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7 Things You Can Do to Enhance Your Entrepreneurial Mindset

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how to think like an entrepreneur
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Your success as an entrepreneur doesn’t only rely on your ability to deal with numbers and finances. Even though your skill may pave the way for numerous opportunities, capitalizing on those chances is an entirely different thing. With all the complexities that can arise, your performance as a business owner will heavily depend on your mental fitness.

Developing an entrepreneurial mindset is just as important as improving your skillset. A person with a strong mind will know when to take risks, can think of solutions outside the box, and has the strength to embrace uncertainty. Luckily, this mindset can be developed with time and effort.

Here are some things you can do to enhance your mental fitness.

1. Set a time for daily reflection

In Stephen Covey’s 7 Habits of Highly Effective People, he states the importance of beginning with an end in mind. As an entrepreneur, one of the most important things you need to have is a clear vision of what you want to achieve. Other than serving as your road map, the milestones you’ve set serves as a reminder of why you’re enduring the challenges you’re currently facing.

With this in mind, it’s essential to set a few minutes of your day dedicated to you and your thoughts. Constant reflection will allow you to see things clearly to make decisions based on the big picture. Setting sticky notes on your workstation, listening to inspirational speeches, and putting motivational wallpapers on your phone can also help.

2. Seek out mentors

Getting multiple mentors is beneficial in a lot of ways. Since you have guiding figures that know the ins-and-outs of their industries, you’ll be able to tell if your ideas are feasible, see things from multiple perspectives, and gain insight from their experiences. When it comes to seeking them out, keep in mind that you don’t need to know them personally. Thanks to learning platforms such as video tutorials and online seminars, you can be coached by knowledgeable figures anytime and anywhere.

3. Read everyday

Aside from getting a mentor, setting aside a few minutes of your day to read is also an excellent way to expand your knowledge. Books, articles, and all kinds of blogs allow you to dissect the experiences of the experts that have published them. By learning from their mistakes and successes, you can gain insight and concrete examples of what you should do and avoid as an entrepreneur.

4. Put yourself in challenging situations

Mental growth is acquired by going through difficult situations. If you want to improve your mindset, the most effective way to do it is to seek out challenges. Other than attempting to exceed the service expectations of your clients, you can also improve your mindset by performing daily tasks that aren’t even related to your business.

Challenging yourself always allows you to develop soft skills and values that can be useful in your professional life. Something as simple as learning a new hobby can already pose a lot of mental benefits and provide avenues for growth.

5. Attend entrepreneurial events

In this day and age, networking has never been more critical. Attending entrepreneurial events is the easiest way to build genuine relationships with other business owners. If you’re visiting one soon, remember that your main goal shouldn’t be to pitch your business. Instead, you should take the time to build your professional network and acquire valuable insight from likeminded entrepreneurs. You may not require a partnership in the meantime, but having a decent number of connections across various industries will prove useful in the years to come.

6. Build a routine

With your busy schedule in mind, nothing is more precious than the time and energy you have. The best way to stay in control of both is to provide structure for every single day. You’ll need to develop discipline in both your professional and personal life. Other than controlling your financial tendencies by regularly monitoring your money flow, developing the right routine will significantly increase your day-to-day productivity. 

Effectively managing your hours will require you to know what your priorities are. By taking note of those, you can quickly point out distractions and spend your time on more important matters.

7. Teach others

Teaching others is a fulfilling and enriching experience for both parties. When you’re helping someone out with their business ventures, you’ll need to go back and reflect on the similar experiences you’ve had. You may now see past situations in a different light and acquire new perspectives you can apply to your business today. At the same time, being exposed to the ideas of the person you’re helping out can give you a big boost of inspiration when you feel like you’re plateauing.

Being an entrepreneur goes beyond your ability to manage your resources. With innovations in technology and the development of new practices constantly changing the dynamics of industries, being a successful entrepreneur now requires a certain degree of mental strength.

Doing the things mentioned above would allow you to develop an entrepreneurial mindset that can benefit you greatly in both your professional and personal life.

AJ Balois is a Content Manager at BPI-Philam, a bancassurance company, based in the Philippines. She’s been working in the banking and insurance industry for seven years. Upon realizing the power of being financially literate, AJ promised to share her knowledge through informative and educational content.   

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Entrepreneurs

The Many Faces of Benjamin Franklin: A Masterclass in Versatile Leadership

Versatile leadership involves the ability to adapt communication as per the needs of others.

