Everything is considered impossible before it works. And, entrepreneurial thinking is all about doing what people say is impossible. It is about discovering new opportunities and knowing how and when to profit from them. Entrepreneurship is not a trait that is inherent in an individual. It has to be cultivated over a period of time. An entrepreneur finds opportunities that others do not find. Entrepreneurial thinking is not just a passing fad and it does not lead to quick success. In order to be effective, the entrepreneurial spirit should be incorporated into goals, strategies and values of the organization.
In recent times, corporate strategies of organizations have been honed to generate competitive advantage that stems from entrepreneurship. Entrepreneurial thinking has become central to entrepreneurial economy. The growth of entrepreneurial economy is based on four major developments. First is the promotion of entrepreneurial startups aided by technological evolution. Second is the emergence of two-salaried families, channels for adult education and ageing population that contributed to the burgeoning of newly started ventures. Third is the emergence of venture capitalists to fund entrepreneurial ventures. The fourth is the development of the industry’s ability to manage entrepreneurship.
Entrepreneurs ought to be business minded, spot opportunities and develop the ability to seize such opportunities before they vanish. This scenario presents a paradoxical challenge to entrepreneurial thinking – the need to be fast enough to seize the opportunity while taking enough time to analyze risks involved. Intuition has a definitive role to play here. Entrepreneurs do possess such intuition that at times provides them with the direction to move forward. Fierce competition in the marketplace drives entrepreneurs to develop their own competitive advantage to meet the market demand in a non-conventional manner that would distinguish them from competition. In the current market situation, only customer driven organizations will be able to remain in business.
Learning how to think like an entrepreneur enables a person to stay ahead of others, whether it’s his own business or anything else. Every individual has a varying perspective of what he considers to be useful. Thinking like an entrepreneur involves utilizing that perspective to improve or generate products or services for the benefit of customers. For example, he should remember those times when he wanted such a product or service but learnt that it was not available. In case he comes across a way of doing something differently, he should make a note of it. He should remember that it could be as profitable to improve upon an existing product or service as creating a completely new one.
Flexibility is another critical component of entrepreneurial thinking. It helps them cope with the changing market dynamics, customer demands, competition and partnerships. Entrepreneurs need to build their business plan flexibly and adapt to environmental changes as they occur. This would help them tide over tough times without much impact. Entrepreneurial Thinking represents a beacon guiding the organization, its road map, and is the inspiring force as the organization finds its path forward.
Encouraging entrepreneurial thinking among employees can change their attitude towards the organization and themselves. This can get translated into a positive work atmosphere leading to employee satisfaction and profit for the organization as demonstrated in the case of many companies. Entrepreneurial thinking is important today in order to tackle increased and sophisticated competition, enable change and facilitate an environment that brings out the best in an employee.