Small changes in attitude or experience create the ability to expand our minds and come up with “new” ideas. This is one of the key ways that independent entrepreneurs generate new ideas. It is a process that requires both open-mindedness and perseverance.
No matter what your business or initiative is—whether it’s a technology startup or a small restaurant—it is only as good as the ideas and actions your team and you create. Through out the last decade, I’ve watched young companies and entrepreneurs grow from the smallest of options to profitable and sustainable businesses. The most successful entrepreneurs in America build on the success of those before them, and inspire thousands of aspiring entrepreneurs from across the globe.
We all experience important learning moments in our lives. We become better people, our ideas can be expanded and our habits can be improved. From reviewing our last steps and discussing goals for the next few days, to making last-minute changes to our schedule and reviewing our performance at the end of the week—no matter what your experience or background is, you will find moments to reflect and learn more about yourself and others. If you want to apply these lessons to your business, consider the following techniques.
1. Know when to take risks.
What makes an entrepreneur and a venture capitalist effective is they often do not take the same path. The entrepreneur waits for an opportunity, possibly over a period of time, when he or she is not comfortable with another course of action. The venture capitalist takes an established path and is willing to tackle challenges and roll the dice until it works. It is important to learn from mistakes and keep going until you find something that works.
2. Create an environment where growth and wisdom is embraced.
Entrepreneurs are constantly faced with new hurdles, opportunities and work stresses. It is important that your team feels that they are able to seek out and challenge themselves as well as your company. Encourage the free expression of ideas and be clear about boundaries in order to maintain professionalism and a respectful atmosphere.
3. Know how to respond to bad feedback.
Entrepreneurs learn that it is important to hear from people who have the experience and expertise to give valuable input. Simply putting down your ideas and saying something negative to someone who has helped you evolve as an individual or change a business practice because they think it will be helpful is not constructive. If you take time to listen and look for what to do differently, you will find valuable feedback from people who know more than you.
4. Build what you need.
Remember your first instinct was to make a first step, and the only way to continue is by making more and more. Provide your team with the necessary knowledge and tools to advance your company and help you better focus on what is needed to succeed. Your staff, customers and investors will appreciate it.
5. Make small changes.
Look around the room. Every person needs to change something about themselves or their work to be successful. Whether you are an entrepreneur, a freelancer, a small business owner or just a nice day-to-day worker, you will realize that today you need to take time to build up your physical and mental strength, which will lead to future success.
If these tips do not seem to work for you, keep an open mind and try something else—but make sure you never lose sight of your overall goal to grow and succeed as a company or individual.
This article was originally published on Entrepreneur. Copyright 2018.