buy.
Every plan needs adjustment
Many people want to conceive a great business plan, write a pitch deck, bring to investors and wow them! that never happens. Investors know that every plan needs fine tuning and adjustment to work. They want to see what you have done the fine tuning. They don't want to pay for your "learning curve".
Every idea needs validation.
You are smart? great. You have a wonderful one of a kind once in a century kind of idea? great. Prove it. Validate it with your money and time. The investors and customers can all wait.
How much proof of concept is needed for investors to give money?
Good things don't sell. Every great products needs you to sell hard.
I get it. Selling is low. Selling is like begging. But you have to do it, especially for good things you believe in.
No products can sell itself. No one will sell it for you. If you try to bring a product to find a customer, everyone will shy away. Good things needs greater selling.
Nothing will be sold unless you leave your room and sell.
No matter how smart you are, you are not the savior and the problem is not as big as you imagined. People can wait - for you to be humble enough to sell.
Quality is expensive.
Let me prove it for you mathematically. Quality is built with time. Time is money, no one can work for you for free. Hence, quality is built with money. We see great Apple products that sell for a high price, that is because Steve Job's company has spent a lot of money.
Quality = time.
Time = money.
Quality = money.
Quality = pricing power.
Don't provide a solution. Provide benefits.
Some people naively think that people will buy a solution. That is wrong. People will buy a solution if they can not solve the problem themselves (since they know themselves the best). People want the lowest dirt cheap price and the promised benefits that won't fail. We all see great business providing solutions, but we don't realize they provide solutions at extremely high trustworthiness (quality) and low price (through industrial scaling). People only buy benefits.
Benefit = solution with a promise.
Schools teach ignorance.
Why do I say that? Isn't graduates of Harvard and Caltech smart and knowledgable? how dare you say that schools teach ignorance?
There are three things that well schooled folks should consider:
The schools teach what is needed to get a good job.
Much of knowledge is deep knowledge (say, organic egg retail in Farmer City, MI) and experiential knowledge (knowledge you only discover when you are there).
Millions of books can only cover so far.
When schools openly imply they are the pinnacle of knowledge, they are lying. School knowledge is beginning. Hence graduation is called commencement. Commencement of real learning.
Many people who do not understand these three keep asking "Should I quit school to open a business?", "Which engineering major should I take to startup?", and "Do I need to go to MBA to start a business".
What does scores and marks have to do with business success?
Schools don't help building business. Skipping schools don't matter either.
The great soldiers and athletes might be trained in schools, but they experience so much more outside. Same for entrepreneurs, innovators, and business people.
What is meant here is that schools don't teach business building. Business schools teach business administration. Technical schools teach a bit of product building skills. However, to build a business requires many skills and knowledge. In comparison, schools and scholars really just know book basics.
Great entrepreneurs some times skip school. In fact, skipping school is not necessary. However, going to school does not help with business.
Schools teach skills for surviving and living in the social establishment zone, the comfort zone. Business is to leave that zone and learn to survive on your own.
Business is like a game, or a war. School graduates have a long way to go and much to learn from experience on the battle field to become effective leaders. Same for entrepreneurship.
You can not make money on social media.
Many people would argue other wise. Here is what I mean. Social media is only a funnel. People don't come to social medial to buy things - they come to social medial to relax. If you spend all your efforts on social media and expect it to create an income that you can live on, you will be very disappointed after a couple of years.
The social media is the light. The website and product is the business end (the teeth). If you only have the light, or only have the teeth, nothing works.
Thanks for watching. I know newbies would not care or believe everything I said. But this is the "truth" someone wanted to have. The truth is uglier than you think but it will make you free to really do great things. What I discussed is rarely seen in media, but it is the fact that successful entrepreneurs like Musk and Jobs and your local Pizza restaurant owners all know.
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This is a Udemy course I created on mindset creation. Udemy course on entrepreneur mindset
Below are some resources we created that may interest you further:
The Easy Etsy channel is dedicated ecommerce and online business.
The Teensharks channel is dedicated to how to start a small business and how to be an entrepreneur.
The Udemy course on how to build an Etsy shop or broadly an online shop.