Success in entrepreneurship often hinges on a mindset characterized by confidence, the ability to take calculated risks, and adaptability. Confidence fosters motivation and certainty in future endeavors, empowering individuals to tackle challenges effectively.
His pathway opens up a new creativity in the brand. Brand was established at the beginning of the career and stick with Mr.Toan until now
Opening up a market with many competitors is a real challenge to succeed, as customers will be divided into small parts (Hall, 2002). However, he used the old style to attract customers when they are so depressed with the coffee field in the house today. Coffee combined with garden and antique furniture will be a new delight.
The differentiated products is the opportunity for the necessary competition for a market with many competitors (Horsky and Nelson, 1992).
Entrepreneur Mindset
Persistence
Persistence is one aspect that leads to long-term success based on an effort. Perseverance can be identified as a passion for something that a person wants to achieve at any time.
Ex: Toan has pursued passion for more than 10 years in the coffee and antiques business. Despite failing many times and having to stop the activities of the two bars, he continued to develop, trying to increase the scale and product as well.
His pathway opens up a new creativity in the brand. Brand was established at the beginning of the career and stick with Mr.Toan until now
Flexible and adaptable
Adaptability and flexibility in business is a possibility that agile managers apply outside influences to the inner development of the business. The impact and change around are experiences to change the business that develops in that direction (Martin and Rice, 2009).
Ex: Change strategies to replace failures and old ones. Mr.Toan applied modern things to the ancients such as take-away drinks, modern lighting fixtures and stylish uniforms for employees. Targeting all segmentations, so he had to changes to suilt for all of them
Listening
According to Moore in 1953, when listening to ideas from others, you can increase your knowledge and experience to cultivate as a good skill. This is also a necessary skill for managers to be able to listen to ideas, although it is contrary to the understanding of employees, supervisors or people around them.
Ex: Listening is learning (Toan, 2018)
- Gain experince from listening other opinions or story
- Reinforce ideas for future plans
- Listening to comments from employees, customers, and even their complaints to complete the product.
Ability to take risk
Following Walker in 2006, risk management is the identification, evaluation and prioritization of risk (the impact of uncertainty on objectives) followed by the rational application of resources to minimize, monitor and control the risk. The occurrence or effect of unlucky events or to maximize the realization of opportunities. The objective of risk management is to ensure that this uncertainty does not mislead the activities of the business objectives
Ex: He has continued his path for more than 10 years and has accepted the many risks in the beginning, when the customer is so surprised with the style of his product. His trend is different from others, so the chances of success will be minimal. However, Toan said that failure would also be a lesson to develop for other intentions, to change it into something successful.
Confidence
Confidence creates the driving motivation and certainty for future ideas of investors. Additionally, confidence builds power in working process and it devises ways to solve the problem quickly (Kee, 2000 & Williams, 2001).
Ex: The confidence of Toan that he has gone against the trend as modern home coffee companies like Highlands, Starburk. His direction is unique design with antique decoration, put his passion for antiques into the work.
