Think like Them Until you Reach Them: 5 Ways to Think Like an Entrepreneur

Whether you're aspiring to launch your own business or looking to infuse innovation into your current role, understanding how to think like an entrepreneur can open doors to remarkable opportunities and success. Join us as we discover how adopting an entrepreneurial mindset can elevate your professional journey and lead you to new heights of achievement.

How to Think Like an Entrepreneur?

Thinking like an entrepreneur requires a distinct blend of resilience, curiosity, strategic foresight, and innovation. Entrepreneurs think differently; they constantly question the status quo and envision better, more efficient ways of doing things. They recognize opportunities where others see obstacles and are adept at pivoting strategies based on market feedback and emerging trends. Critical to how entrepreneurs think is their risk-taking propensity—they weigh risks not just to mitigate them, but to strategically embrace them when the potential payoff justifies the gamble. To think like an entrepreneur, start by embracing a mindset that is open to continuous learning, resilient in the face of adversity, and proactive in identifying and pursuing new opportunities.

• Opportunity-Focused Thinking

Vijay Shekhar Sharma, Founder of Paytm

"Every setback is a setup for a comeback."

Vijay Shekhar Sharma saw a colossal opportunity in the underpenetrated mobile payments market in India. His vision led to the creation of Paytm, which transformed digital payments in a predominantly cash-driven economy. Sharma's approach reflects an opportunity-focused mindset, crucial for entrepreneurial success.

Opportunity-focused thinking is about seeing potential where others see problems. Entrepreneurs with this mindset can identify niches, market gaps, and customer needs that are unmet by current market offerings. This thinking allows entrepreneurs to innovate, pivot, and position their businesses advantageously.

This quality helps entrepreneurs seize first-mover advantages, carve out market spaces, and stay ahead of trends, which is crucial for gaining a competitive edge and achieving long-term success.

• Customer-Centric Innovation

Falguni Nayar, Founder of Nykaa

"The biggest risk is not taking any risk... In a world that is changing really quickly, the only strategy that is guaranteed to fail is not taking risks."

Falguni Nayar left a lucrative career to start Nykaa, a beauty and wellness e-commerce platform, identifying a gap in the beauty products market in India. Her commitment to offering a vast range of products tailored to Indian consumers and her focus on customer education have made Nykaa a household name.

Entrepreneur thinking skills include being customer-centric, which means prioritizing the needs and preferences of customers in every aspect of the business, from product development to customer service. This approach ensures that products and services evolve in response to the changing demands and expectations of customers, thus enhancing customer satisfaction and loyalty.

A customer-centric approach builds a strong brand reputation and creates a loyal customer base. It drives repeat business and word-of-mouth recommendations, which are invaluable for sustainable growth.

• Resilience in the Face of Adversity

Kiran Mazumdar-Shaw, Founder of Biocon

"I want to be remembered as someone who put India on the scientific map of the world in terms of advanced biotechnology."

Starting Biocon in 1978, Kiran Mazumdar-Shaw faced immense challenges due to her gender and lack of capital. Her resilience turned these challenges into stepping stones, making Biocon one of India’s leading pharmaceutical companies.

Resilience is crucial for navigating the inevitable ups and downs of the entrepreneurial path. This quality enables entrepreneurs to face setbacks and challenges without losing momentum or vision. Resilient entrepreneurs are characterized by their ability to recover quickly from failures, learn from their mistakes, and continue pursuing their goals with renewed vigour.

Resilience fosters a long-term perspective and ensures critical thinking skills for entrepreneurs to achieve the overall mission of the business. It also encourages a culture of persistence and grit within the organization.

• Constant Learning and Adaptability

Bhavish Aggarwal, Co-founder of Ola Cabs

"Life’s too short to do small things."

When Bhavish Aggarwal started Ola Cabs, his vision extended beyond taxi services; he aimed to revolutionize urban mobility in India. His ability to adapt and expand into various sectors, including electric vehicles and food delivery, showcases the importance of constant learning and adaptability in entrepreneurship.

The business world is constantly changing, and successful entrepreneurs are those who can adapt to new technologies, market conditions, and business models. Constant learning is about continuously updating one’s knowledge and skills to stay relevant and competitive.

Adaptability allows entrepreneurs to think about their business strategies effectively in response to market changes or disruptions. This quality is particularly vital in a technology-driven world where new advancements can quickly render existing solutions obsolete.

• Visionary Leadership

Mukesh Ambani, Chairman of Reliance Industries

"Any business that has the sole purpose of making money is not worth doing."

Mukesh Ambani's visionary leadership in transitioning Reliance from textiles and petrochemicals into retailing and telecommunications has profoundly impacted the Indian economy. His forward-thinking strategies have not only scaled up Reliance Industries but also positioned it as a global contender in multiple industries.

Visionary leadership enhances the Entrepreneurial thinking skill of having a clear, strategic vision for the future of the business and the ability to inspire and motivate others to share in this vision. It’s about setting a direction for the company and rallying the team to work towards common goals.

Visionary leadership ensures that the organization moves cohesively towards its long-term objectives. It helps in attracting and retaining talent, securing investor confidence, and maintaining a competitive position in the industry.

The Best Course for your Entrepreneurial Journey!

Whether you're looking to enhance your entrepreneurial spirit or climb the corporate ladder, Kolkata's diverse educational offerings provide a robust foundation for achieving your career goals. Pursuing an MBA in Kolkata can be a transformative experience that equips you with the skills, knowledge, and network necessary to excel in the global business landscape. Take this opportunity to immerse yourself in a vibrant learning environment, with BIBS and start your journey towards becoming a future business leader right in the heart of one of India's most dynamic cities.