Growing Economies Need More Entrepreneurs

Entrepreneurship mindset

Entrepreneurship is a mindset, and the decision to become an entrepreneur is unlike one to become a lawyer, doctor or electrician. The Oxford Dictionary defines “mindset,” as a person’s way of thinking and their opinions. An entrepreneur’s mindset is one that is passionate, dedicated, and hungry to be successful.

But a change in mindset is not the only requirement for becoming an entrepreneur. Entrepreneurs have a DNA culture, making it easier for one individual to be successful while others struggle.  Such DNA culture is based on one’s education, individual personalities, and behavioral characteristics. In his book, “Entrepreneurial DNA: The Breakthrough Discovery that Aligns Your Business to Your Unique Strengths,” John Abraham provides a way to measure an entrepreneur fit and DNA.

Achieving independence is one of the main reasons why individuals seek to become entrepreneurs. Independence can be defined in a number of ways. For example, freedom to increase earning potential, ability to work on an enjoyable project, or simply the flexibility of having a work/life balance. In a survey by TNS Custom Research, conducted with a sample of 3,001 American adults, 54% responded that “personal independence” and “self-fulfillment” were the main factors to becoming an entrepreneur.

How to become an entrepreneur? 

The decision to become an entrepreneur normally stems from several different life-causing events including –

  1. A jolt in the career path, loss of a job or dissatisfaction with a current job.
  2. A return to the job market, during times of unemployment.
  3. The opportunity to earn a second income, and the potential of achieving financial freedom.

The starting point of any successful entrepreneur is the ability to capitalize on the knowledge, obtained from an educational background, and experience from working in the industry or something similar. In the Global Entrepreneurship Report, education was the most crucial component to become an entrepreneur. Particularly those basic business skills (business fundamentals, marketing, branding, financial controls, etc.). While there many institutions offering programs on Entrepreneurship, those institutions that continue to produce successful entrepreneurs are forward thinking, provide innovative teaching methodologies (case studies, field work, etc.), and can spark the entrepreneurial skills in their students.

We are also using such techniques on all our programs, in order to make the learning process more efficient, interactive and easier for students. Click here to check our summer programs offer. 

A potential entrepreneur is…

To become a “potential entrepreneur,” one should answer the following questions.

  1. Am I open to innovations and creating something that has not been considered?
  2. Am I a person who consistently looks for opportunities and how to make things better?
  3. Am I a risk-taker, and can bear the possibility of failure?
  4. Am I creative and talented to start something from nothing (scratch) and see it through to the finish?
  5. Do I want to make an impact in society and better the lives of my loved ones and myself?

The overall growth of any economy is dependent on the acknowledgment of a need for entrepreneurship. In particular, start-ups contribute to higher employment, income growth, and an increase in tax revenue. Entrepreneurs are the visionaries of new ideas which transform opportunities for new development in any economy. History has proven that we wouldn’t be living in such a progressive society if it wasn’t for innovators and entrepreneurs such as Steve Jobs, Benjamin Franklin, Bill Gates, and many others like them.