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Developing a Business Mindset

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Ksam
@ksam
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I’ve never considered myself a “direct-contact” business person because I really find it difficult to move around and sell “my products” or goods. Instead, I prefer staying at the background or building privately, facing all hurdles and difficulties alone or sometimes seeking minimal assistance from people.

Even if I have an idea to sell to people, I always ensure that the execution of those ideas won’t be dependent on whether people buy into the idea or not. Let me put it this way, I always try to ensure that the particular idea can be accomplished with or without people’s support. By this, I try to provide multiple backup plans to ensure that if option A doesn’t work, then option B will work; but if option B doesn’t work out, options C and D will also be there to support it. This is like a calculated risk, to ensure that the idea or plan is executed.

Oh, by the way, when I say “direct-contact” business person, I refer to marketing responsibilities and similar tasks involved in businesses. Yea, it is really difficult for me. But when it comes to creating ideas to build, develop or maintain businesses, or being in a creative, organizing or coordinating aspect of a business, then you can count me in.

☆ A BUSINESS MINDSET

I may not have a professional definition of “business mindset”, but I believe that a “business mindset” refers to the recommended ways to think (thinking that leads to action) that help us build, develop, grow or maintain businesses.

We are fully aware that the process of achieving growth and successes in businesses isn’t an easy task. It takes a whole lot of strategic thinking, risk taking, creativity, setting goals and learning from previous mistakes/failures for businesses to grow. Entrepreneurs and those involved with Small and Medium-sized enterprises (SMEs) have a whole lot to grapple with before they can get to large scale. However, it is important that these features are considered as they look forward to achieving this feat.

☆ STRATEGIC THINKING

All humans are thinking beings (supposedly), however, not all humans can be strategic in their thinking.

Being strategic in thinking involves knowing the right time to act, the right actions to take, and the right place to take these actions under the right circumstances. And for this to happen, it is important that you have the requisite knowledge, skills and practical experiences needed. It involves taking time to calculate what you need to do, and what you don’t; the risks required to take and the risks that can be avoided; the whole plan you are likely to follow, and possible alternatives if required.

Strategic thinking can either make or mar the success of your business. Hence, you need to be strategic in your plans and thoughts!

☆ TAKING RISKS

Life is all about risks; taking risks and surviving risks. In business, it is no different. In fact, to an extent we can say that every business is a risky venture; however, the extent of risk involved varies according to what the business offers, potential loss and possibility for loss, potential gain and possibility for gain, or profit and the difference between both.

Having a business mindset involves being strategic in the risk(s) you plan to take. Yes; you should take risks, but it is vital that you take calculated risks. Don’t jump into investing in a business without calculating your potential loss and potential gain, and the difference between both. Don’t also put in what you cannot afford to lose, and don’t make rash decisions: be calculative and be business minded.

☆ BEING CREATIVE AND UNIQUE

Many businesses offer almost the same services and products with other existing businesses. If this is the case, how do you think your business will stand out from others? Or, why should we patronize your business instead of an existing business that has already established itself as a reliable brand?

This is where creativity and uniqueness come to play. It takes a whole lot to be creative as many people prefer the traditional route, and doing the same thing. But it is important that you make yourself different from the others with your unique and creative brand.

☆ SETTING GOALS

Goals are important in life and not just in businesses, however, when it comes to businesses it is sine qua non.

Yes, it is indispensable, and we cannot do without it. Every business enterprise cannot do without having a set goal which it aims to achieve, or which the business is moving towards. It is solely important, and we must learn to divide these goals into:

  • Short-term goals: Goals that the business will work towards achieving within a short period of time: days, weeks, months or within 1 to 3 years. These are mainly small-scale goals.

  • Long-term goals: These are goals that the business hopes to achieve in longer period of time; in 3 years or more. These goals are mostly large-scale goals.

It is also important to set realistic goals, not minding if it is a long-term or short-term goals. These goals should be realistic; meaning that, they should be goals that can be achieved, and not one that will lead to nowhere.

☆ LEARNING FROM MISTAKES/FAILURES

While we try our best to take the right decisions at strategic times after weighing the risks involved with making such decisions, the truth is that sometimes we smake mistakes.

Mistakes and failures aren’t necessarily a sign that we should stop whatever we are doing. They are only setbacks, and the best way to overcome them is by learning from them, understanding them better and avoiding them in the future.

In as much as we try to be careful, weighing both the positive and negative sides of whatever decisions we make, sometimes, mistakes are inevitable. However, it takes one with a business mindset to be creative with such mistakes and use them to his or her advantage. Yes, it takes creativity, but it is not impossible.

From the foregoing, I believe that these 5 key features of strategic thinking, risk taking, creativity, setting goals and learning from previous mistakes/failures, are fundamental and can help achieve growth and success in business; helping to build, develop, grow and maintain them.

SUGGESTED BUSINESS WORDS TO BE ADDED TO LEOGLOSSARY

  • Small and Medium-sized Enterprises (SMEs)

  • Marketing

  • Product

  • Brand

  • Goals

    • Short-term goals
    • Long-term goals

  • Large scale and small scale

  • Strategy

  • Growth (Business)

  • Innovation

  • Logo Collage property of: Hive Learners, Ecency, Leofinance, Hive, 3speak and Ksam.

  • Thumbnail was edited via Canva

I AM KSAM

I may not be your favourite author, but you can journey with me to help me develop my writing skills. I am always open to criticism, correction and learning 🥰.

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