Understanding Entrepreneurial Thinking: The Mindset of Successful Entrepreneurs

[Music] good morning

students and listeners out there I'm Dr I'm n Professor from the

Department of Business Administration here in University I go with I'll be taking you

through a new lecture or a new topic in our enterpreneurship lecture series and the topic for

today is enterpreneurial thinking enterpreneurial thinking that's the

topic we are going to be are discussing this

morning what do we mean by enterpreneurial thinking or what really can we say are the

thoughts of the enterpreneur are the thoughts of the enterpreneur different from the thought

of the ordinary human being on the street is the way the enterpreneur thinks different from the

way a non- entor thinks so the thinking of an enterpreneur May be somewhat different

from the way the non enterpreneurs think or the thoughts or the mindset of an

enterpreneur or the will be enterpreneur their thoughts may actually not be the same the way the ordinary man

on the street thinks and the reason is that ENT opinions are

seen as special human beings they are seen as special Creations that God created and that he has embedded in each

of them as entrepreneurs right from their mother's womb several innate characteristics or several innate

qualities that non enterpreneurs do not possess so in real

terms the thinking of an enterpren may be somewhat different from the way non-entrepreneurs

will think or the way an entrepreneur perceives a situation may in actual facts different

from the way a non enterpreneur will perceive the same scenario or the same thing

and there are several factors or reasons that can be adduced to this thinking of the enterpreneur or this so-call phrase

the entrepreneural thinking and the four is that I will start from the

entrepreneural mindset the entrepreneurial mindset as I said

G opinions going by the genetic theory of leadership which says

that leaders are born and not made that leadership qualities cannot be acquired it cannot be

length it is something that God has deposited in leaders right from the about in the same process or in the same

fold entrepreneurs going by a certain school of thought

entrepreneurs are said to be born that the entrepreneurship quality is not something that can be acquired or that

you can learn why another school of thought of course negated that to say that no

entrepreneurship as a process can be acquired is something that you can learn but whether

we go by the school of thought that [Music] opens that

entrepreneurship cannot be L that entrepreneurs are born or if we preach attend alongside another school

of thought that says that the enterpreneur process can be acquired even in the war you know in the power a

classroom that it can be length whichever of those two schools

that will belong to what is important is that the way the enterpreneur things the mindset of the

entrepreneur is such that entrepreneurs are always out to achieve goals they are goal

sets they are task sets they are goal and result oriented they are future oriented enterpreneurs are not just goal

Setters their mindset is such that when they set goals they draw Alternatives they put up options with a

view to attaining or achieving such goals some of us are so are so

so all result oriented life I may put it that way in such a way that we only set goals but we don't follow such goals

with useful Alternatives or attainable options that can help us to achieve those

goals or task that we have set for ourselves but the entrepreneural mindset is such

that God has created them in such a way that they are people who run after the goals they have

set they keep on pursuing the goals days and nights all with a view to accomplishing the goals and the task

they have so highlighted so the mindset of the enterpreneur is such that their thoughts the way they think is after are

achieving goals they are go Achievers so the entrepreneurial mindset is built in such a way

that they always think and they always ready to accomplish task and to accomplish goals

number two is possibilities the the enterpreneurial

thinking is always about possibilities enterpreneur don't

think about nonoss things entrepreneurs don't think about

things that are not achievable you cannot make a true enterpreneur and you'll be talking about

impossibilities so in terms of discussing the entrepreneurial thinking

via possibilities and impossibilities entrepreneurial thinking is always towards

possibilities it's only non entrepreneurs that will be thinking about imp possibilities something not

possible can I achieve that goal can I set up that industry can I attain that task these are the questions

that will be proing the minds of non enterpreneurs but

what props the minds of enterpreneurs are always possibilities possibilities how can I

achieve this task I need one two or three things to accomplish that

task that goal must be achieved tomorrow these are the things that enterpreneurs think about these are the

things that will be crossing their minds not talking of impossible things can I pass my

y can I attain a score of 300 out of 400 in my jam

examination this impossibilities will never cross the mind of an achiever an achiever will be thinking

oh in my fourth coming SSC exam I'm going to come out in flying colors at least I will have about seven

days out of my eight subjects I've registered for these are the things that will be proing the minds of achievers of

enterpreneurs in my jam exam I'm not going to have a score of less than 310 out of 400 these are the

things that we open the minds of the will be enterpreneurs possibilities and not

impossibilities number three is positive thinking and negative thinking positivities and negativities

this also is another important thing which of course is analogous to possibilities and

impossibilities but they are a little bit different posi postivity and negativity positive thinking and

negative thinking negative thinking draws an individuals 1,000 miles away from his goals why positive thinking

