enumeration Flashcards
Personality Traits that are Good for Entrepreneurs: 8
Optimism - Stay focused, positive and know that by being smart and proactive, your odds of success stays high
Courage - This is the quality of mind that let you face difficulty without fear
People Person - genuinely connecting with people puts them at ease and allows you to understand their needs, concerns and desires.
Cash - no business failed from having too much cash on hand. Manage cash, avoid debt and be frugal
Good Employees - Hire a competent employee, since employment is a long-term relationship.
Good Customers - Pick your customers and markets. It is better to serve a smaller set of customers very well and make them happy than to serve a lot of unrelated customers poorly and annoy them equally.
Vigilance -involves keenly watching everything and early detection of danger
Determination and persistence - Never give up. Optimism begins with the notion that you won’t quit
Dark Side of Entrepreneurship 5
Failing is more common than you think
It’s extremely lonely
You need to defend those working for you
You have to go all in
It feels like you’re on a rollercoaster
Entrepreneurial Mindset:
Stand out. STOP trying to fit in
Invest your time, stop selling your time
Invest your money, stop spending money
Focus on working smarter, not harder
Be a producer, not consumer
Use business debt, not consumer debt
Sell more, buy less
Invest in knowledge, not worthless degrees
Improve your soft skills, stop obsessing about your technical skills
Read, turn of netflix
Invest your money, stop saving money
Focus on your business, not on others people’s business
Hire people, stop working for people
Characteristics of an Entrepreneur/Business Mindset
Disciplined
Customer Focused
Always learning
Bold. Not afraid of failure
Open minded
Strong people skills
Self starter
Listener
Competitive
Leadership
How to manage stress in a running business? 7
Get plenty of sleep
Prioritise physical exercise
Taking time of my own
Take advantage of technology
Find a mentor
Don’t pressurise employees
Making a good environment
Products of Entrepreneurial Research
Self-driving cars
Social Media
Fibre Optic Technology
The Myths of Entrepreneurship
Entrepreneurs are doers, not thinkers
Entrepreneurs are born not made
Entrepreneurs are always inventors
Entrepreneurs are academic and social misfits
Entrepreneurs must fit the profile
All entrepreneurs need is money
All entrepreneurs need is luck
Entrepreneurship is unstructured and chaotic
Most entrepreneurial initiatives fail
Entrepreneurs are extreme risk-takers
Most entrepreneurial initiatives fail
Entrepreneurs are extreme risk-takers
Entrepreneurs are driven by 3 things:
Desire for power and independence
Will to succeed
Satisfaction of getting things done
