Why are entrepreneurs successful? How can we understand and develop our thinking to be better entrepreneurs? What are the keys to developing winning entrepreneurial ideas?
Distilling vast amounts of research in psychology, sociology, and economics into a practical how-to guide for aspiring and active entrepreneurs, in The Opportunity Analysis Canvas
, Dr. Green presents a whole new understanding of entrepreneurial mindset and action.
1. Entrepreneurial mindset
Part of the challenge of being an entrepreneur, if you’re going for a really huge opportunity, is trying to find problems that aren’t quite on the radar yet and try to solve those. Sean Parker.
By exploring entrepreneurial mindset, you can understand why less than 5% of society becomes entrepreneurs. Entrepreneurs tend to be independent individuals, intensely committed to persevering in starting and growing a venture. They are typically optimists who strive for success in their for-profit, non-profit, or social venture.
While every entrepreneur is unique, there are select commonalities in entrepreneurial mindset that they share: achievement, individualism, control, focus, and optimism.
Ideas in action:
- What role does need for achievement play in your decisions?
- What level of influence do friends and family have in your decision making?
- Do you have an internal or external locus of control?
- What techniques do you use to focus your time and your resources?
- How can you improve your level of optimism?
2. Entrepreneurial motivation
Motivation is everything. You can do the work of two people, but you can’t be two people. Instead, you have to inspire the next guy down the line and have him to inspire his people. Lee Lacocca.
Entrepreneurial motivation encompasses the factors by which goal-directed behavior is initiated, energized, and maintained. For entrepreneurial strategic decision making, three factors are emphasized: self-efficacy, cognitive motivation, and tolerance for ambiguity.
Ideas in action:
- Do you believe that you have the capabilities to be successful as an entrepreneur?
- Do you enjoy collecting information and doing analysis before making decisions?
- How can you increase your comfort level with making strategic decisions quickly, with limited information and high consequences?
3. Entrepreneurial behaviors
Surround yourself only with people who are going to lift you higher. Oprah Winfrey.
Entrepreneurial mindset and motivation can only translate into action if entrepreneurial behaviors exist. While there are many behaviors that may be described as entrepreneurial, we’ll focus on the four behaviors most critical to entrepreneurial opportunity analysis and action: confidence, risk, interpersonal skills, and social capital.
Ideas in action:
- How can you improve your confidence level and risk tolerance?
- What resources can you use to enhance your interpersonal relationship skills?
- How can you grow your social capital?
Complement The Opportunity Analysis Canvas with 10 Commandments of how to choose yourself (for believers and non believers).