Entrepreneurial spirit vs. entrepreneurial mindset vs. the process of entrepreneurship – what does this all mean, and how can it help you run your own business on Amazon? Individuals with an entrepreneurial spirit have the passion, enthusiasm, and energy to drive the creation of a new business – it’s the intrinsic motivation that fuels the entrepreneurial journey. Sure, you might have the entrepreneurial mindset – rather, the way of thinking that allows you to identify opportunities, take initiative, and innovate – and you may understand the processes of entrepreneurship, from idea generation to growth and scaling. But if you really want to succeed, it’s important to keep your entrepreneurial spirit alive.
Did you know that Jana started out as a translator? Now, she’s a successful entrepreneur, at the helm of the most successful Amazon-centric translation and localization agencies, having helped hundreds of sellers expand their businesses globally through effective translations and Amazon knowhow. YLT Translations got to where it is today because of the entrepreneurial spirit of our fabulous business owner.
In this week’s blog, let’s explore 10 ways to fuel your entrepreneurial spirit – and how that can help you expand your product or service on a global scale.
Entrepreneurial Spirit #1: Learn and Grow
Being an entrepreneur isn’t just about identifying new opportunities and growing a small business. One of the top characteristics of the entrepreneurial spirit is the ability to learn and grow. It’s crucial to stay ahead of trends and innovations.
Consider enrolling in online courses and workshops to enhance your skills and stay on top of new developments with the Amazon algorithm. Read industry-related books and articles, and attend webinars and conferences. Look at Steve Jobs – Reed College’s most famous dropout. Although he never got a college degree, he went on to create Apple. In spite of being adopted by a poor family, Jobs died with a capital of 7 billion US dollars.
Innovative ideas don’t come in a vacuum. They arrive as a result of continuous learning, and exposure to the trends that drive the world. Business decisions should be made in consideration of technologies, theories, and developments that impact entrepreneurial ventures.
What does that mean for Amazon Sellers? As you look for ways to defray costs and improve profit, you must be continuously developing and growing yourself. When Jana first started out, she insisted on continuous improvement through regular learning and growth. It’s how she developed the managerial skills to grow a team to more than 80 remote employees all over the world — and develop the Amazon knowhow to optimize listings in around 15 languages.
Today, she continues to learn and grow, evidenced by her interest in AI. AI is growing at a rapid pace, and she stays on top of technological advancements with the goal of improving YLT’s strengths and capabilities every single day.
Check out this blog for more information on Artificial Intelligence in Product Listings.
Entrepreneurial Spirit #2: Foster a Growth Mindset
Stanford psychologist Carol Dweck and her colleagues conceived the Growth Mindset, which is the belief that one’s abilities, intelligence, and talents can be developed over time through effort, learning, and perseverance. This concept contrasts with a fixed mindset, where individuals believe that their basic qualities, such as intelligence or talent, are static traits that cannot be significantly developed. (Psychology Today)
People with an entrepreneurial spirit have a Growth Mindset. They understand that life is a series of improvements, failures, and successes, and through perseverance and determination, they’ll achieve their goals.
If sales are down today, if shipping is delayed, if you got a negative review, you recognize that these setbacks are just an opportunity to learn and grow. That’s why the Growth Mindset is one of the most important characteristics of an entrepreneur.
How do you implement the Growth Mentality as an Amazon Seller?
- Set challenging goals.
- View failures as learning opportunities.
- Seek feedback and use it to improve.
As Maya Angelou once said, “Do the best you can until you know better. Then when you know better, do better.”
Entrepreneurial Spirit #3: Networking
Entrepreneurs help entrepreneurs. That’s how life works. Networking is a critical tool for gaining new insights and opportunities in any industry, but most especially in Amazon. By building a strong network, you can access valuable information, uncover new business prospects, and develop relationships that can support your personal and professional growth.
There are many networking opportunities where you’ll meet speakers like Jana. The YLT Translations team has shown up at the Seller Cruise, CampECom, the Global Sources Summit, and Prosper Show, to name a few. Jana herself has spoken at over 100 conferences and participated in around 200 podcasts and webinars, and she’s known to send her team to attend various shows and meetups all over the globe.
These events allow the team to stay updated with the latest industry trends, and meet potential clients, partners, and mentors.
Don’t skip out on those networking events. You’ll meet other individuals with an entrepreneurial mindset, and fast-track your growth.
Entrepreneurial Spirit #4: Take Risks!
Sure, Jana could have stayed a translator. She could have settled down early and hastened motherhood. But she knew that YLT Translations could be big.
“I saw the state that the content was in at that time,” Jana remembers. “I thought it could be done better, better than hiring freelancers to translate the content as-is. We needed a service that wouldn’t just translate, but would optimize highly relevant keywords, and localize the listings, so they connect with the target audience.”
