Do You Have an Entrepreneurial Mindset?
I think the entrepreneurial spirit starts with a strong dose of curiosity coupled with a desire to change the world around us. I’ve had that mindset all my life. I always understood when an opportunity was knocking at my door.entreprenuar image
An entrepreneur is different from a manager. He/she is a leader and thrives on innovation. An entrepreneur is always on the lookout for great product ideas. And typically, an entrepreneur is willing to take risks and face uncertainty in order to find the next great product or idea. Here’s a personal example of what I mean.
In the early 1990’s I was a large wholesaler of prerecorded music. While visiting my son in college, I went to a local pub to have a drink with him and his roommate. He suggested that it would be very cool if I could sell music to a wider audience than just my record store clients. During that conversation, on the back of a napkin, we developed the concept for CD Now, the first online record store. This new idea married my warehouse stocked with every title in print to a database that a customer could use, and my company became their back room.
At the time, it was a tremendous risk for my company. I would have to set up systems to deliver my product to individuals, not just businesses. I had to believe that people would buy things over the internet. And I had to have faith that CD Now would be successful at running an internet store.
CD Now turned out to be a huge success. Since I had gotten in at the ground floor and was well ahead of any of my competitors, when Amazon decided to start carrying music I was in a perfect position to acquire their business.