1. Have a keen eye for opportunities
Successful entrepreneurs have one thing in common - they have a keen eye for opportunity. When an entrepreneur looks at the world, he sees it differently. He sees ‘business opportunities’. For example, when a subdivision has no supermarket nearby, a normal person complains. But an entrepreneur sees profit - an opportunity to open a profitable convenient store. Keep your eyes open for such opportunities and have the courage to grab it.
2. Practice careful optimism
Be optimistic. This means that you should have a positive outlook. A positive thinking brings forth many possibilities. However, optimism can lead to problems if misused. Do not let your ‘optimism’ blind you from seeing problems just because you want to have a positive way of thinking. Be optimistic. However, you should exercise ‘carefulness’ at the same time. This is careful optimism.
3. Practice positive pessimism
Pessimism is not all that bad. In business, it has its uses. Pessimism allows one to assume potential problems even before they take place. It might sound crazy, but an entrepreneur should practice some degree of pessimism. However, this pessimism should only be used to ‘identify problems’. This pessimism is to be practiced with the positive thought that any problem that will arise will be resolved. Entrepreneurs that have a keen eye for risks possess this ability.
4. Think ahead
A normal person sees only the present time. But an entrepreneur thinks ahead and imagines in his mind what the following days have in store. And to do this, an entrepreneur puts into account things like current news, trends, patterns of changes, and such. Because an entrepreneur knows what to anticipate, he also knows how to take advantage of the situations for his own benefit (ex. An entrepreneur bought a piece of land cheaply. He did this after learning that the area will soon be developed. The development will cause the value of the land to increase in the future).
5. Practice prudence
An entrepreneur never takes steps without thinking things over first. This is called prudence. An entrepreneur does not recklessly jump into a business venture. He does not make business decisions based on whim. An entrepreneur researches first, conducts a study, and thinks things over before taking action. All moves he makes have reasons behind them.