What is the entrepreneurial mindset?
Entrepreneurs seem to have a specific mindset and approach to their businesses … missing these particular traits can really hinder the person’s progress to true entrepreneurialism. This may be why in Yorkshire 25,000 businesses launch and 17,000 fail! In fact, a large number of entrepreneurs have created a ‘job’ for themselves but not actually learned how to create and run a business.
A large part of what is missing here is a ‘mindset’; a way of thinking and doing things that makes someone able to be a successful entrepreneur. Where many focus on the need to have all the right knowledge, skills and experience, it might be more pertinent to focus on ensuring you have the right ‘attitude and perception’ otherwise known as the ‘entrepreneurial mindset’.
So, you may be asking, what traits are required to create a truly entrepreneurial mindset and therefore create a brilliant sustainable business?
An action taker
Instead of spending hours planning and analysing, the entrepreneurial mindset just gets on and takes action. There is no benefit in having a beautiful business plan which took you weeks to create and then sits in a dusty cupboard if you are not taking action. Try working with a small number of goals over a brief period with clear actions; for example 3 goals in twelve weeks or 10 goals in 100 days.
Download our business plan template for FREE to get you started
Sitting around making excuses about what you don’t have and how things are conspiring against you will get you no-where. Look at every situation with a ‘solution’ focused mind. The solutions are there, you just have to be open to finding them with an entrepreneurial mindset.
An eye for the financial detail
People who are keeping an eye on their cash flow, and have current information about how their business is performing, quickly notice when thing are not going according to plan. They can then take decisive action to put things right.
Not asking permission
Outstanding entrepreneurs forge ahead with their ideas. They assume it will be alright and apologise afterwards, if not. This is not advocating hurting others in any way but it is saying, trust yourself and that your decision making is the right thing for your business.
A fearless approach
‘Failure leads to success’ and ‘every ‘no’ is just another step closer to your next yes’, are both things entrepreneurs say regularly. Being afraid of failure really can hinder your progress as an entrepreneur. See all risk as ‘potential’ and allow yourself to fail. Having a strong belief that ‘everything will be okay’ will ensure you are able to take those risks more easily.
Embrace and enjoy change
Successful entrepreneurs may start with an idea in mind but they are normally willing to change that if it does not appear to be working out. This is a key point when you go to market with a new idea. Listen to your clients and be willing to change direction if your original idea is not appealing to the masses.
Adore a challenge
If you enjoy a good challenge and like it when things don’t quite ‘go right’ and you have a problem to solve, this is probably a sign that you are an entrepreneur (at least in the making!)
The ability to pick yourself up, dust yourself down and carry on is vital in the world of the entrepreneur. If you fail, you need to resist the temptation for it all to get on top of you or feel sorry for yourself. Move on as quickly as possible to keep feeling positive and avoid being dragged down by failure.
An entrepreneurial mindset normally includes being a great listener
Where ever you are, whatever you are doing, never stop listening and being willing to take on innovative ideas. Whether you are out networking or in the pub, if you listen, you never know what you might find out that could help you and your business. You were given two ears and one mouth for a reason and you should use them in proportion! Listen, more than talk because you already know what you know, but you might not know what the person you are listening to knows.
Utterly laser-driven focused
Once you know what matters, stay focused on it. Much as it can be easy to procrastinate and loose that vital focus, try to sustain it as much as possible. Use whatever it takes to keep yourself on task.
If you have got to the end of this article and you are noticing that you have gaps in your ‘entrepreneurial mindset’, it could be that you have some limiting beliefs which are getting in the way. Want to find out what limiting beliefs are, what yours might be and how to get rid of them then, read the next article in this series.
Entrepreneurs seem to have a specific mindset and approach to their businesses … if you need help in developing your own thinking then seek out qualified therapists or coaches who can help you.
Blunt thinking on building your entrepreneurial mindset – from the Yorkshire Powerhouse
Now you’ve read our article on the entrepreneurial mindset – have you any more questions?
Here at Yorkshire Powerhouse, we’re happy to help as much as possible – is there anything else we can do to help you, do you have any further questions or can we help introduce you to an expert – please let us know:
What are limiting beliefs? Developing an awareness of your limiting beliefs is a great place to start on your entrepreneurial journey. Read >