Back in 2007, two friends- Joe Gebbia and Brian Chesky faced with a problem of carrying heavy rents for living in a spared room in San Francisco. They needed extra money to meet all their expenses. At that time, there was a big design conference to take place in San Francisco. And for that, Hotels rooms were all booked. Now in general sense these may seem just the problems. But the two friends saw the problems in different angle. They saw an opportunity there. They decided to use the extra space of their room and thus making money out of it. They bought some mattresses and placed them in their spared space. They created a website and placed there the pictures of their space. That got them the first three guests each paying $80. They even offered breakfast to them. And from there the journey of Airbnb got started. And it’s worth a billion dollar today. Now the question rises what made Joe Gebbia and Brian Chesky to do so. It was nothing but their mindset that let them turn the problems into opportunities. And this is called entrepreneurial mindset.
In general, entrepreneurial mindset is a combination of skills that allow you to view problems around you on a broader sense and solving the problems with innovative sparks. People having such mindset are usually the winners. Because they approach things differently, they have the ability to swiftly adapt and they are courageous enough to face failure yet not giving up.
Having entrepreneurial mindset or developing entrepreneurial mindset has been of great importance for last couple of years. Because for any sort of problems we need innovative solutions that are not only effective but also sustainable. And it’s the entrepreneurial mindset that can lead individuals to make such things possible.
More specifically entrepreneurial mindset means:
Seeking and creating opportunities: A most crucial thing of having entrepreneurial mindset that it allows you to look for opportunities in every small problem. In terms of Uber operation, riders or drivers cannot be closely monitored. If one of the parties misbehaves with the other, there’s no way to figure it out right at that moment. As a result, reputation of the whole company may infringe. While it seemed a problem, Garrett Camp and Travis Kalanick found an opportunity out of it. They brought a rating system in the whole system where both drivers and riders can rank each other. As such high ratings are required for the drivers to remain drivers and for the riders to enjoy several discount and benefits.
Idle minds, on the other hand, don’t look for opportunities. They often accept the way things are. Which of course doesn’t make them one in million.
Optimizing resources: We often complain we don’t have enough. To start something, we start enlisting our limitations and end up not doing it because of the limitations. We often overlook the things we have and go for the things we don’t have. Here entrepreneurial minded people are significantly different. They are well aware of their limitations but they are also smart enough to utilize the things they have in their hands no matter how less in amount. In case of Airbnb, when the idea of renting boomed in their minds, they knew they couldn’t afford much. So, they bought just three mattresses, placed them in the left space of their room and advertised the whole thing in their site. And that’s it. They never stopped afterwards. This exactly exemplifies how we can make differences with only the things we have in our possession.
Taking and managing risk: Good ideas often don’t come into light for the fear of not being accepted in the market. Now this is the risk that most of us don’t want to take. But entrepreneurs are subjected to take risks. They keep closure look in market trends. And if it requires them to move to a certain direction, they don’t hesitate to move knowing success won’t come easy. Jeff Bezos had a secured job in his hand before coming up with the idea of Amazon. But he had a larger vision for which he risked it all. And now we see Amazon as the giant dominating brand in the world.
Leading the way: Once you have successfully established your business you need to think forward. You need to think of growing your business. In such case, employee engagement and empowerment matter a lot. You have exceled the entrepreneurial mindset, now it’s your turn to lead the way so that others can have the same mindset. Now it’s important to succeed in the long run. When you are leading a team, to become successful it’s not actually sufficient that only you have the visionary mindset. Others need to be empowered the same way so that success comes holistically and lasts longer.
Another factor is employee engagement. Employees need to be treated the best. Walmart’s founder Sam Walton once said: “the way management treats associates is exactly how the associates will treat the customers”. And we know customers are above all. So, treating employees well, giving them extra space and engaging them in best possible way are all what we need to thrive in the long run.
Entrepreneurial mindset essentially needs to be nurtured among individuals. Because entrepreneurs can bolster our economy. They drive innovation and if there’s an economic breakdown they find a way to turn around by means of new business models.
Written by Aninda Barua Hrid
Member, Startup Chattogram