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How to Think Like an Entrepreneur According to Bernhard Burgener

Entrepreneurship is the only way to continuously reinvent our businesses and ourselves so that we stay ahead of the competition.

Bernhard Burgener, an experienced businessman, recommends being flexible with your perspective when achieving an entrepreneurial mindset. No matter how long you’ve been in business, you’re starting it anew every day.

So, what does entrepreneurship mean??

Entrepreneurs identify a need that already exists and develops solutions for it. Entrepreneurship involves starting a business and implementing a marketing plan with the goal of making a profit from it.

Serial entrepreneurs launch new businesses, sell them, then start new businesses. A business owner’s status as an entrepreneur depends on whether he or she created the business and other legal factors. Most founders of household-name businesses started out as entrepreneurs. 

As an entrepreneur, you don’t have to worry about finances to achieve your career goals. In addition to traditional banks, many entrepreneurs turn to angel investors for financing to cover startup costs (or expansion costs).

Characteristics of an entrepreneur

A great entrepreneur can come from anywhere. Additionally, focusing on the entrepreneurial team is essential rather than the individual. 

While that’s true, Bernhard Burgener points out that entrepreneurs need certain characteristics and skills when starting and running a business.

In general, high-performing entrepreneurs share the following characteristics:

  • Humility and self-awareness – Collaboration, delegation, and connection are crucial to success in business. 
  • Prepare for Challenging Conversations – You may need to strengthen your negotiation skills so you can converse effectively with potential investors and partners.
  • Customer orientated – 90% of the revenue comes from satisfied customers.
  • Cost efficient – Rather than spending your start-up money on office space, invest it in hiring better talent or upgrading your infrastructure.
  • Highly adaptable and future-orientated – Entrepreneurs must adapt and adopt flexible working practices.
  • Risk-takers and not afraid of failure – Failure should be a steppingstone to success for entrepreneurs.

How to develop an entrepreneurial mindset?

Although there are several entrepreneurial mindsets, Bernhard Burgener says they all share the same general characteristics. Those characteristics usually are Positive thinking, a Goal-oriented attitude, Resilience in the face of failure, Creativity, Accountability, and Decisiveness.

Developing a mindset that reduces the doubt and boosts positive solutions will benefit you without fail. They will make you more robust, more aligned in personal relationships, and more adaptable to the job market.

Does Bernhard Burgener believe successful entrepreneurs are immune to risk?

Great entrepreneurs, according to Burgener, a self-made entrepreneur himself, are immune to risk. He continues by saying that the higher you aim, the wilder it gets in terms of risks. 

Other people think they’re crazy. Most entrepreneurs have lived their entire lives being told they are dreamers, unrealistic, and take too many risks.

Risks, however, are what entrepreneurs thrive on since they are where obstacles and challenges become significant.

The benefits of risk-taking

It is almost a given that most successful entrepreneurs attribute their success to taking risks. Opportunities and progress are created by taking risks. Entrepreneurs can become leaders in their fields when they take risks their competition is unwilling to take.

Risk-takers demonstrate that they are true business visionaries and leaders who believe in the potential rewards. Risk-taking encourages innovation, which can be an important product/service differentiator.

Failed risks aren’t always harmful. An entrepreneur can learn the most valuable business lessons from them sometimes. Failure helps make future business strategies and can eventually lead to business outgrowth.

How to take smarter risks

If you know you would benefit from taking more smart risks but find yourself paralysed by apathy or negative thoughts, there are several tips to help you take on the kind of risk that can truly improve your life.

  • Develop a system for assessing risk – When weighing a considerable risk, the first step is to list all the pros and cons. 
  •  Move past the fear of failure – You may discover your inner risk-taker if you let go of anxiety and focus on the positive outcomes of risk.
  • Think about the upside of change – Rather than focus on all the potential adverse outcomes, think about why you’re considering changing your present situation. For example, if your city lacks the job and meaningful relationships you want, you might consider moving elsewhere. If a move can simplify a better life, it may be worth the risk.
  •  Find ways to take on incremental risk – Instead of taking the most prominent risk possible, think about small steps that can get you on the same path. Consider starting business as a side hustle instead of quitting your job to start your own business. Once it’s up and running, you’ll probably feel confident taking it on as a full-time job.
  •  Seek out advice from calculated risk-takers – Learn how they challenged their risk tolerance by seeking them out. Additionally, executive coaches can help risk-averse businesspeople take calculated risks by helping them find intelligent ways to do so.

Entrepreneurs and their impact on economic growth, according to Bernhard Burgener

Entrepreneurs, says Burgener, contribute to economic growth in a positive way. He continues by saying that lately entrepreneurship has become increasingly socially conscious. 

In considering entrepreneurship’s impact on societal issues, it tends to see addressing those issues as a fundamental function. 

Here are some of the ways in which Burgener thinks entrepreneurs impact the overall economic growth:

Economic growth through innovative technologies

These days, as new ideas and technologies are developed and applied, a greater output can be generated. As a result, wages, and business profitability increase.

Technological innovation can sometimes take a long time to reap its benefits. Often, they affect the entire population. People who would benefit most from these changes—the poor and future generations—have little or no political influence.

Entrepreneurial activity raises the productivity of firms

Due to the increased entrepreneurial innovation, the same input can generate greater output. Economic growth occurs as productivity increases, which leads to producing more goods and services.

Technological innovation can sometimes take a long time to reap its benefits. Often, they affect the entire population. People who would benefit most from these changes—the poor and future generations—have little or no political influence.

Only productivity gains driven by innovation can explain economic growth, not capital and labor increases. 

Bernhard Burgener points out that as businesses become more efficient, costs fall, and profits and incomes rise. Also, the demand expanded, and economic growth and job creation accelerated.

Growth in productivity raises a society’s material well-being, improves living standards, and is the primary source of long-term prosperity.

Marco Polo
Marco Polo is the admin of sparebusiness.com. He is dedicated to provide informative news about all kind of business, finance, technology, digital marketing, real estate etc.
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