Woman Around Town’s Editor Charlene Giannetti and writers for the website talk with the women and men making news in New York, Washington, D.C., and other cities around the world. Thanks to Ian Herman for his wonderful piano introduction.
Not everyone is meant to be an entrepreneur but everyone can start to think like one. Most of us think like entrepreneurs in many parts of life outside of work. Some may be efficient perfectionists in our backyard garden, while others might seek out only the most talented musicians for their new band. When it happens like this we call it passion.
In fact, thinking like an entrepreneur doesn’t take much thinking at all. There’s no big secret handshake, no school to attend, and no books to read. If you want to think like an entrepreneur it really all starts with an attitude.
We previously mentioned attitude as it relates to taking control of your surroundings; now let’s look at leading with that attitude. You might want to believe that your attitude is the second thing people judge you by at work, with your intelligence or productivity being first. I propose looking closely at the following before continuing on with that type of thinking.
However much we wish to believe that people should judge us based on performance alone we should consider the times in which we judge others by their attitude, at times without ever getting to know how intelligent, or helpful that person may be.
Even more important is the definition of attitude as way of thinking that affect one’s behavior. So to be intelligent and productive is, generally speaking, start with a good attitude.
What is a good attitude? What is an entrepreneurial attitude? Good question. When it comes to thinking like an entrepreneur there are many components of a “good attitude.” Let’s look at three of the most critical.
Self-confidence.
Many people have more than enough self-confidence to think like or even be a successful entrepreneur. There are many others who either lack self-confidence or lack it in certain aspects of their career. You must learn ways to build your self-confidence. This means finding your core beliefs so that making difficult decisions, even lonely decisions, can be done with more certainty.
General dissatisfaction with what’s out there.
Dislike long lines at the supermarket and believe you could do better? Don’t understand why paint stores can’t match colors using your cell phone? Figured out a better way to make lemon meringue pies? You’re not only possibly a major grump, you’re an entrepreneur! If you are always seeking ways to improve things and subsequently give yourself the authority to solve these problems, then you’re thinking like an entrepreneur.
Ability to deal with the unknown.
We all deal with uncertainty differently. Handling it in business is about not being afraid when it comes to risk; more specifically it’s about keeping cool when you are most afraid. Making decisions when the mind is stressed usually prevents good decision-making, unless that person is able to quell the stressors and focus as if nothing else mattered. This is not easy when the stakes get higher and more money is involved, but the better you handle stressful situations, the better you will do in business–and in your job. One way to do this is to know as much as you can, and then stay in the moment.
Thinking like an entrepreneur is as much about attitude as it is about thinking. The good news is that your attitude is something you control. If it’s not quite where you need it to be today, you can change it. Work at your attitude every day. Being positive is a core ingredient, but you must balance that with a practical mindset at times.
All of this is helpful beyond the business arena, but when you’re trying to get a new job or start your own business, this can be especially beneficial.
Jason Veduccio is the author of The New American Dreamer: How to Land That Ideal Job in a Nightmare Economy. Click to buy.
You’ve heard that thinking like an entrepreneur can make the difference between success and failure for some people in today’s workplace. Entrepreneurial employees are becoming more valuable to employers not because of the way entrepreneurs work, but because of how they think. (Read my previous piece on the importance of knowing your value.)
Not everyone is going to be an entrepreneur but anyone can to start to think like one. And once you start it has a way of gaining momentum.
Thinking like an entrepreneur starts with an attitude.
Your instincts tell you that to be more productive, to be a better leader or to get that new job you need to do something. Work harder, longer hours maybe, or do more networking and learning. The truth is that yes all of those things will help. But here’s the secret to thinking like an entrepreneur: it starts with an attitude.
Entrepreneurs are people who see opportunity everywhere. Never mind the half-full, half-empty nonsense. Some I’ve met are optimistic types, believing they can change the world with their actions. But others I’ve met are not. They are cautious in their approach, taking calculated risks, always making contingency plans. What they have in common is an ability to see opportunity even in the face of tremendous obstacles.
You can see opportunity everywhere if you have the attitude that you can affect change. If you do not believe you can do anything to change your surroundings it is difficult to maintain that attitude.
