EP terms Flashcards
Creativity
Becoming an entrepreneur starts with an idea. You need to
see opportunities, find innovative ways to do things and
bring solutions to the public.
To improve your creativity, develop habits that support the
creative system. Think about what makes you feel creative,
such as music, meeting people, reading or some other
activity. Dedicate a specific part of your day to finding
inspiration for new solutions. During this part of the day,
start by doing what inspires you, then let your mind flow.
You can make a list of ideas and select some to pursue.
Passion
Passion is what drives entrepreneurs. They usually
love what they do, and this helps them invest their
time in their projects.
To become a more passionate entrepreneur, focus
on the meaning of your work. Remember that you
contribute to finding solutions that will help many
people. Knowing that your commitment makes an
impact may give you the drive you need to
continue when doubt settles in or when the
business gets difficult. Passion is what keeps you
focused on your objective.
Motivation
Motivation is the will to accomplish certain things.
Entrepreneurs are driven to make their business a
success and push themselves.
To increase motivation, you can start by setting small
goals. Small goals can help you reach larger ones and
encourage you to aim higher. Recognize the work
already accomplished and celebrate your results, even
minor ones. Also, keep a positive mindset. Turn your
mind away from negativity and daily obstacles to focus
on what you want to achieve and the positive aspects
of your life.
Product or service
knowledge
Entrepreneurs know what they have to offer and to whom
they can sell it. Clearly define the category of products or
services you sell and how they provide value to consumers.
Also, study your target clients to make sure you answer their
needs. This will allow you to improve your offer
continuously so you can stay on top of industry trends.
To increase the positive impact of this knowledge, you
should continually learn about your market, understand what
people need and know the features that differentiate you
from competitors. Talk with your clients and use their
feedback. With this information, you can adjust your
position when necessary.
Ability to network
The ability to connect with people and to recognize
opportunities for partnership is crucial to successful
entrepreneurship. Meeting new people might facilitate
access to resources or knowledge that your business needs.
It allows you to learn from the success of others, promote
your services or goods and meet new clients.
To improve your networking skills, you must try to build
genuine relationships. You likely have a business goal in
mind, but approach people with the objective of a human
connection, just like making new friends. If you meet
someone who could benefit another person in your network,
connect them. Not only will you help someone, but they will
probably remember you and want to return the favor.
Self-confidence
Entrepreneurs believe they can achieve their goals.
They may have doubts, but they persevere through
them. They are ready to invest in the necessary
work because they are confident they can create
something better than what already exists.
Self-confidence is essential because it allows you
to feel better and makes it easier to overcome
challenges, take risks and be persistent. Therefore,
it contributes to your success overall.
optimism
Entrepreneurs are dreamers with a plan in place:
They see the positive side of the situation and
always move forward. Optimism supports
creativity, so it helps business leaders find new
ideas for their products or services and increases
their chances of success.
To develop your optimism, you can consider
challenges as opportunities to grow instead of
problems that could stop you. Keep the end goal in
mind, and don’t dwell on past issues.
vision
Entrepreneurs have a vision. They see a big picture they
wish to accomplish, which fuels their efforts and pushes
them to do more. Moreover, vision is what defines the
culture and identity of an organization. Not only does it
keep entrepreneurs energized, but it allows them to motivate
others and keep them working towards the company’s
success.
To improve your entrepreneurship vision, you can
implement a daily action plan. Prioritizing your tasks can
keep you from feeling overwhelmed and help you stick to
your vision. Also, listen to or read uplifting content to
fortify your mind and stay focused on your purpose.
Goal mindset
Entrepreneurs are goal-oriented. They know what they
want to achieve, set a goal and work toward that
objective. Determination is vital to overcoming
possible challenges, and it also inspires trust from the
people who work with you.
To become more goal-oriented, you can start by
identifying what you want to accomplish and clarifying
your vision of the future. Then, set a goal with a
timeline to guide your actions. This will allow you to
witness your progression and help keep you committed
to your goal.
risk-taking
Entrepreneurs are ready to take risks. They plan for the
unknown so they can make calculated decisions that are
profitable for them and their business.
To increase your risk-taking abilities, you can start
considering your journey as a learning process, including
the possible failures. You must keep your goal in mind and
commit to persevering.
It is essential to take some risks to differentiate from your
competition and allow your business to succeed. Once you
know how you can manage risk and grow from
disappointments, you may become more comfortable with
challenging yourself.
persuasiveness
Entrepreneurs know their business and how to talk
about it to people. They need to persuade others to
believe in their idea.
To improve your persuasion skills, learn about your
listeners and adapt to their personalities. You can share
a story to reach them on an emotional level and show
your passion. If people can relate to your story, it
creates a connection that can grow into loyalty, which
is essential for your business’s success. Another tip is
to share your accomplishments and rely on facts to
support your arguments and convince people.
Decision making
Entrepreneurs need to make quick decisions and
take action for the success of their business.
To improve your decision-making skills, you can
inform yourself to understand better the problems
you try to solve. Assess the impact of the decision
you need to make, and allow a corresponding
amount of time to decide. You can also narrow
your options to ease the process of making a
decision.
tenacity
Entrepreneurs overcome challenges. They
persevere through difficulties and hold on to
their goals and dreams.
To improve your tenacity, you can write down
your goals and read them every day. You can
choose role models and remember great
figures of history who had to persevere
through failure before they achieved success.
Money Management
Entrepreneurs need to understand the financial
situation of their business. Even if they hire a
specialist like an accountant, they are the
decision-maker and must know their situation to
run the business successfully.
You can improve your basic money management
skills by preparing a budget and committing to it
and investing available funds rather than spending
them. You can also acquire more financial
knowledge by taking classes or training programs.
Adaptibility
When they start a business, entrepreneurs
often need to multitask. Flexibility in your
schedule, as well as in your thinking, is crucial
to continue growing in challenging situations.
To increase your adaptability, you can
approach all activities with an open mind and
stay ready to change your ways if necessary.
Try new methods and welcome new trends to
foster your ability to adapt.
