The very notion of cultivating entrepreneurial mindset is exciting. Just imagine the country buzzing with micro and small enterprises. The time, too, is right: many people venturing into all kinds of businesses, with SMEDAN (small and medium enterprises development agency) assistance. That seemed the case, a few years ago.
Then, just as the party was getting wild, policy uncertainties began to cripple growth. The land border closure, created a horrendous costs: businesses had to shift from the land to the port. Many, in legitimate exports and imports across the land borders, suddenly found that their business were no longer viable, so shut down. The suspension of Twitter, which had leveled the playing field for micro enterprises, eroded their growth thereafter.
These government policies resulted in a general backlash. Inflation increased from single digit, 9% in 2015 to over 20% in 2022. Unemployment rose from 8.5% in 2015 to over 33% in 2021. The Naira, which sold at #197 to a dollar in November 2015, sold at over #700 recently. Many businesses had to close. Even Agriculture, which used to be an old reliable, seemed cursed – with the activities of herdsmen in farming communities. Now, over one hundred and thirty-three million people are living below the poverty line, up from forty million in 2015.
However, some of these things were self-inflicted. For instance, the entry of politicians based on their “financial connections”, but with little business experience, also resulted in unsuccessful business cocktails.
Does this mean a bleak future for entrepreneurship? No, the entrepreneurial mindset can help one overcome the meltdowns. Here are 6 ways to cultivate our mindset for business success.
Have a clear vision for starting the business
I remember the ancient phrase, “Where there is no vision, the people perish”. This means, knowing your “why”, or the long-term reason for starting a business is very important. By this, you are able to withstand any “hows” on your way to building the business you have always dreamed about.
Cultivate a creative mindset
The adage “Creativity is the mother of invention” cannot be truer than in the world of entrepreneurship. The creative mindset adjusts quickly to changes in the business environment. In creating this mindset, you should be observant, sharp-eyed, and try to notice things regular folks do not. That is why; entrepreneurs tend to see opportunities, where others do not.
Set and focus on your business priorities
People have so many pending things to do, given the way the society has changed. This is the case, whether at work, with friends and family, on the internet, or the inevitable social media. That is why, to eliminate distractions, the entrepreneur sets and focuses on business priorities deliberately.
Cultivate the customer first mindset
Entrepreneurship is not just about coming up with a new product or service. It is more about meeting your customer needs. That is why; the customer first mindset provides for the maintenance of customer service – whether sales go up, or down.
Learn from your failures
We all hope for success, when we start a new business. However, by the law of averages, failure or setback is inevitable. Hence, people with entrepreneurial mindset prepare in advance to embrace their mistakes, and to learn from their setbacks. That is why; they turn out successful in the long term.
Be tenacious and self-motivated
In business, as in life, even the best-laid plans may not work out as expected. Hence, a key for success in entrepreneurship is, never give up! The mindset here is tenacity, and the self-motivation to adjust, reset and restart.
In conclusion, while starting up your own business may be one of the most exciting, rewarding, positive thing you can do, it is a huge, scary step for many. However, one thing is clear: cultivating the entrepreneurial mindset can help one overcome challenges in the business environment, and build a thriving enterprise. Just as well, a lack of it can derail one.