Being Opportunistic is a Key Entrepreneurial Mindset to Have

Entrepreneurship has been driving the micro, small, and medium enterprise (MSME) landscape of the Philippines in recent times, as more people are risking it all to have their own successful business that they can call their own compared with being an employee and just being a cog in a machine.

Transitioning from paychecks to revenue from business is not easy however, as almost everyone has been well-acclimated to the comforts of having a fixed salary that will come every 15 days instead of the uncertainty that comes with fluctuating income from having your personal brand.

This is why developing an entrepreneurial mindset is more important than ever. Here is one characteristic an entrepreneur should always have:

Being able to recognize opportunities.

Rowena Barrett, pro vice-chancellor for entrepreneurship at the Queensland University of Technology said in a webinar by the Massachusetts Institute of Technology School of Management that recognizing and being resilient are some of the most important characteristics an entrepreneur should have.

“recognizing and acting on opportunities, making decisions with limited information, and remaining adaptable and resilient in conditions that are uncertain and complex,” Barrett said, which speaks of the importance of being opportunistic and being able to do something once an opportunity presents itself.

This might come as a budding trend, such as the milk tea phenomenon that has invaded the taste buds of the country in the last decade, or coffee shops that are offering flavorful caffeine kicks for less than PHP50, which is far from what Filipinos have been used to as coffee prices by well-established brands like Starbucks are currently priced at a whopping PHP170 to over PHP200.

Take a look at trends or seasonal activities in the country and see what you can do to be a part of it. Being opportunistic does not always have to be a new venture, as it may come in the form of having promos that tie up with certain events, which will aim to rake in more income.

In the ever-competitive entrepreneurship landscape of the country, one key mindset stands out: being opportunistic. With the thriving business scene, it’s important to always stand out. Seek out trends and be as unique and quirky in your opportunity hunt, once you see a good opportunity, act on it. From there, you’ll be able to have your brand reach new heights. (GFB)