Wouldn't you love to wake up thinking like some of the world's richest entrepreneurs? How entrepreneurs think differently from the rest of us is something we’d all like to have insight on. Entrepreneurs like Bill Gates, Warren Buffet, and Jeff Bezos have amassed astronomical fortunes, so what is their secret to their success?
How entrepreneurs think
Bill Gates, currently worth around $88.8 billion, believes that procrastination is the key to failure. Making a decision, sticking to it and seeing it through is important because it instils faith in oneself and avoids second guessing. Warren Buffet is one of the world’s largest investors and also launched many companies in his youth. He’s currently worth over $80 billion and his best advice to new start-ups is to have fun. If you feel a passion for what you do, you’ll be “tap dancing” to work like Warren at 85! One of the youngest top earners is Amazon founder Jeff Bezos. His insights on how entrepreneurs think include the sound advice to love your clients, understand them intimately and build a product base from there. So how does the entrepreneurial mindset deal with the problem-solving process?
Entrepreneurial problem-solving skills
Problem-solving techniques are the cornerstone of entrepreneurial business. Identifying a problem that exists and filling that gap successfully results in long-term rewards. One of the best examples of this type of approach is Facebook's Mark Zuckerberg. He amassed nearly $72 billion in just over a decade, launching and developing his popular social media platform. He advises to start any new business by trying to passionately solve a problem, rather than building a new company as the consequence of solving a problem.
How entrepreneurs solve problems isn't magically different from the rest of us, they simply have a positive mindset and follow a set of problem-solving principles:
1. Say no to defeat – there are plenty of failures along the way, but defeat isn’t in an entrepreneur’s mindset.
2. Be bold – there are lots of ways to reach solutions to problems and entrepreneurs love to explore ways of reaching success.
3. Be flexible – Knowing how to evaluate a situation and look at it from all angles is important and being able to pivot when necessary is critical to any fast-moving business. If you’re not seeing success with one idea, being bold and trying something new might just pay off. When trying to solve a problem, understand that there might not always be a solution. Identifying a gap in the market and quickly changing direction to fill it makes good business sense. Amancio Ortega, owner of Zara and currently worth $78.5 billion advises that “that speed is everything”. The ability to recognise new ideas and execute them faster than any competitor has been crucial to Ortega’s success.
4. Delegate – employing a great team is essential to any successful business and entrepreneurs understand that, when it comes to problem-solving, relying on staff expertise wins.
5. Foster creative thinking – entrepreneurs consider the bigger picture and look at what impact decisions will have on the bottom-line, ways can problems be solved by teamwork…
6. Map out a vision – entrepreneurs map the vision of their lives and how they can achieve those dreams. They aren't winging it or flying by the seat of their pants! They have a vision and execute that to make dreams a reality.
7. Dig deeper – How entrepreneurs think structurally includes getting to the heart of the matter and understanding how things work. Entrepreneurs like Bezos ask structural questions and methodically break down problems. Jeff saw the internet explode and asked himself “What kind of business plan might make sense in the context of that growth?” (Source: Fundable). He knew that books were low-cost items and were universal. This was the seed that grew Amazon to the massive success it is today.
How entrepreneurs make decisions may differ from the average businessman, but with consistency and commitment, alongside a clear vision, the chance to succeed is there.