Now and the Entrepreneurial Spirit By Fawad Laique

Here are some recent news headlines:

• “IMF cuts 2023 forecast, warns ‘worst is yet to come’ for global economy” (October 11^th, 2022, Forbes)
• “RBC now sees recession in early 2023, more job losses amid ‘cracks’ in economy” (October 12^th, 2022, Global News)
• “Toronto now has the highest housing bubble risk in the world, international repost finds” (October 12^th, 2022, Toronto Star)

The world is being rocked by undercurrents of rapid economic change. Countless newspaper headlines point towards slower and slower economic momentum. With such gloomy forecasts, should Canadian entrepreneurs hibernate alongside the upcoming winter season and slow down development of new business opportunities and ideas?

Certainly not! In fact, WhatsApp, Pinterest, Airbnb, and Uber are some examples of companies that started at the height of the financial crisis in 2008 and 2009. Peter Drucker, the father of management thinking, notably said “the best way to predict a future is to create it”. Most people are prone to thinking of entrepreneurial spirit as some kind of qualification attainable through a professional development course or a college program. However, this is simply not true. We all know of so many legendary businesspeople who did not finish college or even had no formal education at all.

Entrepreneurs do not wait for the dust to settle but are endlessly searching for opportunities, adding value to the economy and community, innovating new business models and startups to advance our world. An entrepreneurial spirit is a way of dealing with situations where you feel empowered, motivated, and capable of taking things into your own hands.

This attitude is known as the “entrepreneurial spirit”, which is cultivated by:

1. Fostering a Growth Mindset

To believe that intelligence is developable, have a desire to learn, embrace challenges, and view hurdles as opportunities

2. Focusing on Your “Why”

To have a clear vision or inspiration that drives you, giving you a reason to push through challenges. For an entrepreneur every moment is an opportunity to learn and to grow.

3. Perseverance and Relentless Pursuit

Inspiring others through steely conviction, vision, and foresight. With a business, there are inevitably going to be setbacks. Entrepreneurs do not let mishaps get in the way of their goals, instead they have the persistence to push through tough times. 

4. Motivation to Accept Challenges

Propensity to view every setback as an opportunity to learn, grow, and triumph over the challenge.

5. Privileging Action over Talk

Entrepreneurial spirit places premium on action and not talk. They are ready to roll up their sleeves and get the job done.

6. Ability to decide

Entrepreneurial spirit knows not to procrastinate but to decide. They know how to find, process, and act on the information they trust and then decide based on that information.

7. Willingness to take Risks

Entrepreneurial spirit begs a certain level of optimism and fearlessness. They embrace uncertainty.

8. Always Open to Change

Entrepreneurial spirit is never contented with status quo. They constantly seek to get better, to have a vision for the future, and adopt change to make it a reality. Entrepreneurs are constantly thinking of new ideas.

9. Knowing to be Resourceful

Entrepreneurial spirit does not require everything to fall in place before starting. They are ready to work with what they have and then garner resources along the way. They are able to come up with solutions when life throws a curveball.

10. Having a Passion

The essence of entrepreneurial spirit consists in passion. When you know what makes you passionate and energizes you, it is simpler to wake up in the morning, set goals, and do the work of achieving them.

Cultivating this mindset will transform how you approach the world, growing as a more action-oriented and innovative person. Innovation and entrepreneurship go hand in hand. In an era when successful innovation is a requirement for success, it is more important than ever for individuals and companies to learn to harness their entrepreneurial spirit. This applies to all businesses, yours included.

Consequently, there is no optimum time or climate that impacts an entrepreneur’s drive to change the world around them. Rather, it is attitude and spirit. Regardless of what your experiences are, or your walk of life, the door to become an entrepreneur is open. The time to start your dream is now.