References

Priestley D. Entrepreneur revolution: how to develop your entrepreneurial mindset and start a business that works.Mankato (US): Capstone Publishing Ltd; 2013

Five entrepreneurial challenges to boost your entrepreneurship

02 February 2022
Volume 11 · Issue 1

Abstract

In this article, Jason Ratcliffe discusses how the entrepreneurial mind works and what can hold entrepreneurs back and sets five challenges to help stimulate business creativity

Once you have an idea, try making three calls to find out what other people think of it

The human mind is incredibly complex, and (unless your speciality is neuroscience, psychology or psychiatry) using an abstract model is the best way to understand how it works. For example, many dieting programmes use the elephant and rider model to describe how to manage cravings and not give in to temptation. However, another model applies to entrepreneurship: the reptile, the monkey and the empire builder (Priestley, 2013).

The reptile

The reptile looks upon the world as a dangerous place where nothing can be trusted. Its primary purpose is to ensure that you can escape and survive any difficult or stressful situation.

It has little empathy for others and will look out for scenarios that appear to provide for your immediate survival and involve as little effort as possible. If you have ever lashed out at someone, sent an unkind email in anger or binged on junk food, that was your reptile brain taking over.

The monkey

The monkey brain loves repetitive tasks and peak emotions, such as sadness, happiness, surprise and excitement. Marketeers are particularly adept at feeding these peak emotions, so they can show you adverts and encourage you to purchase products. For example, this can be seen on Facebook and Netflix and in newspapers.

The empire builder

The empire builder is where your logic, reasoning, empathy and higher consciousness lie. These are all key to building a business. It can connect with people, develop unique insights from your past or the stories of others and devise strategies. Rather than being obsessed with ownership, the empire builder is more interested in what it can influence. If you have ever had flashes of pure inspiration and have felt that anything is possible or wanted to do something meaningful for humanity, you were having an empire-building moment.

What is holding us back?

However, there is a problem with this arrangement of reptile, monkey and empire builder. The lower parts of the brain are strong and can shut down the higher parts of the brain. For example, if the reptile gets overstimulated, the monkey and empire builder cannot be accessed. The reptile was designed to protect you from harm when threatened, not empathise or make friends with it. This problem also applies to the elephant and rider model that is used in dieting programmes. If the elephant feels hungry, the rider will have difficulty keeping the elephant raiding the kitchen. If a diet leaves you feeling hungry, then willpower will eventually fail.

If looking at most spiritual teachings that lead to a path of enlightenment, most of them suggest tuning out from the reptile and monkey noise to access your higher consciousness. To access your higher empire builder, you need to do something similar:

  • Keep the reptile happy. Tell yourself that you do not need anything—you are complete and whole at this moment and your survival is not threatened
  • Do not overstimulate the monkey. Avoid the emotional highs and lows you are exposed to on a daily basis (note that love and inspiration are not included in this definition).

To get your empire brain functioning more, try the below challenges.

Challenge one: do not overstimulate the reptile

Avoid engaging in negative self-talk about how tough life is and how scarce things are. To do this, try the following:

  • Do not have an empty fridge and continuously eat unhealthy food
  • If possible, make sure you always have access to money. Put a small amount away in a savings account each month as your wealth-building account
  • Reward yourself for your efforts.

Without these steps, you will keep taking short-term actions that, at worst, will come back to bite you later. If you can do these challenges, the reptile will not feel threatened with everyday life, and it will build your confidence.

» You are heavily influenced by the people who you converse with, so spend time with people who bring out the best in you and inspire you. If you do not know many people who inspire you, spend some time networking in places where you are likely to meet them, for example, at conferences «

Challenge two: do not let the monkey take over

Society is geared towards stimulating the monkey brain and keeping a worker mindset, and that message is played daily and loudly. Try the following:

  • Tune out from the news and avoid traditional media. In the past, people were expected to keep abreast of current events as educated members of society and free thinkers. These days, many newspapers are filled with stories that have no direct bearing on our lives and are usually designed to invoke negative peak emotions to consume our time and expose us to advertisements
  • Limit social media use: if you must, allocate 30 minutes each day for it, but no more. Perhaps try reading a book instead.

This will be harder than it sounds, as our monkey brain is addicted to the emotional highs and lows generated by the press. Initially, you might feel anxious about missing out on something, but you will soon discover that, if it really does relate to you, someone will tell you about it.

Challenge three: reduce your time with people who bring you down

You are heavily influenced by the people who you converse with, so spend time with people who bring out the best in you and inspire you. If you do not know many people who inspire you, spend some time networking in places where you are likely to meet them, for example, at conferences.

Additionally, perhaps try asking people who you do not know directly out for a business lunch and offer to pay for it. You will soon be listening to their stories and getting great advice. You will soon find your conversations moving from lack of money or opportunity to dreams, plans and revenue targets.

Challenge four: get your business organised

To build an empire, you need to understand how to manage one—even if you do not have one yet. You need to understand company structures, taxation and managing wealth before you have it. Many professionals will offer 1 hour of their time for free. Try the following:

  • Speak to a business adviser: many local councils offer business advice, and talking with them will help to make you aware of what funding and support is available
  • Speak to an accountant: it may be that you do not understand all the financial implications of running a business, and an accountant can give you some excellent advice. If you are currently operating your business as a sole trader, find out when it becomes prudent to set up a limited company
  • Speak to a lawyer: they may be able to provide some insight into both the pitfalls and opportunities in the area that you are considering.

Challenge five: make three calls

This challenge is my favourite. Start something bold and exciting, but do not plan too far ahead, and then make three calls to start to figure out how to make it happen.

While at university, Daniel Priestley and his friend came up with an idea to organise a dance party for 15–17-year-olds. After brainstorming some ideas about how to run and market the event, they were given some advice by Daniel's father: make three calls to find out if anyone is interested in it. Not friends or family, but people who will either be able to make the event happen or tell you why it is not for them.

His first call was to a warehouse, who told him that it was not a suitable venue, but suggested they try a nightclub venue instead. The second call was to a popular nightclub, and he was asked to fax through a proposal and organise a time to meet. His third call was back to his father to figure out what a proposal was.

The meeting with the nightclub manager was a success, and they suggested that they consider radio adverts. Three calls to local radio stations resulted in $4000 of free adverts in exchange for the event's naming rights. The radio station suggested getting some prizes for the event, and three calls to local retailers resulted in $1000 of free prizes. One of the stores then suggested a fashion parade and, three calls later, this resulted in someone in Daniel's class offering to run it.

Think of an idea, then make some calls to see if it is viable to people who can advance the idea. Do not fall into the trap of just phoning your friends, though, as it is more likely that they will tell you it is a great idea—even if it is not—to avoid offending you.

Conclusions

Developing an entrepreneurial outlook involves mitigating any perceived threats that may cause an irrational sense of anxiety and decluttering our mind to allow those insights to surface. It is okay not to know how to do something, and there are many people who will give you some advice. Be bold and reach out to them—you might end up helping each other.