What is an Entrepreneurial Mindset? How to think like an entrepreneur
Interested in becoming an entrepreneur? The path may not be an easy one but don’t let that scare you! Here’s the kind of mindset you need:
An entrepreneur is a person who sets up a business and takes on financial risks in the hope of profit. To be an entrepreneur, you must be willing to constantly learn, grow, broaden your skillset and take on new opportunities. Entrepreneurs adopt new beliefs, aren’t afraid to try things that haven’t been done before and are willing to put themselves on the line in the hope of starting a successful business. An entrepreneurial mindset means that you are committed to succeeding in life on the back of your own skills.
Entrepreneurs make their own way forward, so it is important for you to be independent and willing to initiate new tasks and objectives. When mistakes or failures occur (which they will), take accountability and look for a solution rather than stopping dead in your tracks. Someone with an entrepreneurial mindset believes in their ability to succeed no matter what. You yourself must believe that you have what it takes to create new opportunities, overcome difficulties, and make more money.
Here are some don’ts!
Don’t be afraid of failure or to welcome a challenge. To think like an entrepreneur, you need to have a growth-oriented mindset and believe that you can learn, succeed and thrive. Don’t become fixated on the past, try and stay two steps ahead of your competition and the industry that you are trying to innovate. Don’t wait for the validation of other people. Accept yourself for who you are and work to the advantage of your strengths and weaknesses.
Entrepreneurs are open to feedback and are willing to learn from their previous success and more importantly, their failures. In the mindset of an entrepreneur, success is not seen as a pattern of everything going the way you hoped, it is listening to others and improving on previous experiences and results.
Although you may have big goals in mind, don’t forget to give yourself a reality check every now and then and accept that things won’t change overnight (for the majority of people). Inventing a business takes time, patience, hard work and a focus on the small but crucial steps that are needed to achieve your end goals.
Entrepreneurship doesn’t have to be a lonely journey. Most often than not, entrepreneurs work collaboratively with others to reach their goals. You may not be able to achieve everything alone, so when you do decide to bring a partner on board, make sure you share the same vision, values and work ethic. It’s a pretty big plus when you find someone smarter than you.
An entrepreneurial mindset welcomes courage, adaptability and a willingness to be uncomfortable. It’s going to be impossible to feel completely comfortable with every bold decision you make. No risk, no reward…right? Don’t let ‘being comfortable’ get in the way of moving towards your goals.
To think like an entrepreneur, you must be able to analyse different options, problem solve and be decisive with your decision making. It’s always great to brainstorm ideas but unless one idea is put into action nothing will ever get done. Similarly, your goals won’t be reached unless you take the physical actions needed to make those goals a reality. Reading books, listening to motivational or business podcasts or talking to an experienced entrepreneur are all fantastic steps to get you started, but you need to be committed to DOING rather than just thinking about it.
How to think like an entrepreneur? Stay motivated. Don’t rely on external factors to pick yourself up, your heart needs to be in it. The mindset of an entrepreneur is also focused and doesn’t let distractions get in the way. As an entrepreneur you must choose to prioritise goals and self-development over distraction and procrastination even when things appear to come to a dead end.
There is much that can be said about developing the mindset of an entrepreneur. Thinking like an entrepreneur involves many self-reflections and decisions. It is important to have patience and to be able to remain motivated despite failure, mistakes and setbacks.
Remember why you started, your vision, the problem you are going to solve and the people you are going to help.
So, my top tips for thinking like an entrepreneur are:
- Be willing to learn and take new opportunities head on
- Talk to someone who has been in your shoes and succeeded
- Don’t be afraid to try things that haven’t been done before or other people have failed
- Always look for a solution rather than stopping in your tracks
- Don’t be afraid to fail or have your ideas challenged
- Work to the advantages of your strengths and weaknesses
- Learn from your previous success and failure
- Find a business partner that is smarter than you
- Get used to feeling uncomfortable, not all decisions are going to feel ‘cosy’ especially when it comes to investing your finances
- Be decisive
- Don’t rely on external factors for motivation, your heart needs to be in the game