The drive to succeed is often subdued by a fear of failure. Many business owners are afraid to take risks because of the possible repercussions. But when you’re deterred by failure, you fail to achieve the big things – things the world needs, which you can provide.
Starting your own business is filled with failure. You will make mistakes when you try to bring your ideas to life. You might buy your initial products at a higher cost, or make mistakes in your SEO that leads to your product not getting found by the right target audience. That’s okay. Keep going. Don’t stop.
Taking risks is the best way to grow and evolve. It takes courage, strength, and a lot of humility to see the big picture, and get to solving problems in innovative ways. The entrepreneurial spirit is driven by this courage, strength, and humility, so stay motivated and inspired by your cause, and take those risks.
Identify the potential risks and benefits. Take small ones first to build confidence. And don’t forget to learn from each risk-taking experience. Entrepreneurship is all about creating a better future – even if it lies in innovating the humble garlic press to reduce hand fatigue!
“There’s a silly notion that failure’s not an option at NASA. Failure is an option here. If things are not failing, you are not innovating enough.” (Elon Musk)
Entrepreneurial Spirit #5: Be Curious. Experiment.
Further to taking risks – stay curious. Curiosity and experimentation are top characteristics of entrepreneurial spirit – entrepreneurs are always innovating and trying new things. After all, how else will you buck the trend, and become a trendsetter yourself? It’s crucial to adapt to the ever-changing market landscape through constant innovation.
Take a look at YLT’s Amazon Product Opportunity Report – a specialized report that helps Amazon Sellers identify possible lucrative markets for global expansion. This innovative tool is proof of Jana’s constant experimentation, which leads her to identify tools and tricks that serve Amazon Sellers better.
MIT’s Sloan Review produced a report on the impact of innovation on financial performance. Results showed that companies with higher ideation rates—more winning ideas per 1,000 users—experienced significant profit growth, with the highest ideation rates linked to the greatest profitability. This pattern suggests that a culture of innovation, which systematically nurtures employee ideas, is crucial for driving company growth and profitability.
Create a culture of innovation and curiosity. Brainstorm with your team regularly on how to improve. Experiment with different approaches, and stay informed about technological advancements. Don’t be afraid to experiment!
Entrepreneurial Spirit #6: Stay Resilient and Get Over Your Fear of Failure
Resilience is essential for overcoming setbacks! Failure is inevitable; it’s how you handle failure that spells success. Look at challenges as opportunities for growth.
As the Harvard Business School Review stated, “Resilient people and companies face reality with staunchness, make meaning of hardship instead of crying out in despair, and improvise solutions from thin air.” Let that be your guiding principle next time your shipments are delayed or you don’t win the Buy Box.
In this article on being a Female Entrepreneur, Jana shares that many people criticized her life choices, like putting up a company and delaying having children. “Not everyone will understand you, and that’s okay,” she pointed out. Entrepreneurs often face criticism along the way as they strive to fulfill their potential. It’s not easy being an entrepreneur; it definitely isn’t for everybody, and the imposter syndrome will be a nagging constant.
What measures true entrepreneurial spirit is the ability to face disappointment in the face, and to look at setbacks as opportunities to improve.
So, the next time things don’t go your way, look deep and find the entrepreneurial spirit within, and tell yourself this is just another one of the issues you need to solve when you start a new business – or expand your Amazon business on a global scale!
Entrepreneurial Spirit #7: Hone Your Leadership and Entrepreneurial Skills
Strong leadership skills are crucial for success. According to the University of Arizona, the Top 5 leadership skills are:
- Decisiveness: The ability to make decisions quickly and effectively, even under pressure.
- Critical Thinking: The capacity to analyze complex issues and make well-informed decisions.
- Motivation: Inspiring and energizing oneself and others to achieve goals.
- Integrity: Upholding ethical standards and building trust through honesty and consistency.
- Team Building: Creating cohesive, motivated teams that work collaboratively toward common objectives.
This links to the 5 P’s of entrepreneurship, according to Talent LMS:
- Persistence: Continually striving towards goals despite challenges and setbacks. Jana, for instance, demonstrated persistence by pushing through societal pressures and self-doubt to establish YLT Translations. She faced numerous obstacles but never lost sight of her vision, consistently working towards her long-term objectives.
- Patience: Understanding that success takes time and being willing to invest the necessary effort over the long haul. Jana’s journey reflects this patience; it took her four years to gather the courage to leave her stable job and start her own business. She knew that building something meaningful would not happen overnight and was prepared to wait for the right moment to make her move.
- Purpose: Having a clear vision and a sense of direction that drives all actions and decisions. Jana’s purpose was to create a translation agency that not only translated content but optimized it for eCommerce, connecting with global audiences. This clear purpose guided her through difficult times and kept her focused on her goals.
- People: Building and nurturing a strong network of relationships. Jana understands the importance of surrounding herself with supportive people and building a capable team. She recognizes that her success is tied to the collective efforts of her team and values each member’s contributions.
