Daniel Levy | Co-Founder | Co-CEO | Flow | mail me |
In the business world, nothing stays the same for long. This makes an entrepreneurial mindset not just helpful, but essential. So what does it take? How can eager entrepreneurs tackle the complexities of the modern market and come out stronger?
Having walked this path myself, I know the road to success is rocky and rarely straightforward. But I have found it’s this unpredictability that best hones the skills and fuels ambition.
Blind luck might open a door, but it is grit that turns luck into success
Luck, they say, favours the prepared mind. In my experience, luck is just the spark – grit is the fuel that keeps the fire burning. Back in 2007, when my business partners and I built and founded Popimedia (the first and only Facebook Marketing Partner in Africa, which was acquired in 2015 by global communications group Publicis), we were fortunate to identify a gap in the local advertising market at the right time. But it wasn’t just luck that made us Africa’s largest AdTech and performance marketing company. It was our insistent pushing of boundaries, even when the odds were stacked against us. More than once, we had to fly abroad unannounced to meet the social media giant, demonstrate what we had built, and convince them we could meet their needs in order to earn their support.
Truth is, South Africa simply does not have the venture capital and angel investor scene you would find in Silicon Valley, for example. So most homegrown entrepreneurs can’t just ride on a good idea and hope to sell it – they have to create a viable, well-performing business model. That often means identifying a big problem that needs solving, long hours, hard work, and funding it all yourself. True entrepreneurship is about the long game, and hoping for a lucky break that leads to sustained success.
Do not believe your own bull – stay critical, stay innovative
One of the most dangerous traps for an entrepreneur is falling into the echo chamber of their own success. I have seen many promising ventures falter because the leaders started to believe their own hype, losing sight of the critical need for constant questioning and innovation.
I have surrounded myself with equally inspirational and hard-working partners who are not afraid to call out my blind spots. This culture of rigorous self-examination keeps us agile and honest, and lets us pivot quickly when necessary. The moment you start believing you have figured it all out is the moment your business starts to stagnate.
The market is ever-evolving, so comb over your business – refine every process, scrutinise every success.
Stick to the knitting – find your advantage and scale It
One of the most valuable lessons I learned is to focus on what you do best – what I call sticking to the knitting.
We had originally launched as a behavioural rewards app in the property sector but when the pandemic hit, we realised we had to pivot – and fast! Our past success with Popimedia prompted our return to AdTech – but this time, applied to the real estate sector. From there, we refined our technology to create an intelligent platform that’s transcended real estate and is making waves around the world, in industries like retail, automotive, and insurance.
I now see our company as the intersection of large digital media budgets, data and AdTech, but we only got here because we doubled down on what we knew was our strength – a deep expertise in harnessing data, and a deep understanding of the media buying world, to drive meaningful connections.
So I believe that finding your niche and scaling it is key to building a sustainable business. In a world full of distractions, staying focused on your core strengths is what will set you apart from the competition.
Persistence beats resistance – get comfortable with being uncomfortable
Entrepreneurship is not for the faint-hearted. It’s marked by constant challenges and resistance, both internal and external. But in the face of setbacks, you have to learn to back yourself and your vision, even when it means stepping into uncomfortable territory.
When we started Popimedia, most ad agencies didn’t even know or care what Facebook was. After all, what could I, with a background in commercial law, and Popimedia’s other two co-founders, both engineers by training, bring to the table? But we viewed problems as a blank canvas, believed in our mission and pushed through the resistance.
The ability to persevere through discomfort is what separates those who succeed from those who merely dream.
Make scary decisions – the line between failure and great success
The final lesson is perhaps the most challenging – making scary decisions. These are the decisions that can either get you fired or lead to unprecedented success. These are moments when you have to trust your gut and hope your parachute opens on the way down.
I have had my share throughout my career – from choosing to enter new markets and invest in cutting-edge technology to pivoting our business model. Such decisions are fraught with risk, but as an entrepreneur, you must face making them, because they are the decisions with the potential to catapult your business from good to great.
The fact is, the entrepreneurial mindset is not something you are born with – it’s something you resonate with and cultivate through experience taking risks, resilience, and drive.
We live by these principles, by pushing ourselves to innovate, disrupt, and ultimately, to connect people and businesses in ways that matter. I keep learning how success is a series of calculated risks, persistent efforts, and the courage to make choices others might shy away from. That, to me, is the thrill of entrepreneurship.
Related FAQs: Embracing an entrepreneurial mindset
Q: What is an entrepreneurial mindset?
A: An entrepreneurial mindset is characterised by a way of thinking that enables individuals to recognise and seize opportunities, take calculated risks and create value in the business landscape. It involves an openness to learning and a drive to innovate.
Q: How can I develop an entrepreneurial mindset?
A: To develop an entrepreneurial mindset, you should embrace a growth mindset, cultivate problem-solving skills and learn from your failures. Engage in activities that challenge you to think creatively and take calculated risks.
Q: What are the key characteristics of an entrepreneurial mindset?
A: Key characteristics include resilience, creativity, adaptability, a willingness to take risks and an ability to learn from failures. Successful entrepreneurs also exhibit strong problem-solving abilities and a passion for creating value.
Q: Why is it important to embrace an entrepreneurial mindset?
A: Embracing an entrepreneurial mindset is crucial for fostering innovation and adaptability in a rapidly changing business landscape. It equips individuals with the tools to identify opportunities for growth and approach challenges with confidence.
Q: How can I cultivate an entrepreneurial mindset in my team?
A: You can cultivate an entrepreneurial mindset in your team by encouraging open communication, fostering a culture of innovation and providing opportunities for team members to take calculated risks. Support learning from failures and celebrate successes to motivate entrepreneurial thinking.
Q: What is the relationship between an entrepreneurial mindset and entrepreneurial success?
A: An entrepreneurial mindset is often the foundation for entrepreneurial success. Those who develop their entrepreneurial mindset are better equipped to navigate challenges, seize opportunities and ultimately achieve their business goals.
Q: How do entrepreneurs learn from failures?
A: Entrepreneurs learn from failures by analysing what went wrong, reflecting on their decisions, and applying those lessons to future endeavours. This iterative process fosters growth and resilience, critical components of an entrepreneurial mindset.
Q: Can anyone develop an entrepreneurial mindset?
A: Yes, anyone can develop an entrepreneurial mindset. It requires intentional effort to cultivate skills such as creativity, resilience and risk-taking. With practice and a willingness to learn, individuals can embrace an entrepreneurial spirit.
Q: What role does risk-taking play in developing an entrepreneurial mindset?
A: Risk-taking is essential for developing an entrepreneurial mindset, as it encourages individuals to step out of their comfort zones and explore new opportunities. Successful entrepreneurs aren’t afraid to take calculated risks to achieve their goals.
Q: How does an entrepreneurial mindset contribute to personal growth?
A: An entrepreneurial mindset contributes to personal growth by encouraging individuals to embrace challenges, learn continuously and adapt to change. This mindset fosters a proactive approach to life and careers, leading to greater fulfilment and achievement.
