Entrepreneurs have every opportunity to thrive in Australia right now.
There really has been no better time to start your own business.
What with our PM announcing a $1.1 billion innovation package earlier this year, including tax breaks for start-up investors and changes to legislation to encourage growth.
The rise of the entrepreneur is also reflected in our higher education system with a 2015 study reporting that Australian Universities offer no less than 584 subjects related to entrepreneurship while two universities offer full masters level degrees in entrepreneurship.
Dr U’Ren (pictured above) says that apart from being well supported, entrepreneurs starting their own ventures have a distinct advantage of being able to adapt quickly to changing market conditions.
In fact, adaptability and a dynamic mindset are key to achieving sustained success and driving real, fast results in your business.
Here are the Top 5 qualities which Dr U’Ren says entrepreneurs must cultivate to boost their odds of success.
#1 Entrepreneurs must… use means-based (focused) thinking
Many business owners use what they know to their advantage, but it would be even better to utilise WHO you know.
#2 Entrepreneurs must… Have an affordable loss mindset
This covers your ability to make a risky decision and still know that everything will be fine even if your decision doesn’t work out. Learn to make peace with your decisions in a way that goes beyond just focusing on the outcome and the positives of the situation.
#3 Entrepreneurs must… Partner or collaborate effectively
A great entrepreneur can seek out and create business opportunities with like-minded people using tools like networking.
Business networking groups like The Busines League on the Gold Coast provide an opportunity for like-minded business owners to share ideas, partnerships, introductions and leads.
But be warned: there’s more to networking than handing over your business card. Learn how to network like a pro with global referral marketing expert Michael Griffiths.
#4 Entrepreneurs must… Follow the “Lemonade Principle”
Optimism is very important in your thought processes, as is being able to visualise potential positives for every potential negative that might occur.
Think: how I can make lemonade out of every possible lemon I am given?
#5 Entrepreneurs must… Exercise productive control
Too much control is a bad thing, as is too little of it. Instead, create a mindset where you balance the two, which will give you a sense of productive control, which is where you choose to act where and when you perceive you have control.