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2. Passionate over a business ideas that significantly occupies one’s mind & drives you restless. It can indeed make you feel inadequate, if you don’t pursue your dream.
– It’s fine to get passionate & feel kicked when you have a business idea. Eat & Sleep over it for a few days. Take a piece of paper & write down a small business case on why you think idea may be viable & your plan on how you can connect the dots of business plan from an ‘idea generation’ to ‘revenue generation’. Now take a moment to read the that documentation over & over again, prepare another document to note – how it feels to you – if were to invest time/money as end customer/user – if you were to convince yourself on the idea. This is where self centric ideas will get filtered out. Building a rationale thought process will definitely come with a lot of mental exercise.
Tips for building a successful entrepreneurial mindset while you get passionate over your business idea:
- You may not able to join all dots which connects a business plan together initially, there are many aspects which you can pivot later ahead when you get a little sense of business you are dealing with. But this shouldn’t discourage you from finding out on your basic revenue plan for you, personal life around you & your business, right from the start.
- Building a sense of transparency about execution of your idea is utmost important. This will indeed help you to prepare for uncomfortable questions from investors, when you pitch your idea to them.
- Dont just look to collaborate with only like minded people, who think just think like you – while you look for a cofounder or hire employees to work for you. There are different departments involved in every business & each and every department requires differently abled talents who can make it work. This will add rationality at various levels, while you can still continue to drive business with passion.
- Getting into a thinking of having a Plan A & Plan B always helps. This will help you dis-associate yourself from banking on any one particular idea, if it doesn’t work & move on to evaluate other better ideas that may rather work.
- Avoid taking a stand on why you think something may always work, learn to think about it critically as well. This will filter out passion from reality. As always, market competition is always judged best when you are being critically inclusive in your thinking.
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Mindset of Person from A Business Family
– Article by Suman Adithya Rao (SEBI Certified Research Analyst, Management Graduate in Entrepreneurship & Small Business Management)
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