What Is An Entrepreneurial Mindset?
A way of thinking that enables you to overcome challenges, be decisive, and accept responsibility for your outcomes. It is a constant need to improve your skills, learn from your mistakes, and take continuous action on your ideas. Anyone willing to do the work can develop an entrepreneurial mindset.
How To Develop An Entrepreneurial Mindset?
Anyone can learn how to act like an entrepreneur, build the habits, and learn some business hacks to fearlessly create a business or start a side hustle.
You can work towards starting a business and earning passive income without quitting your job, without knowing how to code, and without a million-dollar idea. Having a proven online business model helps, too.
The biggest killer of the entrepreneurial mindset is not what you would expect. It’s not failure, the economy, or bad ideas. It’s doubt – in ourselves, our surroundings, and our abilities. Self-doubt kills many dreams, long before any external factors can come into play.
What Are Characteristics Of Entrepreneurship?
What Is Your Biggest Advice in Obtaining Success As an Entrepreneur?
There is no such thing as success as an entrepreneur.
If you ask ten different people what success means you might get ten different answers. Financial freedom, paying down debts, building a big company, personal freedom, etc and there might be psychological goals as well: proving everyone wrong, proving my parents wrong, proving that I can make the impossible possible, and so on. Many rich people become entrepreneurs even though they have financial freedom already. Many poor people become “lifestyle entrepreneurs” – they never get rich from their business but their business sustains their lifestyle.
But one thing is in common with anyone who truly is a successful entrepreneur: they set out to create a solution that would make people’s lives easier.
Are There Signs That Tells You Might Have What It Takes to be a Successful Entrepreneur?
Yes, of course! These are:
- 1.) A deep dissatisfaction with the status quo. (Ability to see things not just as they are, but as they might be). This is what drives you. The people who build incredible companies under them don’t do it just because they like the idea of being successful. They do it because they absolutely can’t bear the idea of NOT creating and stewarding something that matters to them.
- 2.) Love for tinkering, experimenting. You need to always be creating. We’re looking for persistence, a willingness to fail, and a willingness to try new things.
- 3.) Willingness to tolerate uncertainty. This means making decisions with imperfect information. It’s scary. (It doesn’t mean taking blind risks, though. Common misconception. Entrepreneurs seek to manage and minimize risk.)
- 4.) Willingness to tolerate volatility and unpredictability. You will have to manage your own health, well-being, etc, but you won’t really get to operate on a fixed schedule. Some people just aren’t cut out for this.
- 5.) Ability to prioritize and focus on the most important thing. Much easier said than done–the most important thing is usually messy, ugly, painful, unglamorous.
- 6.) Willingness to sacrifice. This can sometimes include personal relationships, familarity, comfort zones. You may need to fire people. You’ll be seen as the bad guy (or gal). You have to bear that.
- 7.) Knack + taste for debugging systems–especially your own head. You need to know what you’re wrong about, and how to systematically, consistently improve your odds. How do you reduce your margin of error? How do you reduce your odds of error? How do you protect against downside?
- 8.) A feel for numbers. You don’t necessarily need complicated math skills, but you need to be able to at least handle your budget. And you need to understand compound interest. And rate of change. Play some video games.
- 9.) People skills. Entrepreneurs are problem-solvers. If you’re going to solve big problems, you’re going to have to work with people. You might not necessarily get along with everybody, you might not necessarily be the most loved person around, but you need to be able to motivate people, to challenge and inspire them.
- 10.) Appetite for learning. I think this might be the most important one of all, because it influences almost everything else. A common trait among entrepreneurs? They read a lot. They talk to smarter people. They never stop learning. As Jobs would say, creativity is just connecting things. The more you know, in a thoughtful, self-directed way, the more opportunities you see.