Many of us have at least one business idea we’d love to try and make happen given the opportunity. Today, supported by the accessibility and supremacy of ecommerce, more of us are taking bold steps towards launching our own startup enterprises. According to the 2019 Global Startup Ecosystem Report (GSER), the global startup economy has generated an eye-popping $2.8 trillion in economic value in the last two years alone.
The profile of those starting new businesses is evolving too. Having examined entrepreneurship the world over for two decades, the Global Entrepreneurship Monitor (GEM) has noted that the global entrepreneurial gender gap has closed by 5% since 2014, and there are now more older adults in self-employment than younger ones.
So, what does it mean to be an entrepreneur in today’s world? At the University of Bath, we believe it’s more than simply owning a business; it’s a state of mind. We’ve taken a closer look at what being entrepreneurial is all about.
Entrepreneurs don’t accept the status quo
At the heart of entrepreneurship and innovation is an ability to look at the way things are currently done and envisage something better. Successful entrepreneurs aren’t put off suggesting new approaches just because an established approach exists, nor are they afraid to carve out their own niche rather than filling a role in an existing organisation.
Ranked 2nd in the UK for ‘Leading Contribution Authors in Entrepreneurship Research Using WNC’, Professor Dimo Dimov is a course lecturer on our Entrepreneurship Management and Innovation online MSc.1 He believes that “To have vision, you need to be able to imagine a better world. Forward thinking is an essential part of this; avoid taking for granted existing things or status quo assumptions, as these can restrict broader thinking. Visualise the world without these preconceived boundaries to see the possibilities of a better way.”
Entrepreneurs are open to change
No new business idea makes its way to market without some fine-tuning, or in some cases, several total overhauls. Problems will occur and barriers will present themselves, so it’s vital that entrepreneurs are able to modify, or completely rethink, their business strategies when necessary.
“Not everything in life or business happens exactly as you anticipate,” states Professor Dimov. “But without anticipation you cannot organise yourself. Forget about being 100 per cent in control; although, if you come from a business background it may not come easily!
“Entrepreneurship is a learning mindset, you need to know exactly what you are trying to create and why, so you will be able to take a step back, and formulate a new plan when obstacles come your way. It is about planning rather than a plan.”
Entrepreneurs build a network around them
They say you should surround yourself with people smarter than you – for entrepreneurs, this can be especially good advice. One person cannot be everything to a business, so even if theirs is a solo venture, every entrepreneur will need to rely on the skills and services of others in some capacity. As a business leader, an entrepreneur should aim to inspire and motivate those they work with and alongside.
“Whether it is your customers or co-workers, they will share this experience with you and help build your future,” says Professor Dimov. “For this you need to have impeccable managerial and social skills. Communication is important, you need to be able to understand others, leverage their strengths, and lead them and your venture to success.”
Develop your entrepreneurial mindset
Starting to think like an entrepreneur can take practice, but it’s more than possible to develop the right mentality and give shape to your ideas through postgraduate education.
That’s exactly the aim of our Entrepreneurship Management and Innovation online MSc; to give you the tools, knowledge and confidence you need to turn your concept into a sustainable business. You can create your own study schedule around work and life commitments, all while working towards your broader goal of bringing your ideas to fruition.
To find out more about what our Entrepreneurship Management and Innovation online MSc could help you achieve, please fill in our online form.