Entrepreneur spirit & Growth mindset
Entrepreneurship & Millionaire Mindset
By Saw Kaw Moo (Takreh)
Published in June 2023
Entrepreneurship*:
Entrepreneurship refers to the process of creating, developing, and managing a business venture, typically intending to generate profit. Entrepreneurs are individuals who identify opportunities, take risks, and innovate to bring their ideas to fruition. They are often driven by a vision, passion, and desire to make a positive impact in their chosen industry or market.
Key characteristics of successful entrepreneurs include:
Vision and creativity:
Entrepreneurs can envision opportunities and identify gaps in the market. They come up with innovative ideas and solutions to address these needs.
Risk-taking and resilience:
Entrepreneurs are willing to take calculated risks and face uncertainties. They understand that failure is a part of the journey and are resilient in the face of setbacks.
Adaptability and continuous learning:
Entrepreneurs must be adaptable to changes in the market and industry. They constantly learn, evolve, and seek new knowledge and skills to stay competitive.
Leadership and networking:
Entrepreneurs often need to lead and inspire others to join their venture. They build networks, seek partnerships, and surround themselves with talented individuals who can contribute to their business's success.
Millionaire Mindset:
The "millionaire mindset" refers to attitudes, beliefs, and habits commonly associated with individuals who have achieved significant financial success. It involves adopting a particular mindset and certain behaviors and practices conducive to wealth creation and accumulation.
Some key aspects of a millionaire mindset include:
Goal-setting and vision:
Individuals with a millionaire mindset set clear financial goals and develop a vision for their desired financial future. They focus on creating wealth and take deliberate steps to achieve their objectives.
Financial literacy and education:
People with a millionaire mindset prioritize financial education and strive to develop a deep understanding of money management, investing, and wealth-building strategies.
Persistence and discipline:
Those with a millionaire mindset understand that building wealth takes time and effort. They exhibit persistence, discipline, and a willingness to delay gratification to achieve long-term financial goals.
Positive mindset and abundance mentality:
Individuals with a millionaire mindset have a positive outlook on life and believe in abundance rather than scarcity. They see opportunities where others might see obstacles and approach challenges with a problem-solving mindset.
It's important to note that while adopting a millionaire mindset can contribute to financial success, it is a guarantee of becoming a millionaire or achieving entrepreneurial success. But, factors such as market conditions, timing, and hard work need to take place.
Growth Mindset & Entrepreneur Spirit
Entrepreneurial spirit and growth mindset are related but they are not the same thing.**
Entrepreneurs hold a can-do attitude. Entrepreneurs talk a lot about their dreams but they are different from dreamers. They think a lot about how to get to their dream in practical terms.
Self-education and continuous learning is the core character of entrepreneurs. It is a necessity since they will have to face a lot of unknown in their business endeavors. They reduce the gap of the unknown by keeping themselves informed.
Entrepreneurs value hard work and think for the long term. They look out for opportunities to reach their goals but they don’t seem to believe in short-cut. Entrepreneurs take risks but they are different from gamblers, where the former take calculated risks. They create opportunities but when time comes, for the many unknown, an entrepreneur has to take a leap of faith.
Entrepreneurs seek help but they are different from people with a victim mindset. Entrepreneurs seek help through partnership, not by charity nor donation. They know they can’t go alone, so they build a team, look for mutually beneficial partnerships, instead of looking for saviors or donors.
People with an entrepreneurial spirit are not afraid to talk to anyone since they know that shyness, pride and ego wouldn’t go far. Entrepreneurs may have thick skin, being comfortable with being treated with arrogance, contempt, and misunderstanding, but entrepreneurs know that they can’t compromise their reputation since integrity is the core of long-term business success.
Entrepreneurs may have fear. Who will not. Most businesses fail in the first year. But their passion and spirit keep them up when they stumble.
Growth mindset welcomes feedback and embraces criticism. People with a growth mindset regard mistakes as learning opportunities and look forward instead of dwelling in the failed past. They listen to all advice but they don’t waste time on following a myriad of advice, that may be contradicting anyway.
Growth mindset holds a positive outlook and strong optimism. If a growth mindset walks in a national forest, she would looks for the spring flowers while getting energy from rugged stones standing on her way.
Whereas, victim mindset is antithesis to Growth mindset.
People with a growth mindset aren't afraid of failure, so they will learn and experiment with anything. That way, they pick up more skills and deepen understanding.
People with a growth mindset may not be entrepreneurs but successful entrepreneurs must hold a growth mindset, an attitude of go-getter and change-maker.
Growth mindset and entrepreneur spirit are not only suitable for business, it is applicable to other domains such as to political, personal and national philosophy.
**By Saw Lahkbaw
Published on July 2023
*This article is adapted from Kaw Moo Takreh person post with permission from the author. Views in this article are those of the author.