Dictionary.com defines a entrepreneur as “a person who organises and manages any enterprise, especially a business, usually with considerable initiative and risk’
Have you ever wondered how entrepreneurs think and act differently? It’s all because of their mindset. Having the right mindset enables entrepreneurs to spot opportunities to take advantage of, alter direction, manage risks, look back on errors, gain knowledge and move on. An entrepreneurial mindset can be the difference between successfully launching a venture or failing as a startup. By having an entrepreneurial mindset, we are unlocking our true inner potential.
Here are the traits to develop your entrepreneurial mindset:
1. Adaptability
The market is always changing! Consumer demands are always changing! Trends are always changing! Change is constant! Running a business comes with unexpected challenges and changes. As an entrepreneur, you know that there is not a straight path to success, it’s often a windy and bumpy road. Entrepreneurs need to adapt to situations well without losing heart or giving up. Product not selling? Adapt! New requests from customers? Adapt! Those who are adaptable and flexible tend to survive!
2. Courage
Remember your favourite Disney princess? She taught us to have courage and step out of our comfort zone. Because if we pursue what we want regardless of the obstacles and with a headstrong approach, we might achieve our dreams. Maybe we'll get a cute prince charming on the side, too. Courage and confidence might not come easily but if you venture ‘Into the Unknown’, who knows 'how far you’ll go?' - Hello Frozen fans!
3. Curiosity
Don’t ever believe that curiosity killed the cat. Whoever says this is lying. Entrepreneurs have a thirst for knowledge and ask questions no-one else dares to ask. As an entrepreneur it is figuring out the “how” and, crucially, the “why.” Because curiosity feeds creativity and innovation. Curiosity is the reason there is a whole article dedicated to weird products you can find on Amazon. Because these entrepreneurs were curious.
4. Empathy
At the core of entrepreneurship is solving the needs of others. Entrepreneurs understand the needs and problems of others, and then offer a product or service that creates an impact. Empathy is not fuzzy. Instead it’s viewed as a super strength that allows an entrepreneur to connect with its community. More than that, this ability to understand and share another person's experiences and emotions will allow him or her to become a better leader, salesperson, and marketer.
5. Growth Mindset
Scrap thinking that you’re the best at everything. It’s probably not true! If you are open to learning and have a growth mindset, you can overcome obstacles and view setbacks as opportunities. Failures happen. Failures are often the flags for improvement. Recognising them allows entrepreneurs to move forward, grow and excel. If you are truly up for the task, you will see a failure as an opportunity for growth.
6. Opportunity-Seeking
Speaking of opportunity, words like ‘opportunistic’ are often viewed as negative and might equate to greed and selfishness. An entrepreneur's task at its core is finding a way to make opportunities that will benefit them and wider society. We’ve already covered curiosity but the two are linked to one another.. Are you able to seek opportunities that are rare to find or don’t even exist?
7. Optimism
Without this, you truly cannot go far. This goes for all walks of life, not just entrepreneurship. Entrepreneurs are optimistic and confident about their business and their future. In the world we live in and on the path as an entrepreneur, you will encounter people that will criticise you and/or your idea. Though opinions like "You will never make it" or "It's impossible. Give up." might shake you, it shouldn't stop you in pursuing success.
8. Persistence and Grit
This is the result of optimism or positive thinking. Persistence and grit enables an entrepreneur to keep going in order to reach their goals. It’s easy to give up when you are not seeing instant success. But it’s important to have vision and keep carrying on when things aren’t always going as planned.
9. Problem-solving
This mindset emphasises the importance of having a solid mission. Among many other people, many other startups, many other side hustles - what makes you and your idea unique? What impact or results can you offer the world based on a problem that needs solving? Why are you needed in the market? Let the creative and problem-solving juices flow.
10. Redefining Failure
This one is relatively close to having a Growth Mindset. This is an important aspect because many think that success calls for perfection. It doesn’t. Whilst the saying practice makes perfect is true, we cannot forget that as humans, we’re bound to make mistakes. Getting it wrong is part of the question. It’s about how we bounce back after getting it wrong. It’s about how we readjust our plans when we get it wrong. Entrepreneurs do not stop or give up when they fail. Instead, they adjust, recover, level up, and persist. Think of it as being agile!
11. Resourcefulness
Mostly, entrepreneurs make do with what they have and think of ideas how to grow it. Too many people today are wasteful rather than resourceful. Instead an entrepreneur finds or creates value, allowing them to offer it to others and grow their wealth. It's also the ability to think of quick and clever ways (that usually deviate from the norm) to overcome difficulties.
Entrepreneurship might be the most exciting, rewarding, worrying and exhausting thing you’ve ever done. If you find yourself having the same mindsets, congrats! We will see you on the next series of Dragons Den. If you’re an entrepreneur or looking to be one, you might want to assess yourself and reflect on which of the above you have and what you need to develop. There is no magical formula to developing these, but be assured they will help you unlock your true potential. Fly high, butterfly!
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