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Think and Act Like an Entrepreneur | By Jason Weimer

375resizedThinking and acting like an entrepreneur means to think intentionally and act intentionally with the end in mind. Entrepreneurs do not set out to create something they believe will fail. On the contrary, entrepreneurs start something they believe will succeed. This belief of success with the end in mind motivates entrepreneurs to move forward, take calculated risks, practice faith, create things that solve problems, and satisfy a need in the market.

Thinking like an entrepreneur means to begin with the end in mind. This mindset is key to designing and developing something that fits and possibly could succeed. This may sound like common sense, but in reality, this simple principle is often overlooked to the detriment of the very thing that is trying to be accomplished.

What should the end in mind be?

May I suggest that sustainability be a very large part of the end in mind. Thinking in terms such as Will this thing be sustainable over time? will help keep our endeavors honest and pure. When one thinks this way, our ideas become more innovative. When one thinks this way, our actions become more focused. When one thinks this way, our resources become more precious, including people. When one thinks this way, our number of projects shrinks.

If sustainability is front and center to thinking like an entrepreneur, then acting like an entrepreneur becomes more practical, focused and measurable. Acting like an entrepreneur may then look similar to the process below.

  1. Identify Opportunities:

This step is primarily focused on putting a virtual antenna up while carefully observing and noting possible opportunities in either local or international arenas. Sometimes the greatest opportunities are right in front of our faces and have yet to be discovered.

  1. Do Research:

Once an opportunity has been identified, legitimate research needs to be conducted. This could take the form of a feasibility study or a SWOT analysis. Learn about the legalities, competitors and the vitality of the economy and the political temperature.

  1. Limit Scope:

Define the scope by documenting what will be done and what will not be done. Stay focused on the important things, and a strategic position will emerge. If scope of activities is too broad the strategic position or niche will be difficult to define.

  1. Develop Plan:

Develop a 1-2 page plan starting with the vision, followed by the mission, the goals, the strategy, and finally a list of practical action steps. This becomes a working document which can be updated and changed over time, which keeps one focused on the end in mind.

  1. Launch Endeavor:

Launching is crucial to the process as it allows one to move from a plan to actions. Don’t wait until something has been perfected before starting. Get the endeavor started.

  1. Measure Data:

Collect and measure available data once the endeavor has been launched. An entrepreneur doesn’t know what they don’t measure. If one does not collect and measure data it becomes almost impossible to make educated and strategic pivots in our actions.

  1. Make Pivot:

Making pivots is an important discipline to learn. As data and feedback help one understand the current environment, the reaction to this becomes a pivot. Operational pivots are a necessary strategy toward sustainability.

In conclusion, thinking and acting like an entrepreneur with the end in mind helps direct the process of building something that has the potential of solving real world problems. Problems, after all, need investments of time, talents, and treasures. Beginning with the end in mind does not guarantee success but it does give one a good place to start.

 

The Author, Jason Weimer, is is the Managing Director at the Simple Group Co., Ltd. and the Network Director for Encompass World Partners, both located in Bangkok, Thailand.