Beyond Profit: The Mindset of Successful Entrepreneurs

In today’s fast-paced business environment, generating profit is essential for every business. In fact, profit is one of the key factors for measuring business growth, but great entrepreneurs aim for more than profits. True entrepreneurship goes beyond the numbers on a balance sheet and focuses more on something that lasts.

Successful entrepreneurs like Elon Musk and Steve Jobs focused on building systems, solving problems, creating a value chain, and aiding convenience. In Nigeria, Aliko Dangote is also an example of an entrepreneur who focuses not only on profit. Dangote Cement owns limestone quarries and raw materials mines, produces cement in large plants across Africa, and also distributes through its own logistic network. This is beyond selling a product; it is creating a value chain.

To successful entrepreneurs, profit is not the mission – it is the result. Their focus is not to sell a product but to build a system of value.

What entrepreneurs prioritize over profit.

1. Solving Problems: Great entrepreneurs are problem solvers. They identified gaps, analyzed them effectively, and provided practical solutions which bring convenience to people. Uber, for example, identified the frustrations and time being wasted in finding a taxi and used technology to solve them effectively, conveniently and profitably. Customers do not pay for products; they pay for value.
2. Creating long-term value: Successful entrepreneurs are long-term oriented people. The focus is on building a system that can adapt and remain relevant for a long time. This involves shifting from short-term profit and focusing on building strong brands, customer loyalty and a resilient team.
3. Building strong customer relations: In today’s hyper-competitive business world, smooth customer relations have become a priority for a business to succeed. Customers will always remember how they are treated when making purchases; therefore, successful entrepreneurs prioritize customer satisfaction by ensuring that customers feel valued, happy and confident every time they interact with the brand.
4. Workforce investment: The workforce is the heart and engine of any business. Successful entrepreneurs understand that investment in the workforce is not an expense, it is an investment in the future performance, innovation and sustainability of any business.

Profit keeps the business running, but value, peace of mind and people grow the business. Prioritizing problem-solving, workforce development, and good customer relations is essential in building a business and laying a legacy.