- Profits: Ensuring that the business is financially viable and profitable. Jana’s strategic decisions, such as investing in ideation management software and continuously seeking innovative solutions, have helped YLT Translations achieve sustained profitability and growth.
Focus on these key leadership skills.
Entrepreneurial Spirit #8: Focus on the Customer
Any successful business leader will assure you that customers are the priority. By placing customers at the center of your business, you ensure that their needs, preferences, and feedback drive your decision-making processes. This customer-centric approach not only builds loyalty and trust, but also fosters long-term relationships that can lead to sustained business growth. It’s important to tailor your products and services to suit the needs of your market.
Solicit reviews from your customers through product inserts and engaging with them regularly.
Think about implementing a ChatBot to answer FAQs in every region that you sell in, and employ multilingual virtual assistants to handle queries that a bot cannot. That way, your customers’ concerns and feedback are addressed quickly and in a language they’re comfortable communicating in.
Always be innovating! Consider the criticisms that your customers have about your product, and try to change your product to suit their preferences – if it makes sense.
And don’t forget to localize your content for different markets! By communicating with customers in their native tongue, you show them that you respect their cultural sensitivities, and are willing to go the extra mile for them.
Entrepreneurial Spirit #9: Willingness to Adapt to Change
In today’s fast-paced business world, and most especially in eCommerce where things change at breakneck speed, adaptability is essential for survival and success. The ability to quickly respond to changes, whether they are market shifts, technological advancements, or evolving customer preferences, can set a business apart from its competitors.
Given that nobody really knows how the algorithm works, staying on top of changes is crucial to the success of your Amazon listings. The best way to do that is to stay on top of industry insights and news, such as following thought leaders on social media, attending networking events, and keeping in touch with other entrepreneurs like yourself.
Being adaptable to change is a wonderful way of approaching situations. Thinking of new ways to circumvent situations, exploring new technologies and solutions, and the willingness to take calculated risks are all traits you need to succeed as an Amazon Seller.
Bottom line? Entrepreneurs are resourceful, and adaptable to new ideas. Cultivate a work environment where change is a crucial part of your company culture, and you’ll find that you and your employees approach the world – and all of its idiosyncrasies – with bravery, grit, and entrepreneurial spirit, indeed.
Entrepreneurial Spirit #10: Be Resourceful in Seeking Out Mentors
Last but not least, a great way to maintain an entrepreneurial spirit is to seek out mentors – especially in Amazon, where thought leaders like Jana and her peers have access to technology, software, tactics, and strategies that will propel your business forward. One of the best ways to improve yourself is to follow the example of those who’ve gone before – a doer and a shaker in the Amazon world – who can help guide you and usher your success in a more rapid way.
You can follow them on social media, or find them at an Amazon conference near you, or subscribe to their courses or programs.
Think of Brandon Young, whose insights on ranking and selling on Amazon are a goldmine.
Or Destaney Wishon, CEO and co-founder of btr Media; her insights on advertising and media can push your efforts forward.
There’s also Amy Wees of Amazing at Home, whose coaching programs have been proven to really work.
How about Danny McMillan, who makes music (pardon the pun) with many Amazon businesses?
In fact, all you have to do is to look for Jana on YouTube and LinkedIn, and see how many like-minded thought leaders and subject matter experts interact with her – and you’ll know whose content will help propel your business forward.
With a wealth of mentors out there, it’s easy to find one that suits your goals.
By learning from these experts, you’ll find that you’ll be in a better position of mentoring employees. Develop their skills, share the love, and your Amazon business will be more likely to succeed.
Conclusion: Develop an Entrepreneurial Spirit Just Like Jana!
Embracing the entrepreneurial spirit is crucial for anyone looking to succeed in business, especially in a competitive landscape like Amazon. Understanding the nuances between an entrepreneurial spirit, an entrepreneurial mindset, and the process of entrepreneurship can provide you with the necessary tools to navigate your journey effectively. While having the mindset and knowing the processes are important, it is the entrepreneurial spirit that keeps the drive alive, enabling you to overcome challenges and continually push forward.
Jana’s journey from being a translator to running one of the most successful Amazon-centric translation and localization agencies showcases the power of this spirit. Her continuous learning, willingness to take risks, focus on customer needs, and adaptability to change have all contributed to her success. Through networking, embracing resilience, honing leadership skills, and seeking mentorship, Jana has built a thriving business that helps Amazon sellers expand globally.
By following these top 10 ways to build your entrepreneurial spirit, you can enhance your ability to innovate, lead, and grow your business. Remember, the path to entrepreneurial success is not easy, but with passion, perseverance, and a commitment to continuous improvement, you can achieve remarkable outcomes. Keep the entrepreneurial spirit alive; there’s an entire community of Amazon thought leaders, service providers, and subject matter experts cheering you on!