As business owners, we like to believe we have an entrepreneurial mindset. But do you know what that is? In this article I will define it and hope to help you understand and answer the question: Do you have an entrepreneurial mindset?
Definition of Entrepreneurial Mindset
“An entrepreneurial mindset is a set of skills that enable people to identify and make the most of opportunities, overcome and learn from setbacks, and succeed in a variety of settings. Research shows that an entrepreneurial mindset is valued by employers, boosts educational attainment and performance, and is crucial for creating new businesses.“
-ntfe
Key Elements of An Entrepreneurial Mindset
What are the key elements of an entrepreneurial mindset?
- Ability to identify opportunities and make the most of them.
- Tenacity & ability to overcome setbacks and trials.
- Creativity and the ability to succeed in many different settings.
- Will boost educational achievement and attainment to help performance.
- Critical thinking and ability to problem-solve.
Developing Your Entrepreneurial Mindset
At this point, you may be asking yourself if these elements and this mindset can be developed. The short answer is yes and no. Not exactly what you wanted to hear I’m sure. Some elements we have within our personality traits. Elements such as seeing the positives in an opportunity rather than focusing on the negative. Yes, this may be overcome but takes years of practice.
Other elements like encouraging and obtaining additional education and the ability to problem solve are elements that can be developed. The ability to boost your performance and obtain success are also skills that you can attain with practice and learning. These elements will also greatly influence your children’s mindset and whether they will seek to be entrepreneurs themselves.
This Mindset Is Valuable
Whether you are an entrepreneur or an employee somewhere these skills are very valuable. In fact, many employers look to hire employees with noncognitive skills like an entrepreneurial mindset. Therefore developing these skill sets can be very valuable in any work setting.
Employers want those with critical thinking, complex problem-solving, and creativity.
ntfe whitepaper research
Why These Skills Are Needed
An entrepreneurial mindset is important for business owners. Owning a business means using many skills that you may not have been aware you have. Using creativity, for example, can help you with setting up your marketing, your social media, and even designing graphics. Having critical thinking is imperative because so many things can change at a moment’s notice and you have to be able to think on your toes and pivot if needed.
How This Mindset Helps Your Business
If we look at each skill set and apply them to business it becomes very apparent why they are needed.
“Mindset can determine your success or failure. You may not think your mindset affects your business but the truth of the matter is that mindset absolutely affects the fall and rise of your business.”
-Fearless Business Boss Article
Examples:
#1 – Making the most of your opportunities – you see your clients are requesting more and more information about social media so you pivot to provide social media management for your clients.
#2 – Overcoming Set Backs – entrepreneurs are able to overcome severe setbacks. You may lose your biggest client but do not give up, rather you put yourself into your work even more and begin attracting more clients.
“Every failure is a step to success.”
– Malcolm Forbes
#3 – Creativity and the Ability to Succeed – your creativity helps you with marketing copy and you are able to succeed after setbacks.
#4 – Boost Educational Achievement – you understand and know the value of continuing education. You take courses and certifications to help your clients also succeed.
#5 – Critical Thinking – we have discussed why this is so important but it goes into your daily work as a business owner. Every day you and I must make choices for where we put our energies and what is most important to do that day.
What’s The Verdict
So, what do you think? What is the verdict? After reading this, what do you think – Do you have an entrepreneurial mindset?
I hope your answer was “yes”!
And if you find you need a little help developing this mindset or starting or scaling your business just reach out and set up a mini-session with me.
To Your Continued Success!
