Fundamental to the endeavor of embarking on an entrepreneurial journey is adopting the proper mindset.
To cultivate an entrepreneurial mindset requires balancing a number of philosophical and pragmatic theories.
The goal of adopting this mindset is to maintain a heightened awareness of your role as a leader, and a broad perspective of how to lead your organization towards a mutually beneficial & desired outcome, namely the economic success of your business.
Here we examine a number of theories which make up the entrepreneurial mindset.
Axiology represent a philosophical study of value, by examining two specific forms of values: ethics and aesthetics.
Ethics investigates the concepts of what is right and good in individual and social conduct, while aesthetics studies the concepts of can be considered as beauty and harmony.
In business, ethics can be thought of as specific policies and procedures that frame the operations of the company, while aesthetics can be thought of as the broad synthesis that harmonizes the policies that sustain a business.
Teleology represents a philosophy which perceives purpose and design in ends rather than stated causes. In teleology outcomes are viewed as actual causes that explain natural phenomena.
In this way, teleology explain actions by their results.
Human beings are emotional creatures, and our emotions sometimes affect our business in positive and negative ways.
Teleology can help businesses leaders become less emotional and more objective oriented. Embracing teleological concepts can be a great method of aligning individual incentives towards common company goals.
Existentialism represents a philosophical theory or approach that emphasizes the existence of the individual person as a free and responsible agent capable of determining their own development through acts of the will.
Existentialism can be leveraged by entrepreneurs to effectively promote accountability, in so far as every person in the business is responsible of their actions.
The philosophy can help improve confidence, boost creativity and enhance independent thinking among co-workers, who under this paradigm represent the arbiters of the company's success through their will and actions.
Ethics represents a philosophical practice that involves defending, systematizing and recommending concepts of right and wrong action, often with the goal of resolving potential disputes of moral diversity.
Ethics can help entrepreneurs develop a practical moral compass of what is appropriate within the workplace that includes; company policies, appropriate communication methods, and proper conduct.
By leveraging ethics, business leaders can foster an environment that is balances clearly defined policies while also accommodating to individual diversity, with the aim of cultivating a more harmonious and efficient work environment.
Sustainability represents the practice of implementing systems that maintain a healthy environment that can allow for the continued success of an organization and/or company over the long-term.
As the resources of our earth become more and more finite, sustainability and sustainable practices are becoming increasingly important for businesses to effectively operate and innovate in a dynamic marketplace.
By embracing sustainability, entrepreneurs can develop innovative mechanisms and policies that ensure the sustained operations of the business, ensure the continued viability of the company by reducing environmentally hazardous costs, and cultivate a sense of purpose as an engaged and responsible participant of the global community.
The result adopting sustainable practices is typically admiration from the market and increased adoption from customers.
Lastly, pragmatism represents the practical approach of assessing the truth and meaning of theories, strategies, and practices in terms of their potential viability and practical application towards a "successful" outcome.
Pragmatism is fundamental for particularly early stage companies who lack the time and resources to lag in the marketplace and test a variety of potential ideas before adopting a clear solution and strategy.
Pragmatism, like Teleology can help business leaders separate emotions and aspirations from reality.
To succeed in a competitive environment, entrepreneurs must be pragmatic in how they lead their company, and in how they express their pragmatism to everyone involved in the business. Pragmatic leaders express their ideas and strategy with clarity and purpose, otherwise differences in opinion will emerge that produce inefficiencies, which is inherently not pragmatic.
Among the greatest challenge leaders face is balancing these key leadership and entrepreneurial components in an effective way to ensure the ongoing success of their venture.
The goal is to cultivate a unique harmony among these theories to improve your practical leadership qualities and business perspective.
Harmony, believe if it or not, is very efficient.
But, achieving the right balance is by no means an easy task. For some it can take a life-time to accomplish. It is therefore important that entrepreneurs respect the challenge, and properly understand their own limitations and strengths to harness the right qualities.
It takes time and practice to achieve desired results and to become a respected entrepreneur.
Constant self-reflection is key component to the entrepreneurial mindset because we are all imperfect human beings who are only capable of achieving so much in a given day. Set time aside during the week as a scared period dedicated to reflecting and meditating on the big picture. The practice will hope you analyze how your actions and attitude fit into actualizing your desired strategy to lead your company towards sustained success.
With the right vision, patience and determination your milestones will build towards greater goals. Reflecting on your goals and deconstruct the means to achieve them will improve how you cope with and learn from the forces that work for and against you over time.
To succeed, entrepreneurs must pace themselves because the task of building a company is a marathon, not a sprint. Be fair to yourself, and don't stretch yourself too thin. Setting clear short term personal and professional milestones is an effective way to track your progress.
Remember that the goal of life is to be happy, which is a journey that requires balancing a multitude of internal and external forces, some of which are beyond your control.
Similarly, to maintain the entrepreneurial mindset demands that entrepreneurs take care of their mind and body. Exercising is a great means of developing better self-control and of improving your creativity. The best insights often come from detached and unforeseen sources.
And, perhaps most importantly, always recognize and appreciate the people who support your efforts and help you navigate the many challenges of life. It is better to go far together than quickly alone.
Friends, confidants, and colleagues are the people who are best positioned to provide advice on overcoming the challenges you will face along the difficult path of starting and building a business.
To discover solutions often requires first asking questions.
Therefore, know with clarity & confidence who you can trust and ask anything of, and recognize that even if they are incapable of providing a meaningful answer, they can at least help you discover it.
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