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Entrepreneurship the practice and the mindset
Entrepreneurship the practice and the mindset is probably the greatest way to create wealth. Entrepreneurship is not for everyone but everyone benefits from it. Every business begins with entrepreneurship. Unfortunately, most people who go down that road don’t fully comprehend entrepreneurship the practice and the mindset.
The practice of entrepreneurship is multi-faceted skill set being applied to your business. It is managing of the finances, operations, marketing, customer service, and your employees. The vast majority of entrepreneurs begin as employees for someone else’s business and then decide they have the skills and knowledge to work for themselves. They believe they have the necessary knowledge and skills to serve clients. For them, entrepreneurship the practice and the mindset is all about the practice.
Data from the Bureau of Labor Statistics (BLS) shows that 20% of businesses fail in the first two years, 45% in the first 5, and 65% in the first ten. You do need to master both the entrepreneurial practice and the mindset. An entrepreneurial mindset without the entrepreneurial practice will likely not get you to be successful. Having the entrepreneurial practice but not the mindset will likely lead to failure. You need to develop both entrepreneurship the practice and the mindset.
All entrepreneurs are in the service industry. Entrepreneurs serve people by providing a product or service they value.
Entrepreneurship the Practice and the Mindset - Ideas are a Wealth Vehicle
Most people when they hear the term millionaire mindset think in terms of entrepreneurship. Most people who do become entrepreneurs end up failing within ten years for many reasons. Often, they are good at what they do, can see a market for their expertise, but lack the entrepreneurial skills necessary to build a business. Without a doubt, however, if your goal is to maximize the number of people you can provide a desired service or product to, owning the idea is your ticket to improved income.
Once you have control of the idea through patents, copyrights, and the like, it then is a question of either starting the business and building momentum or outright selling the idea. Neither is necessarily easy, but it is the oldest most proven method for maximum wealth creation.
You can either develop entrepreneurship the practice and the mindset yourself, which is invaluable, or you can partner with the right people. Indeed, building a brain trust is a highly recommended approach but that does not negate you working on developing entrepreneurship the practice and the mindset yourself. Having an entrepreneurial mindset is absolutely essential if you are going to go down this road.
I have a scientist friend who created his own lab at a major university. He has worked at three very well-known West Coast universities. He has been able to control various processes for manufacturing drugs that has enabled him to start and sell a handful of different drug companies. He is quite wealthy because of it, but he did not set out to become wealthy. The wealth was the by-product of trying to solve problems and by solving problems that would serve millions of people. He also has always had an entrepreneurial mindset. One such component that mindset is being fearless when it comes to risk taking. Entrepreneurs are quite willing to take calculated risks. Risks that for many of us would be too great to consider.
The Millionaire Mindset
If you have worked the training of the mindsets that make up the mindset of a champion arch, you are well on your way for having an entrepreneurial and millionaire mindset. With those other mindsets fully establish, the building of a millionaire mindset is the finishing touches to the mindset of a champion.
Utilizing your mind and the learning mindset, you will seek to gain the appropriate knowledge and wisdom necessary to not only start a business but to run it once it is going. You will learn about basic finances, the laws governing your business, marketing, and all the different jobs that come with running whatever business you are entering.
Learning about the technology that is available in marketing, financial management, communications, and whatever specific technology is available for your specific business can be overwhelming and require outside help. Trying to learn all of it by yourself is a nearly impossible task. Forming a brain trust is highly desirable.
Of course, having trained your other mindsets you have more polished skills at developing personal relationships, faith, love, faithfulness will all play an incredibly important role in finding and attracting people who have resources you need and of course will need to trust. Lastly, do not overlook the importance of the mindset of health and well-being. You will be experiencing numerous emotions as you begin to build and train to sustain this business. Managing those emotions are crucial for your success – financially, emotionally, spiritually, and physically.
To summarize, entrepreneurship the practice and the mindset involves putting together the financial, marketing, technology, communication, and operational skills as well as the mindset character traits that includes a mindset of love, faith, faithfulness, learning, friendship, and mindset of the spirit-wolf.
Think Creatively, Solve Problems and Become Entrepreneurial
Part of the practice of entrepreneurship is developing the creative thinking and problem solving ability you possess. Whenever you can solve problems or fulfill a perceived need, you have something of value you can market. Even if you don’t believe you are the creative type if you can recognize perceived problems you can find people who have done much of that work for you.
In the United States there are tens of thousands of patents being granted every year. Many of those are being granted to ordinary people and you can learn about them through the United States Patent Office. You can get in touch with the Patent and Trade Resource Center in your state to learn how to find patents that may not be marketed.
When you have found a possible patents and the patent holder, you can work to negotiate for control of the patent. With control of the patent you can begin to find potential brain trusts who could help bring this to market. Typically, the patents you are looking for are owned by an inventor not someone with entrepreneurship the practice and the mindset. You will provide that. You can also write to injection molders who often have injection molds sitting around that someone paid to develop but never did anything with it.
With entrepreneurship the practice and the mindset there are many ways to get into business. Understanding that people are looking to have their lives made easier, healthier, happier, safer, and even more exciting can help you figure out how you can provide some product or service that will fill a need or solve a problem.
Take a look around your house and look at all of the things you have. They all started as an idea. Think about the things you use every day that you probably can’t imagine doing without. Realize that before someone created them there was no demand for them.
The law of supply and demand and the entrepreneurial practice and the mindset recognized that people don’t initially demand things. They demand values (health, happiness, safety, comfort, knowledge…) and you serve them by providing those values. You can provide those values with things or services or both. The entrepreneurial practice and the mindset is what will enable you to find or create the product or service that will serve someone else.