The Mindset of an Entrepreneur

Are you considering buying your own business? There are a lot of factors that go into it, from business valuation to the way the purchase is structured. A business broker can help you with many of those things, and when you are getting ready to make a purchase, the Sunbelt network of business brokers has professionals who will help you throughout the process. One thing you need to do is get in the right frame of mind.

It takes a certain mindset to engage in the risks involved with starting your own business. There is a certain thrill, but there can naturally be a certain amount of apprehension too. However, if you are even considering buying your own business or starting one, you probably already have the mindset of an entrepreneur.

Here are some common characteristics that nearly every successful entrepreneur has in common:

Initiative
In most cases, someone will not come to you and offer you a business the same way they would offer a job position. Most of the time you need to research, set up budgets and goals, and find a business that aligns with all the criteria you have established. A business broker can certainly help you find that business, but by then you will already have shown a lot of initiative.

The initiative you have is what gets you up every morning and gets you started, like a strong cup of coffee or an energy drink. For any entrepreneur, initiative is an essential trait.

Risk Taking
No matter how much research you do or how secure the industry or business you buy is, there is a certain element of risk involved. Much of the time, your personal finances and credit are a part of that risk.

Of course, if you do your due diligence, that risk is a calculated one. If the business is growing year over year and is in an emerging or established industry, chances are you will be successful. Still, entrepreneurs are by nature risk takers.

Flexibility
If there is one thing that is sure about being in business for yourself, it is that things will change. You will need to be constantly flexible, from employee changes to position changes, new vendors, industry advances, new technology and more.

The startup world is filled with those who are flexible and adapt easily to change. It is one of the must have characteristics of an entrepreneur.

Innovation and Creativity
All those changes that come along with them bring new problems, ones that typically aren’t faced every day in a normal work environment. Sometimes the need to be creative and even innovative enough to come up with an entirely new way of doing things is essential.

Not to mention that innovation and creativity are what sets one company apart from another. Even if it is a new marketing angle or a different management style that results in better employee retention, innovation and creativity are entrepreneur essentials.

Problem Solving
No matter how good you are at business and how smoothly things run for you, you will run into problems from time to time. As the business owner, you will be expected to navigate and solve them. These problems can range from simple every day issues to big ones that require decisive, immediate action. Being a good problem solver helps set any entrepreneur up for success.

Ready to take the next step? Ready to take risks, be flexible, innovative, and a creative problem solver? Then you already have the entrepreneur mindset.

Don Pippin Jr, CBI CMSBB
Certified Business Intermediary