Entrepreneurial resources include sources of financing such as lines of credit and investment capital, but may also include resources such as knowledge of a particular field or technology, or networks of contacts who can be called upon to contribute financial support, publicity, or other benefits to a growing enterprise. Our Income Ideas Panel shares their thoughts on how to build the business tool kit that leads to profitability.
The most valuable item in the business toolkit is the mindset of a business person.
Kerrie Ann Richards, business coach, explained that, “Mindset is what differentiates the winners from the quitters. The right mindset will keep you going even when the odds are stacked against you. Entrepreneurship can be a lonely road and the right mindset is the best company you can have.”
Dr Carolyn Halye, a researcher at the University of the West Indies (UWI) shared that, “Your mind is the most powerful of all the tools in your possession. So, let us start with knowledge. Knowledge management is extremely lucrative and an area that needs much focus. Knowledge does not mean degree-level information; it simple means seeking out information about any and everything and determining how these things can be offered as a service or a good.”
Robert Taylor, attorney at law, chimed in, “Many time the focus on value creation is on education, financing and technical skills, but mindset is overlooked and is generally the hurdle that many persons are unable to overcome to achieve success. Enterpreneural mindset requires a specific state of mind which shapes conduct to achieve activities and outcomes aimed at value creation. Entrepreneurs most be adapt their mindset to choose courage over fear, believe in yourself, choose good company, adopt self- chosen goals, have a purpose and vision, accept the challenge, be willing to take risks, do what you love and have have gratitude.”
Once the mind set is sorted, the income ideas panel shared that strategy development is key.
Richards noted that the following is a way to develop a successful strategy:
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