Building an Entrepreneurial Mindset
What comes to mind when someone mentions the word “Entrepreneur”? While it could just be someone who starts their own business, there are many entrepreneurs in the world who don’t necessarily work for themselves.
In this article we’ll explore common characteristics that can help develop an entrepreneurial mindset such as risk-taking, perseverance, adaptability. These are all critical skills during the entrepreneurial journey but also in any stage of your professional and personal career.
Entrepreneurs seem to possess certain qualities that provide an edge in turning their visions into reality. Developing an entrepreneurial mindset takes cultivating specific characteristics that drive the success of many business owners. Here are some key traits that help entrepreneurs thrive and how you can build them for yourself:
Risk-Taking
Entrepreneurs are often seen as risk-takers, as starting a business inherently comes with uncertainty and the chance of failure. While calculated risks are part of the job, successful entrepreneurs mitigate risks by thoroughly planning, testing ideas, understanding their market, and utilizing available resources. Being open to taking strategic risks can help you act upon new opportunities. An element of risk and uncertainty adds adventure, spice, and memorable experiences to life and business. Playing it safe at all times can lead to boredom and stagnation which doesn’t lead to progress.
At the same time you’re allowed to take risks outside of starting a business or taking out a loan. If you work a standard 9-5 role try taking calculated risks with ongoing projects and initiatives. This doesn’t mean go lone-wolf or rogue versus the rest of the team, but you can practice in a professional setting that benefits the company while prepping for your own inevitable journey.
Perseverance
This is one we like to take to heart, it is one of the 5 tenants of taekwondo. Launching a company is filled with challenges, from drumming up financing to product glitches, to customer acquisition and more. Entrepreneurs need perseverance to push past obstacles, learn from mistakes, and persist through tough times. Continuously driving towards your goals is essential even when progress seems slow. Stay motivated by focusing on the big picture vision.
At the same time you also need to know what your limit is and at which point you choose to learn from your mistakes and move on. Entrepreneurs shouldn’t blindly forge forward if their Product Market Fit doesn’t exist or they are working to solve a problem that doesn’t exist. Perseverance means knowing when to push forward and when to pause and reassess your current initiatives.
Adaptability
In an ever-changing business landscape, entrepreneurs must be adaptable to evolve along with industry trends and consumer demands. Being rigid can spell failure. Successful entrepreneurs stay tuned into market changes and are ready to quickly adapt products, business models, marketing plans, etc as needed. Embrace flexibility and know when to pivot (or not).
Initiative
Entrepreneurs are self-starters who take the initiative to identify problems worth solving and dive in head first. Rather than waiting for opportunities, entrepreneurs work to actively create opportunities. Channel your motivation into being proactive, decisive and willing to put yourself out there.
This doesn’t necessarily mean you need to embrace the 14+ hour hustle-culture workdays, but balancing your personal and professional life is key. Taking initiative whether it’s launching a new feature, following-up on a sales lead, or networking with an investor takes place in many forms. Find what works for you and lean into it!
Creativity
Thinking outside the box is vital for finding innovative solutions to market needs. Entrepreneurs imagine new products and services, fresh marketing techniques, better processes, and ways to differentiate themselves from competitors. Fuel your imagination with inspiration from diverse sources to cook up creative approaches.
Passion
Starting a successful business takes immense commitment and effort. Internal drive and enthusiasm help entrepreneurs overcome everyday challenges. When you feel deeply passionate about your company's purpose, that passion shines through and attracts others. Stay focused on the fulfillment your business provides.
Enjoyment
Being an entrepreneur can be lonely and difficult at times. Finding enjoyment and humor in work is vital for our wellbeing. Pleasurable activities replenish our spirit, while laughter relieves stress and boosts health. Humor allows us to find light in challenges. Balancing responsibility with playfulness, amusement, and laughter profoundly benefits our physical and mental health.
If you’re looking to start a company or build a brand it’s important to try and focus on something you genuinely enjoy. A large majority of people in the workforce don’t get the luxury of working in a role or industry they enjoy. If you’re striking out on your own and looking to build something it’s important you find something you’re passionate about otherwise it’s easy to lose track of your goal, especially when you’re putting in the long days without pay.
With persistence, adaptability, calculated risk-taking and other entrepreneurial qualities, you can develop the mindset needed to achieve your business dreams. Believe in your vision and don't be afraid to chart your own path.
Entrepreneurs are paving the for a brighter and better future and it all starts with the mindset. There are tons of resources and tools for entrepreneurs today, you’re not alone in this!
Some of our favorite podcasts about the entrepreneurial journey are:
