By Jules NARTEY-TOKOLI
Due to the fact that our educational system always prepares us to become employees, we hardly think of entrepreneurship as an option to explore.
True, a couple of courses would talk about entrepreneurship but by and large, it’s only for informational purposes; it only tells you about what entrepreneurship is, some examples of entrepreneurs, and the qualities of entrepreneurs.
However, it doesn’t really teach you the importance of making entrepreneurship an integral part of your thinking and purpose in life. No student would say my ambition is to become an entrepreneur. The result is that entrepreneurship has largely been left as the only lifeline for the so-called “illiterate” and “school dropouts”.
Recently, the trend seems to be changing. However, it is usually an afterthought. We complete school expecting to work with some big company. But when things don’t work out as planned, it is at that point that we think about entrepreneurship. And so, because of lack of preparation in the mind, some of us usually rush into it like a headless fowl and only get disappointed afterwards.
In this article we’re going to explore what the entrepreneurship mindset is and its relevance to business. We will also look at the essential skills that are needed for success as an entrepreneur. Next we’ll be delving into strategies for developing an entrepreneur mindset
Defining the Entrepreneurial Mindset
The entrepreneurial mindset is intentional and purposeful. It is a way of thinking that one has to deliberately make the effort to cultivate. This mindset helps to recognize opportunities, gives a good perspective on how to look at risks and thus empowers an individual to be able to innovate in the face of challenges.
Thus inherent in the entrepreneurial mindset are creativity, resilience, adaptability, and a proactive approach to problem solving. Hence, the entrepreneurial mindset is dynamic; it is always in motion making improvements, fine-tuning and strategizing in order to keep transforming continuously to be able to deal with setbacks and make proper use of success in order to keep propelling the business.
This makes the entrepreneurial mindsets one that is not just focused on making money, even though that is also an integral part of entrepreneurship. However, making money the focus can invariably lead to making rash decisions–the wrong ones, just as giving the satisfaction of sexual desires the prime thing can make one make the wrong marriage mate choice.
It can also lead to developing a short-term approach to business instead of a long-term vision. And that kind of mindset would easily make it hard to deal with challenges that rear their ugly heads later.
Essential Skills for Entrepreneurial Success
The first critical skill that is needed to succeed as an entrepreneur is resilience. A resilient person does not easily give up. Like a spring, no matter how much weight or pressure that is placed on such a person, they will always bounce back. But that will only be the case if you really believe in yourself, and the product or service that you are developing, have developed, or are promoting.
In the ever-evolving business environment in Africa, and Ghana specifically, such a skill or quality is very imperative to succeed. There are many things that would easily detract an entrepreneur in our environment, including limited access to financing, upfront payments for almost everything, pressure from family and friends for financial support, horrible infrastructure that leads to long traffic jams that cause you to waste so much time on the road that would otherwise be used productively, I can go on and on.
But you see, a resilient person would not concentrate on the weight or the pressure, neither would they be consumed by disappointments and frustrations. All those are real in every endeavor of human life. And developing your emotional intelligence in order to be able to navigate such hurdles is very crucial in entrepreneurship.
Even more, such a skill would invariably help you in other areas of life. Thus the focus should not be on the water around the ship but on the integrity of the ship to prevent the water from getting inside– Your integrity. In this respect I use integrity, not just as a moral fortitude, but the sum total of all that is needed in order for you to succeed as an entrepreneur. And having those qualities balanced would make for that integrity that will help you to navigate the rough seas that would certainly never go away.
Creativity and Innovation are the next skills that you need to develop as an entrepreneur. What does it mean to be creative? Simply put, it is the ability to generate a new product or a new service. Do you think you have the ability to do that? Some people think that creativity is the preserve of a few “blessed” people. But since science tells us that the right side of the brain is what processes creativity, and you too have that right side of the brain, you can be creative. All that you need to do is to put that side of the brain to use and you might just realize that being creative does not require too much hassle.
Matter of fact, there is nothing new under the sun. So, all you need to do is study nature, objects, products, phenomena and experiences. Develop a sense of humor in doing so to make it fun, and allow yourself to dream realities, not fantasies. When you put all of this together realistically you would be able to create a business idea, a model, a new product or a new service.
To innovate, on the other hand, requires examining existing products and services, looking at their shortfalls, and instead of complaining about them, finding ways to improve them. And voila! you have a new business.
Risk Tolerance and Decision-Making. This means that you are not averse to risks. Risks can be thrilling. For example, driving a car is a risk. Yet driving can also be thrilling. However, since the speed that thrills is the speed that kills, you learn to temper it. How do you do so? You make sure you observe road signs and speed limits. You also ensure that you are using your eyes, ears and perception very well, along with excellent motor coordination in order to avoid accidents.
In a similar vein, you look at risks in business as challenges that if overcome would become thrilling. But you need to make sure that you have all that you need in order to make good decisions–information, data, perception and honing of your instincts. That would help you take calculated risks.
If you are convinced you did all your best and still things do not go as expected, that in itself becomes an asset because you get to learn from it and makes you better prepared to deal with similar risks in the future. It is comparable to getting in an accident; you learn some lessons that add to your driving skills, even if it wasn’t your fault. So don’t be foolhardy but don’t run away from risks either.
Adaptability and Flexibility. There’s nothing that is constant in this world except change. It is very easy to get used to being in your ruts and just enjoying the ride. However, creation teaches us that that is not possible. Take for example the seasons; would life be interesting if it was always raining, or it was always sunny and hot? Definitely not. Would life be real if babies remained babies forever? Of course not. So, change is inevitable, and as an entrepreneur you need to embrace it as you would a loved one. If you did, then you’d be able to change as times and the business landscape change.
So don’t get too comfortable in doing things one way since the sun doesn’t rise and set at your pleasure. And these changes can occur sometimes without warning—a change in government and government policies that you never thought were coming. Or technological changes that drastically wipe out your business model. But if you are flexible and adaptable, you would always find a way out even if it takes time. It will require patience, knowledge, and determined decision-making. But change does not mean the end.
Vision and Strategic Thinking. Every entrepreneur should have a vision of where they want to take their business. This vision must be clear in their minds with no ambiguity. When the vision sets with firm conviction, you would then be able to develop strategy that would lead you to achieving it. But developing the strategy would require strategic thinking abilities; and to think strategically would necessitate that you look at things from a different perspective that is different from what everyone else sees.
Matter of fact, strategy derives from the work of an army general. If army generals on opposing sides knew what the other person was up to, do you think either side would ever be successful? Of course not. Thus it’s important to develop your unique way of thinking creatively, in the reverse. Like Article Wan ft Patapaa said in That Thing: “No bi every time wey u for crack your brain; Sometimes we dey hyeda bi slow go off lane.” It may mean questioning what others don’t question and accepting what others don’t accept. In a nutshell, it requires going against conventional wisdom while charting your own path.
Networking and Communication: No man is an island, as the saying goes. And no business is an island either. So, as an entrepreneur it’s impossible for you to live in a silo. You need to connect with other entrepreneurs in order to share ideas and information. This should usually not happen by being too forward but showing genuine interest in the other person’s business.
So, while attending networking events like conferences and workshops afford you the opportunity to network with other entrepreneurs, please don’t make the exchanging of business cards and making a pitch the prime thing. Instead relax and engage in small talk. Find common interests that you may have with the other party.
And if they have any unique interests inquire further about them and get to know them instead of projecting yourself. And if that person is really interested in networking with you, they will reciprocate the same gesture. That way you are able to build the foundation for a long-lasting friendship that is based on mutual trust and respect.
Strategies for Developing an Entrepreneurial Mindset
As mentioned before, life is always changing and in business the political economic and environmental spaces are also always evolving. And the only way you can stay abreast with developments is by learning–Continuous Learning.
So, find credible materials to read, look for very good and creative videos to watch, be they movies or documentaries. Attend workshops and conferences. And by all means don’t treat anybody’s views as stupid. You may never know when you would need those views.
Embrace Failure as A Learning Opportunity. Do you know anyone in life who has never failed? That would mean that that person has never tried anything! Anyone desirous of making progress in life would definitely run into one failure or another. No one person has it all together.
While society usually shames failure, and failing in a business endeavor can make others make fun of you, that should not make you abhor failure. Because failure is a catalyst for rising. This is because there is no other way to do it but to get up and keep walking when you stumble and fall. So, learn your lessons and keep moving and never give up. And your lesson might become what someone needs tomorrow by way of advice that you can share with them.
This reminds me of a quote that is attributed to Aristotle in which he said: “By all means marry; if you get a good wife, you’ll be happy; if you get a bad one, you’ll become a philosopher.” So don’t be afraid of experimenting with your ideas just because of failure. If you succeed, invite me to the party. If you fail, share your lessons with me.
Cultivating an entrepreneurial mindset is essential for transforming challenges into opportunities and charting a path toward sustainable success. Our traditional education systems may prime us for employment, but true progress—and the ability to innovate and thrive—requires embracing a dynamic, self-reliant approach to life and business.
By developing resilience, harnessing creativity, learning to take calculated risks, and remaining adaptable in the face of change, we can break free from the conventional employee mindset and build ventures that not only generate wealth but also drive lasting impact. Embracing failure as a learning opportunity, continually refining our strategies, and investing in strong networks are key steps on this journey.
Ultimately, the entrepreneurial mindset empowers us to rewrite our own narratives, fuel innovation, and contribute to a future where success is defined by our ability to evolve, collaborate, and develop integrity.
Please let’s interact: +1 (914) 259-0242
The author is a dynamic entrepreneur and the Founder and Group CEO of Groupe Soleil Vision, made up of Soleil Consults (US), LLC, NubianBiz.com and Soleil Publications. He has an extensive background In Strategy, Management, Entrepreneurship, Premium Audit Advisory, And Web Consulting. With professional experiences spanning both Ghana and the United States, Jules has developed a reputation as a thought leader in fields such as corporate governance, leadership, e-commerce, and customer service. His publications explore a variety of topics, including economics, information technology, marketing and branding, making him a prominent voice in discussions on development and business innovation across Africa. Through NubianBiz.com, he actively champions intra-African trade and technology-driven growth to empower SMEs across the continent
