How To Think Like A Successful Entrepreneur

Successful Entrepreneurs

Successful entrepreneurs think about their business in terms of value, and they realize that it’s not themselves who determine the value of the product they offer – it’s the end consumer who decides.

Entrepreneurship Is About Discovering New Horizons

 It’s a step that no one has taken before, at least not in the same way or in the same place. It is therefore not surprising that much of the scientific literature on entrepreneurship, since Richard Cantillon in the early 1700s, has focused on entrepreneurship as uncertainty. 

While “tolerating uncertainty” may be what entrepreneurs do in economics from a theoretician’s point of view, that’s not – and shouldn’t be – the whole point of establishment. a company. 

After all, uncertainty means that the outcome is not known in advance, which means it could go awry. Entrepreneurs were right to try to avoid uncertainty.

The reality is that theorists are right and wrong. Yes, entrepreneurs suffer from uncertainty because they are the ones who receive rewards in the form of profits and also the ones who suffer if things go wrong. 

But this uncertainty that characterizes entrepreneurship doesn’t necessarily make being an entrepreneur fun. Instead, it is a “necessary evil”.

What Do Successful Entrepreneurs Understand?

Successful entrepreneurs, both past and present, understand the true meaning of uncertainty. People who have been successful often learn it the hard way, through experience. 

People who are more likely to succeed than others either figured it out abstractly or had a good hunch. Whatever it is, past or present, they understand that uncertainty is “worth it”.

Tolerate Uncertainty 

This means they don’t focus on uncertainty but accept it. Entrepreneurs who choose to tolerate uncertainty, like someone who works hard – maybe 10,000 hours – know that hard work is the path to success. How do you endure those seemingly endless hours of tedious work? Close your eyes on the prize.

Recognize The Price

Successful entrepreneurs recognize the price and what it takes to get there. They realize that the only way for businesses to convince customers to buy from them and beat the competition is to provide value. To the extent that they are not merely lucky, successful entrepreneurs rely on superior value logic. They prioritize the end value of their efforts and direct their efforts to maximize value.

Value-driven logic has three key elements to help you apply it in your business:

Value Is An Entrepreneur’s Superpower.

Entrepreneurs tolerate uncertainty because it’s the only way to do something different, something new, and offer greater value than others. After all, doing what others have done is no way to stand out. That’s not really the way to be a successful entrepreneur. To succeed, you must develop your superpowers:

To Understand, Focus, And Deliver Real Value

Value Is Subjective.

It sounds weird, but it’s true, Value is subjective. This does not mean that the value can be anything or that it is only relative or has no actual value. It simply means that value is in the eye of the beholder. 

The important lesson here is that you, the entrepreneur, don’t define what your values ​​are. Your job is to understand how what you offer can be useful to others. That’s what you should focus on, not what you think will make your offer “better”.

The Consumer Is The Ultimate Judge.

Any entrepreneur, whether B2C or B2B, should realize that the end consumer is king. Or, as the experts say, the consumer is sovereign. If you’re selling directly to consumers, that’s pretty obvious.

 You can’t make a sale unless the consumer likes your offer. But even in B2B, you can’t be in business for long unless what you contribute to the economy is valuable to the end consumer. 

Even if your customers love what you do, unless the end consumer loves it, you won’t sustain profits.

Another way to capture superior value logic is to apply the “4 Vs” model developed by Hunter Hastings of the Economics 4 Business podcast. 

Value potential, understanding and evaluating the potential subjective value of consumers; Facilitating value, allowing them to consume; Value capture, the extent to which the business realizes value supported by the value ecosystem that the customer aligns with; and appreciating flexibility, how well the business responds to changing consumer preferences and competitive offers, and how well it supports delivering continuous innovation to consumers how. The problem is not the terminology or the model, but the lesson:

This Value Must Come First

 when you prioritize value and realize that it’s subjective and for the consumer, the burden of uncertainty becomes bearable. Above all, the burden of uncertainty is justified because it allows you to provide value. This point is essential for success.

How To Think Like A Successful Entrepreneur