9 key mindsets
Entrepreneurship takes a set of behaviors that are sometimes opposite to what professionals experience in established organizations. Maite Baron, writer co-founder of TheCorporateEscape.com identified 9 mindsets needed to switch from a corporate position to entrepreneurship that I refined for this section.
1 Entrepreneurs are responsible for all decisions - good and bad:
Creating something from nothing also means making big decisions about what must be done, when and how. Waiting for things to happen will not solve the problem and may make it worst. Understanding that opportunities may be short-lived allows entrepreneurs to develop a sense of urgency making them more goal oriented.
2 Entrepreneurs need to hold both short and long-term visions simultaneously:
Working in established organizations will make employees responsible for ensuring that what needs to be done now is done. On the other hand, entrepreneurs have to project their mind forward thinking about potential pitfalls and opportunities, and making decisions based on uncertainty.
3 Feeling uncomfortable is THE new ‘comfort zone:’
Employees are used to thinking "inside the box" rather than "outside the box". As an entrepreneur, there is no box. Once thinking has been done, new ideas must be tested, opportunities taken advantage of in a context of higher risk. This requires courage, and the ability to keep going despite rejection and skepticism. Failure is learning, giving a more optimistic view of the world and the workplace.
4 Learning is a continuous journey:
Employees have job descriptions that require specific skill-sets. Being an entrepreneur involves learning many new skills, unless the entrepreneur has the funds to outsource what (s)he is not good at or does not want to do. However, no matter the level of funding, what needs to be done, has to be done. There is no room for excuses. This will push entrepreneurs to learn new skillsets such as setting up a spreadsheet, pitching to investors, marketing the product, or using unfamiliar technology.
5 Numbers don’t lie:
Financial spreadsheets tend to become the routine of entrepreneurs because sales, costs, profits and losses are the only reason why an entrepreneur is still in business or not. It is then crucial for entrepreneurs to understand them in order to monitor progress and take quick corrective action according to results.
6 Entrepreneurs love their business, but need to remain objective.
Employee can perform tasks they dislike just for the salary. Entrepreneurs on the other hand, need to love their business because of the effort and long hours required. However, entrepreneurs should not act as if they were an employee in their own company. In other words, they should work "on" the business (moving it forward) rather than "in" the business (being the technician that will execute rather than lead).
7 Entrepreneurs enjoy breaking rules
Employee breaking the rules could mean dismissal. Entrepreneurs on the other hand do not have any stake in the status quo, and should always be looking for ways to do things differently. That means acquiring a global perspective, always peering over the horizon, or at least towards it, to where the next big opportunity is waiting.
8 Time is not linear:
Employees have defined hours of work they stick to. Entrepreneurs on the other hand always think about their business whether things that are going well or not. However, they do not have to follow any schedule and can make their own hours, whether working 120 hours per week to help the startup take off, or 10 hours per week once the business is running profitably.
9 Start now, do not procrastinate:
Most people under-estimate the time it takes to make the transition to entrepreneurship. A great way to effectively shift is to do it while still employed, perhaps even setting up a business to run alongside. This will leave room for developing new skills, build experience and see whether the idea could become a profitable business while still enjoying the safety-net of a salary.