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benjamin franklin leadership

Versatile leadership involves the ability to adapt communication as per the needs of others.  It is different from situational leadership where the leaders have to adopt the strategies as per the situation.   (more…)

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Entrepreneurs

10 Lucrative Buy and Sell Businesses to Start in 2024

The buy-and-sell business model provides opportunities across many niches

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Businesses to start in 2024

In the dynamic landscape of 2024, starting a business that capitalizes on buy-and-sell models can be incredibly lucrative. This article explores ten different models that entrepreneurs can consider. These ventures range from real estate flipping to trading in domains and luxury items, providing a broad spectrum of opportunities regardless of your initial capital or interest area.

1. Car Flipping

Flipping cars can be a very lucrative business venture for an individual with business acumen, an eye for value, and mechanically adept at cars. It involves buying under-priced cars, restoring, and selling them for a profit. For deeper insights and opportunities in this market, refer to sca.auction.

2. Real Estate Flipping

Flipping real estate—be it houses, condos, or even commercial properties—remains pretty solid business, especially in markets where real estate values are on the way up. Investors buy properties relatively low, do rehab or renovation, then sell at a profit.

The success of the area is endowed with a huge potential spotlight, the ability to juggle various elements such as local real estate market knowledge, and efficient management of renovations.

3. Vintage E-commerce

With the advent of technology, it became easy to sell vintage or retro items over the online selling platform. Be it clothes, furniture, or even collectibles, consumers these days prefer something unique that is eco-friendly and which may have a nostalgia quotient in it. Hence, it brings the opportunity to open an e-commerce shop effectively.

4. Domain Flipping

If you have the skill to predict catchy phrases or business names that would be popular in the future, then buying and selling domain names would be a very profitable business. Register prices are available to purchase domains, which later can be sold at high prices to interested parties or businesses that wish to get an early online identity.

5. Luxury Items

One of the most promising buy-and-sell businesses is the luxury market, and what makes it very attractive is its less sensitivity towards economic downturns. Some of the common items in the luxury market include high-end watches, jewelry, and art, rare cars, all with high yields. Most times, items do appreciate, especially when they are limited editions.

6. Sports Memorabilia

While the sports memorabilia trading business can at times seem lucrative, especially when one focuses on big personae or big events, authenticity and rarity can definitely help items fetch top dollar. Provenance and limited supply both go towards inflating their values.

7. Sneaker Reselling

In recent years, the sneaker resale market has exploded, fueled by a commodity of scarce releases and athletic brand collaborations with a list of celebrities. Today, with operations such as StockX and GOAT, it’s really that easy to break into the worldwide market. It’s pretty easy to find your buyers and make a very good profit if you’re targeting the right trend and releases.

8. Book Flipping

Flipping rare and first editions can become a really meaningful, and yes, one more profitable, business for a book lover. Sometimes the signed ones, rare manuscripts, or those early editions of famous novels could sell for thousands of dollars, usually done by collectors or academic institutions.

9. Furniture Upcycling

Upcycling furniture consists of restoring and using second-hand furniture to sell it at a higher price. For the environmentally aware consumer, this business model has great appeal. It could be pretty profitable if done with good taste and talent in design and restoration.

10. Electronics Flipping

Smartphones, tablets, and laptops resell at values significantly high; hence, business ensues. Buy, refurbish, and sell in better condition to appeal to budget-minded consumers looking for technology at more affordable price points. 

Overall, The buy-and-sell business model provides opportunities across many niches. Be it real estate flipping or vintage item upcycling, you can succeed in both models with market understanding and trend application. That, with careful planning and strategic investment, will throw huge financial returns for these business models in 2024.

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How Your Business Can Outmaneuver Your Competitors by 85%

Did you know that companies that master big data can outmaneuver competitors by 85% in sales

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big data strategy

Did you know that companies that master big data can outmaneuver competitors by 85% in sales and more than 25% in gross margins? Sounds inspiring, right? But the thing is that data alone isn’t enough. Rather, it’s the strategy behind it that unlocks these enviable boosts. So, this article explores how to make the most out of your big data and build a strategy that’s functional and competitive. (more…)

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Entrepreneurs

Most Entrepreneurs Fail to Do This and It’s Killing Their Success

Celebrating progress also provides entrepreneurs with the psychological sustenance needed to endure the marathon of building a business

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celebrate your milestones

The journey from a mere concept to a tangible reality is one of the most exhilarating yet challenging paths an entrepreneur can navigate. This odyssey is punctuated by milestones that stand as testaments to perseverance, innovation, and relentless hard work.  (more…)

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