Pink Team 2
We believe that entrepreneurship is more of a mindset rather than a set of activities to build a company from scratch. There are people who develop that mindset early on and some in their later stages of life, while others don’t even bother having it. There are many factors influencing the growth of this mindset and we believe that it can be fostered with the right approach. We list the attributes that contribute to developing the mindset below.
The first is self reflection. A person must first understand himself, his abilities, motivations, and actions. This is the most important and time taking process as it involves the individual knowing and becoming empowered by the ‘why’ behind his actions. This has the long-term effect of keeping him motivated towards his purpose throughout his entrepreneurial journey. Periods of self-reflection also allow the individual to highlight his strengths and learn from his mistakes, enabling him to grow. (Professor Rahim Fazal talk)
The second is practicality. As the saying goes, “Ideas are worth a penny. It’s all about execution.” He must have the willingness to take risks but more importantly, he should understand the practicality of his actions. This practicality can be gained through observing patterns and having the ability to break them down into processes. This enables him to analyze how everything from strategies to businesses work. Practicality is a key attribute which will help him give shape to his ideas. (Ikhlaq Sidhu talk)
The third is self actualization: knowing your role. Sometimes an individual becomes too possessive about the idea, often leading to him taking up a leadership role (CEO) in the organization he builds. This kills the company if he is not the right fit for the position. He must take the matured decision to hand over the role to someone who compliments him and stick to doing what he’s good at. (Nikita Bier talk)
Fourth is clear articulation. During the execution of his idea, he is bound to put forth his idea to stakeholders, team, public, etc. If he is unable to articulate his vision, mission, goals, etc. clearly, he will not only miss out on opportunities but also face problems of inefficiency in the functioning of his company. Clear articulation is essential in regard to delegating authority as it is a fundamental pillar of communication.
Next is career orientation — it begins from the first year in college. Make friends and find someone who has the similar interest and ambitions. It's very probable that your future partner in startups will be someone you met in college. Most students in college would like to work in big companies. However, students should be aware that there are pros and cons to working in big companies as their first job. The advantage is that usually big companies offer a better salary, benefits, and environment. The downside is that being in big companies makes them lose their ambitions to start a company. (Michael Seibel talk)
An entrepreneur must also be team-oriented. Every entrepreneur needs a team so he can bring his vision to life. Talent acquisition and team development are both crucial for entrepreneurial success. He must excel in a team environment in order to foster a culture of growth and innovation. In a positive team environment, everyone will be able to maximize their potential. (Janet Crawford talk)
Next comes being goal-driven. After building a good team, an entrepreneur also needs to have the ability to lead the team and optimize the team performance. In order to do that, he should be able to set short-term and long-term goals for not only the entire team but also as detailed as every single person in the team. This requires the entrepreneur to understand people’s strength and weakness and assigning the right tasks to people who are best at it. He should create an image, which is a clear and approachable goal, for the entire team to chase after. This can largely improve the efficiency of the team and produce more tangible results.
A successful entrepreneur must have market awareness, such as a deep understanding of the market and its needs. This is the only way his product can achieve his mission. The product must serve as an effective solution to an existing problem. Additionally, that existing problem must account for a substantial amount of market share so the product is profitable. Consequently, an entrepreneur must understand his customer profile and demographics. (Forrest Landola talk)
Lastly, a successful entrepreneur must be risk-tolerant. Along the path of most entrepreneurs, he will have to overcome many hurdles. Risks should not deter an entrepreneur as he must remain determined in the face of uncertainty and adversity. Entrepreneurs must be able to evaluate risks and assess the costs associated with them in order to determine they are worth it. For example, some startups such as Uber must create demand for a service that never existed before. This kind of process requires time and resources without no immediate return. (Amit Kumar talk)