The Entrepreneurial Mindset: Why it Works

By
Tamia Tutson
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If you’ve made the bold decision to become an entrepreneur then you’ve probably done your due diligence on the career and it’s risks. Overall, entrepreneurship is a vital part of any economy; entrepreneurs drive economic development, create new jobs, and focus on creating innovative products. To become an entrepreneur you’re going to need to step out of your comfort zone and think outside of the box.

Anyone can be an entrepreneur; however, the line between entrepreneurship and success is thick. Therefore, big ideas and innovation are not the only tools you need to grasp to cut the line. If you were to ask the most successful entrepreneurs what their key to success would be, they’d all have the same response: entrepreneurial mindset.

The entrepreneurial mindset is a unique approach to building a business with a firm foundation. In this article you’ll learn what an entrepreneurial mindset is, how to develop your own, and why it’s important to have.

What is entrepreneurial mindset

The entrepreneurial minded definition is quite simple: it’s a way of thinking that allows you to identify opportunities for growth and improvement in a unique and timely fashion. You might often hear this also referred to as the “business mindset.” Regardless of what you call it, the definition remains the same.

Having good ideas is simply not enough to create success in this field of work. Becoming an entrepreneur is not easy; the path is frequently filled with rough patches that can make or break you and your business. So, your success is not only linked to your ability to cultivate creative ideas, but it’s also rooted in the way you handle failures that block your path.  

Unfortunately, there is no magic formula to success. However, the stronger your ability to overcome hardship and rethink strategies the better off you will be. Think of it like this: if you give up every single time you fail you will never finish anything. Starting a business is risky, and you’re bound to mess up or have bad days; the failures aren’t the issue, but how you respond to them might be.

How to develop an entrepreneurial mindset

The mindset you carry on a daily basis will set the tone for your company. At some point your business will not just consist of you alone, but instead a community of staff who will look to you for leadership. Part of being a successful entrepreneur is being able to dish the negativity and reframe the way you think. Fortunately, like any other life skill you can learn to reframe the way you think.

One of the easiest ways to change your thought patterns is to begin focusing on what you can control. Far too often we tend to ruminate over every little thing that goes wrong, but most of life's problems are simply out of your control. Find out just how much headspace you can free up when you learn to let go of the things you can’t change.

Whether you’re looking for the best side hustle, or fully dedicated to starting an ecommerce business there are five important factors you should consider for your success.

Entrepreneurial mindset five factors

  1. Decision Making

Your success will depend on your ability to make decisions with confidence. As an entrepreneur you can’t claim to be “Switzerland” in any situation. No decision is the worst decision, and causes a delay in action. Not to mention your future employees will count on your decision making when it comes to projects and deadlines. Don’t ignore the ability to make small decisions either. The small things will make up the bulk of what you do.

  1. Confidence

Hand in hand with decision making is confidence. When you first start out it's easy to feel like you have no idea what you’re doing–that’s okay. Truth be told, you will never always know what you’re doing nor will you have all the answers. However, confidence can make an amatuer seem like an expert. The only way you gain confidence is through practice. You may stumble along the way, but the more you practice the more confident you become. Don’t beat yourself up when you do eventually mess up (because you will). You can’t be perfect, but you can still strive for greatness.

  1. Accountability

Nobody likes a leader that can’t admit when they’re wrong. An important part of the entrepreneurial mindset is taking responsibility. Believe it or not, but you will play a part in everything that happens to your business (small or large). Once you learn to accept this you gain control. More importantly, you give your employees permission to follow suit. They’re much more likely to take responsibility for their actions if you do too. This will strengthen your communication and working relationships.

  1. Adaptability

Failure is inevitable. So, you have to learn how to deal with it and recover. There is not enough time in your day to get down every time you mess up. Resilience should be your best friend, and you should look at every mistake as an opportunity to grow; success is not linear.

  1. Humility

Lack of pride, humility, humble, no matter how you put it the definition is the same: absence of superiority or arrogance. Though you run a business, you are above no-one. The best entrepreneurs will learn from everyone in the room and have the ability to be coached. The entrepreneurial mentality leaves no room for arrogance. Everyone can always learn something.

Why is an entrepreneurial mindset important

Now that you know how entrepreneurs think, you may be wondering why it’s important. As the leader you have influence over everyone in the room. They will look at your mood and your actions every day, then they will mimic. How you show up can and will influence how they show up. When you instill yourself with decision making abilities, confidence, accountability, adaptability, and humility you allow everyone around you to do the same. This does not mean you will be perfect, but it will make you a great boss. Creating a positive work environment is crucial in maintaining productivity and overall happiness.

Changing your mindset can truly change your life. All it takes is small steps to create big change.

Take the lead

Entrepreneurs tread on very thin ice, not to mention the ambiguity of the profession that sometimes causes roadblocks. It’s so easy to get caught in the madness and lose sight of why you started. But you're not alone, and becoming successful will take a lot of heart, effort, and growth.

If you’re hesitant about taking the leap it’s okay! There are so many resources out there to help you. Maybe you’re struggling with the decision between entrepreneurship and owning a business; perhaps you’re overwhelmed by the different kinds of marketplaces. Either way, take a breath and continue to explore your options knowing that you will be okay regardless of what happens along the way.

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