Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
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Entrepreneurial Mindset: How to Think Like an Entrepreneur
Founderjar | Martin Luenendonk | Sep 9, 2020
Do you know having an entrepreneurial mindset is the key to starting and running a successful business?
In today’s time, starting a company or having a side business to earn some extra income has become even more important. Not only because people are less satisfied with their jobs, but also to create a safety net in case things don’t go as planned.
See: The Psychological Price of Entrepreneurship
The irony is that, while many people are attracted to entrepreneurship and starting a company, it is only the select few who succeed.
According to a research,
- 20% of small businesses fail in the first year
- 30% of businesses fail in their second year
- 50% of businesses do not get past half a decade
- 70% fail after their 10th year
The question is, what is special about the mindset of people who run successful businesses and how to become like them?
So, if you want to be an entrepreneur and want to learn these traits to succeed, this is the right article for you.
What is an Entrepreneurial Mindset?
Entrepreneurial mindset is the combination of beliefs, focus and attitude that collectively constitute a way of thinking, reacting and feeling in an entrepreneurial way.
Let us take a look at each of these traits individually.
See: Expanding the definition of entrepreneur
Vision and Focus
In order to achieve something big, you need to set your eyes on a particular goal and then put all your energy into achieving it.
An entrepreneur is focused on achieving his vision and does not easily get distracted along the way.
This has two parts.
- Focus on the Key Problem to Solve: Businesses exist to add value to the lives of their customers and the key behind adding value lies in understanding the problems that customers have. 42% of businesses that failed said that their business had no market need. The company, Patient Communicator, realized that doctors simply wanted more patients and not necessarily an efficient CRM system, which the company was marketing. This makes the focus on customer problems one of the most important aspects of an entrepreneurial mindset. It’s important to have a strong TikTok marketing strategy for any business to succeed.
- Focus on the Goal: This could be starting a successful blogging business or any other online business..
Belief and Confidence
In an entrepreneur’s mind there is no room for doubt and even if any uncertainty creates some sort of ambiguity it doesn’t affect their belief in their own ability.
They believe in their products and services and that they are on a path to solve a real problem for their target customers.
When Steve Jobs rejoined Apple in 1997, the company was close to bankruptcy. But the belief, confidence and skill of Steve Jobs turned around the fortunes of the firm, launching iPod in 2001 and iPhone in 2007.
See: Why Older Entrepreneurs Have the Edge
Attitude
Attitude refers to how you mind works and how you handle difficult situations.
- Accepting Uncertainty: Entrepreneurship involves chartering new territories which essentially brings with it various kinds of uncertainty. An entrepreneur is comfortable dealing with ambiguity on a daily basis and it doesn’t deviate them from their chosen course.
- Resilience and Persistence: The next logical problem that follows ambiguity is that certain times there will be failures and things will not go according to the business plan. In the light of such situations, the entrepreneur perseveres. They try harder and come back stronger, but they don’t give up.
- Adaptability: Plans may not be fool proof right from the beginning and a business model may have to go through several iterations before it becomes successful. Adaptability helps the entrepreneur to be nimble enough to adjust with new learnings and changing environments.
- Curious and Creative: The key to solving the right customer problems begins with asking the right questions. The innate curiosity of the entrepreneur enables them to ask the right kind of questions. This sets their creative minds on the path to solve problems in an innovative fashion.
- Bias for Action: An entrepreneurial attitude is biased towards taking action and driving results. An entrepreneur doesn’t just ideate, but is ever ready to get hands dirty and implement the business idea to achieve the required goal.
- Positivity: Optimism is an important trait in any entrepreneur, not just to keep themselves or their team motivated, but to form a great culture to run the company.
It doesn’t mean that you simply ignore any problem that comes your way and declare everything is good.
See: The Trillion-Dollar Opportunity in Supporting Female Entrepreneurs
It means that you are clearly aware of the risks and problems. But still focus your energies on using them to your advantage or taking the right decisions.
At this stage, you may be wondering whether it is possible for you to learn these entrepreneur traits.
The good news is that you can train yourself and develop an entrepreneurial mindset.
Let’s dive in.
Continue to the full article --> here
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