Entrepreneurship 101

What is Entrepreneurship?

• Entrepreneurship is more than just starting a business; it is the pursuit of opportunity beyond the resources currently controlled.
• Entrepreneurs discover opportunities and perform structured tests to validate their ideas, recruit teammates, and invest funds to deliver their product.

Key Characteristics of Entrepreneurs

• Curiosity: Successful entrepreneurs have a sense of curiosity that allows them to continuously seek new opportunities.
• Willingness to Experiment: Entrepreneurs must be curious and understand structured experimentation to pursue new opportunities.
• Adaptability: Entrepreneurship is an iterative process, and entrepreneurs must be adaptable to ensure their business keeps moving forward.
• Decisiveness: Entrepreneurs have to make difficult decisions and stand by them, having the confidence to make challenging decisions and see them through to the end.
• Self-Awareness: A great entrepreneur builds well-rounded teams that complement their abilities, driving a business venture toward success.
• Risk Tolerance: Entrepreneurs need to take calculated risks, being comfortable with encountering some level of risk to reap the rewards of their efforts.
• Comfort with Failure: Entrepreneurs must prepare themselves for failure, be comfortable with it, and maintain a positive attitude to allow success to propel them forward.
• Persistence: Many successful entrepreneurs are comfortable with the possibility of failing, but they don't give up easily, learning from mistakes and persisting until they reach their goal.
• Innovative Thinking: Entrepreneurs improvise on existing products or services to meet the changing needs of the market, developing problem-solving skills to spot innovative opportunities.
• Long-Term Focus: Entrepreneurs must focus on the process from beginning to end to ensure long-term success.

Developing Entrepreneurial Qualities

• Entrepreneurial skills can be learned and strengthened like any other skill, and anyone can find opportunities, attract necessary resources, and build teams to bring successful products and services to customers.
• A growth mindset is essential for entrepreneurship and can be achieved through effort.

Growth Mindset vs. Fixed Mindset

• A growth mindset allows you to see challenges as learning opportunities, enabling you to learn basic finance skills and prepare your business's financial statements, even without a background in finance.
• A growth mindset allows you to move into new fields, and equip yourself with the skills necessary to sustain your business.