What is an Entrepreneurial Mindset and How to Develop One?
The calendar year 2020 had 31.7 million small businesses in the United States, making up 99% of all businesses.
Starting a new business has its own trials and tribulations. It requires diligence, faith, and persistent hard work. We see that some early-venturers gain lots of success while others fail to do so. What separates both of them is the presence of an entrepreneurial mindset.
If you want to become a successful young entrepreneur, you must cultivate an entrepreneurial mindset. The challenges a business poses can be tackled with the right mental attitude.
So, the question remains, what is an entrepreneurial mindset? Let’s delve deep into the topic and learn about the entrepreneurial mindset.
What is an Entrepreneurial Mindset?
If entrepreneurship is the art of crafting a business, then an entrepreneurial mindset is the set of beliefs, modes of thinking to achieve the desired objectives.
Entrepreneurs firmly believe in the growth mindset and improving their life situation on their own. They believe in learning, growing, and succeeding.
For a successful business, having the right attitude and mindset might just be as important as producing sustainable business models or reaching sales objectives.
That is where successful entrepreneurs separate themselves from traditional thinkers. For example, if a traditional earner is in need of more money, they will try to brush up their resume and look for a job that pays better.
On the contrary, people with an entrepreneurial mindset would come up with small and new effective business solutions to earn money.
Now, moving further with the subject, there are certain characteristics that aspiring entrepreneurs need to cultivate to boost their chances of success.
Characteristics of an Entrepreneurial Mindset
Each and every entrepreneur is unique and they have their ways of acquiring success, but along the way, they all share some characteristics that make them successful business professionals. Some of these characteristics are –
1. Ability to confront self-doubt
We all have phases where we’re constantly doubting ourselves. Entrepreneurial thinkers have the ability to be their own coach when needed. They are able to control and manage their thoughts and address their self-doubt in an effective manner.
When you do that for yourself, ways open up for you to navigate through and reach success.
You do not need to shy away from taking responsibility. Entrepreneurial spirit demands you to take up accountability for all the decisions you’ve taken for your business.
It is easier to find excuses when things go south but an entrepreneurial mindset is immensely focused on finding solutions.
You’re bound to make mistakes when you’re launching a new venture. From the topmost entrepreneurs to low-level professionals, everyone makes mistakes.
That is the reason why resilience is such an important life skill for entrepreneurs. If you have the ability to rise when your back is against the wall, if you have the ability to lead in tough situations, then you will always find a way to keep your business afloat.
4. Willingness to Experiment
Whether you’re trying for a small business venture or you’re the co-founder of a booming business, your road will be full of tough decisions wherein you’ll need to experiment to stay relevant.
Entrepreneurs are not afraid to experiment with their decisions, with new products, with sales strategies, and with new business plans. This ability to be innovative provides them with all the deserved rewards.
“If you are the smartest person in the room, you are in the wrong room.”
– Someone smarter than me.
If you want to be a successful entrepreneur in the long term, maintain distance from pride or arrogance. Humility is a trait that keeps you grounded and focused on the needs of your business.
Humility also provides you with the ability to learn from others and perceive things that are not in your belief system. Thinking like an entrepreneur requires you to believe that someone has been there before you and there is a lot to learn and grow.
How to Develop an Entrepreneurial Mindset?
Even though it may seem like that, you really don’t need to be the CEO of a booming business to cultivate your entrepreneurial skills and entrepreneurial mindset.
With whatever activities you’re currently doing, you can hone the skill set that is required for successful entrepreneurship. Let’s have a look at some of the ways you can acquire the mindset of an entrepreneur –
1. Set clear goals
Set clear goals and do not stop until you reach them. Write them down, recite them out to the world or to the sky, share with your friends and family who will hold you accountable, find your own ways but make sure you reach your desired objectives.
Entrepreneurs work on their goals bit by bit; they reach there slowly and steadily. If you’re not clear about your goals, take some time out and find the much-needed clarity and learn what you want to aim for.
Entrepreneurs and leading innovators must hone their ability to effectively analyze situations and make beneficial decisions for the business. Often it has been that early ventures or small ventures are ruined because of indecision.
This is why making confident decisions is one of the most important entrepreneurial skills.
Decisiveness is a skill that you can practice in your day-to-day life. May it be on your morning plans or ordering something at a restaurant. Practice making small but crucial decisions and this habit will pay off in the larger context of your entrepreneurial journey.
3. Redefine failure
Failure is often termed as a pessimistic term with a negative connotation, but the best of entrepreneurs mold their failures into lessons of learning and success. Failure is a testament to your attempts, that you’ve tried to do something. Do not be afraid of failures.
Practice failure dialogues. You can write them down in your notebook or recite them out loud to your friends. Ask them to remind you of your day-to-day failures in a positive way and soon you will find that the shame and stigma around failure are diminishing. You will instead focus on the attempts that you have made.
4. Face your fears
As an aspiring entrepreneur, you need to tackle your fear of public speaking, judgments, and embarrassment. The only way to deal with this fear is to expose yourself to it. Getting rejected is a part of life. Consistent rejection anesthetizes you and the fear slowly fades away. Even the greatest of entrepreneurs have been rejected consistently, but they act even with fear.
Source: Business Idea Insight
If you’re afraid of public speaking, take a class, anything that gets you going. Take up an acting class to improve your communication skills. These activities will help you get comfortable with vulnerability and get accustomed to strangers.
Moreover, you’ll learn the importance of timely delivery, a necessary skill in sales. Similarly, if you want to improve your problem-solving or critical thinking skills, take up a debate. All of these ways will move you towards acquiring an entrepreneurial mindset.
5. Remain curious
Curiosity is one of the most important traits for successful entrepreneurs. To remain competitive, to strive for excellence, you must have the desire to set out with new experiences. Meet new people, go around distinctive events, make new friends.
Never ever lose your curiosity to seek something different around the corners.
In a Nutshell
Having entrepreneurial skills and an active entrepreneurial mindset allows you to see the world in a different light. It separates you from the average traditional worker and lays the foundation for a successful journey.
Now, it is important to understand that you cannot develop an entrepreneurial mindset overnight, in one go, but you can learn to slowly cultivate it. Your understanding of the key entrepreneurial characteristics will help you learn, behave and think like an entrepreneur.
Entrepreneurship is no longer a business skill, but a life skill to be cultivated on a regular basis. Moonpreneur is doing a tremendous job in fostering and cultivating an entrepreneurial mindset in children and young adults. Entrepreneurship is a skill that will be critical for the future of work.
Moonpreneur’s Innovator Program, designed for children aged 10-17, is an educational program that empowers and nurtures them to become future innovators and entrepreneurs. Book a free trial today and start your entrepreneurial journey in a holistic learning environment.