I believe we all have this attitude to some degree but many lack the belief they can change their surroundings. So here’s a few small ways to jumpstart yourself in thinking like an entrepreneur.
Clean Your Workspace
If you have a messy desk with papers everywhere then strip it down to nothing, even if for one day. If that’s not possible, change some photos, put away the stapler, get a new pen holder if you have to, just do something that is noticeably different. If you already are neat and tidy, put up that photo of you from the Halloween party. Yes that one.
Get to Work Early
If you can get to work even 10 minutes earlier each day, what would happen? You might get started earlier, or you might stumble upon something new, maybe meet a coworker you never speak with. You don’t even have to work, just get there and sit. The point is you’re not running to make someone else’s deadline, now you’re getting there when you want.
Make a List of Ways to Improve Your Company or Organization
Don’t show it to anyone–yet. But make believe you’re the CEO and make a list of improvements. When you list something here, present the problem and then a full solution. If there’s a cost to it, then estimate it, and where you would get the money from to achieve it. Make a timeline and who would need to be involved. Don’t show this to anyone yet, but if you do this, there may come a time to express it. The important part is it is helping you to think.
These aren’t difficult things to start doing. Some of you may be able to do even more to affect your surroundings in a positive way. If so go for it. All of this is designed to give you some of the habits that can lead to the attitude you need to succeed.
Jason Veduccio is the author of The New American Dreamer: How to Land That Ideal Job in a Nightmare Economy. Click to buy.
What is an entrepreneur? And why would you want to be like one? Everyone’s saying they’re an entrepreneur these days, but what’s the fuss about? So what you ask?
This is just the first in a series of articles that take a look at the reasons why EVERYONE should be an entrepreneur.
The word entrepreneur comes from the French and roughly translates to “one who undertakes something”. It also traditionally encompasses a loose reference to leadership. These are definitely key attributes but perhaps most importantly, an entrepreneur usually has little resources so they must focus on value in all of its many incarnations.
Value Trumps Cost
Providing value is not something that is ever finished. It’s ongoing and ever-changing. Value changes with the needs of the times so businesses must adjust and the good ones do. Why do you think McDonald’s rolls out “Value Meals” with new offerings every few years? Just being affordable is no way to sustain a business or a job. What determines “value” changes but the need for it doesn’t.
Generally speaking, value is what something is worth as a whole, with costs being only one piece of the puzzle.
What companies won’t tell you is that they view employees much like they do their vendors, suppliers, and other cost-based resources. They ask themselves–what value am I getting?
Compensation to Revenue Ratio
Compensation to revenue ratio is just one way a business might look at an employee’s value. Compensation to revenue ratios are the amount of money spent on salaries, bonuses, benefits and anything associated with keeping you at work, in relation to overall revenue.
Compensation to revenue ratios vary from industry to industry and are expressed as a percentage. If a company has a 37.9% compensation to revenue ratio it pays $37.90 to employees in order to make every $100.00, just as Goldman Sachs did in 2012.
It’s not important that you know your compensation to revenue ratio, what is important is that you understand it exists.
Entrepreneurs have little resources much of the time, so delivering value is essential. Likewise an employee has skills, talent, and labor, but they must produce results that are sometimes many times more what is being paid to them.
Ways To Be Valuable
Here are some ways in which to bring more value to your job each day:
Be more efficient. Being efficient reduces costs, and sometimes this is as easy as streamlining a process or batching tasks together. Determine what impactful way you can be more efficient at work.
Tap into your network. You don’t have to walk into your bosses’ office with a bag of money. If you know people that can help grow business all you need to do is set up a meeting and watch as your boss actually smiles once in a while. Think of people you can introduce to each other that may spark a relationship.
Learn somethin’. You would think I owned a chain of schools they way I promote learning as an answer to most anything. Well it is. Learning new software or a new production technique can increase productivity and help you become more valuable. What class are you taking this year?
Value is only going to become more important as the internet opens up the marketplace to more competitors. Learn what it is that makes you valuable and go with it.
Jason Veduccio is the author of The New American Dreamer: How to Land That Ideal Job in a Nightmare Economy. Click to buy.
Jason Veduccio is the author of The New American Dreamer: How to Land That Ideal Job in a Nightmare Economy. Click to buy.