draws an individual near to his goals faster than you can imagine so

entrepreneurs are positive thinkers they think think positivities not

negativities so entrepreneurial thinking is always positive how can I add value to an

existing thing how can I bring forth new ideas new ways of producing a particular product how can we improve our service

to our cents positivities that is what makes up an

enterpreneur not thinking bad that how can we

improve on our service to our customers these are the things that

entrepreneurs will be talking about how can we achieve better results how can we improve improve on our

turnover our total sales our gross profit our net profit how can we improve on

them so positivity positive thinking is one of the Cornerstone is one of the critical things that always revolve

around the entrepreneurial thoughts so the thinking of an entrepreneur is something that is always positive all of

the time then the fourth one to actually

explaining entrepreneurial thinking is fear of failure or fear of the unknown some of us we have fear of failure fear

of the unnown and we fear in taking risk we fear in doubling into issues or things that can transform our

life we are not ready because of the fact that we are not enterpreneurs to take risk and not just

taking risk to venture into several activities that can as I said transform

our entire life or transform us into a special and perfect being fear of the unknown fear of

failure has led some people not to take the Right Step at the right time many entrepreneural pu always has

not reached a level of completion or a level of fion because of the fact that the fail at one time or the other to

take some critical step or some critical decision that they need to

leverage upon to take them to the next level so fear of the unknown or fear or failure is not something that

enterpreneurs entertain good enterpreneurs don't fear they don't

fear the unknown they're not afraid of failing even failure is one of

the traits that the entrepreneurs have put as being part of them several attempts will have been

made by several enterpreneurs and they would have failed in several trials in several l divor before coming out to

actually achieve their set goals and objectives so no to the enterpreneur is not

something that can discourage them their belief is that no means next opportunity so if you tell an enterpreneur a true

enterpreneur a no they will just laugh at you no means next opportunity and they will keep on trying and keep on

trying until they are able to achieve a desired result so fear of failure is not in the register or it's not in the

boosts of entrepreneur it's not part of their thinking number five is that where others where

others see a problem enterpreneurs always are people who will see an opportunity so they

thinking is that there is opportunity everywhere there is opportunity in every

problem what the ordinary individual does or what the ordinary people do is that we like to pinpoint problems we are

fault finders this thing is not correct this one is not done right that one should

not be done like that but we cannot put up P options with a view to solving such problems many of us

are complainants even in our various entities and organizations Even in our household in our families We

complain to our children will not to our wives we not to our children and siblings

this is not done right this floor is not well swept these tables and shars are not

well dusted but are we putting up options to allow the people around us to be able to

do their jobs in the right way and in the right direction so where others see a problem

enterpreneurs will see an opportunity many of us we keep on complaining the federal government has

increased the price per liter of PMS or ago Aviation for or some other Allied petroleum products but what are

we doing to solve that problem of increase in price of PMS what alternatives are we

thinking about the entrepreneurial thinking will always be what are the alternatives to PMs and several

enterpreneurs even as I speak are coming up with several Alternatives the CNG option people are now

trying to see what they can do in terms of doing electric cars El Mo and you know and other entrepreneurs are busy

thinking of how to roll more of electric cars into the market even our own inocent cars in Nigeria has

come up with a brand of an electric car these are the entrepreneurial talks so an entrepreneur will think of how to

solve problems while non entrepreneurs will always be a complainant they will be seeing problems but ask them to come

up with an alternative they cannot those are non entrepreneurs so the entrepreneurial thinking the preneural

idea is always about positivities it's always about possibilities it's always a mindset that is ready to set goals and

put up Alternatives with a view to achieving such goals the entrepreneural thinking and mindset is not that of

people who are afraid of failures people who are afraid to take

actions entrepreneurs are not afraid of failur they fail and they rise up they

have failed several times and they have risen up several times several entrepreneurs who have succeeded in

their various Endeavors and trials have had cause to fail at one time or the other so enterpreneurial thinking is

always a mindset that is ready to take responsibilities that is not afraid of failures that no would not discourage

them if given at any point in the course of their enterpreneur person they will take a no as next opportunity and any

enterpreneur always have a thought and a mindset their thinking is always that they are not only ready to put up a

problem but they will tell you several options with a view to solving such a problem so enterpreneurs are not fault

finders they are fa Menders entrepreneurs are not just fult finders they are people who at times may

bring out a for they may find a fault but immediately they will tell you how to solve such faults so there are faults

finders are fault Menders but non- entrepreneurs are only fault finders but not fault Menders on that note I want to

draw The Cutting of our discussions today on the topic entrepreneural thinking in the course of our

entrepreneurial lecture Series so thank you for listening enjoy the rest of the day and

God bless [Music]