If you are an entrepreneur, you already know the benefits of planning, hard work, and good decision making. All of those will get you on the road to success, but you need another element to reach your destination. You need to develop an entrepreneurial mindset because that will separate you from your peers who tried and failed to achieve their dreams.
What is an Entrepreneurial Mindset?
An entrepreneurial mindset is a way of applying your skills to see and capitalise on opportunities. It will not eliminate struggles, but rather it will help you overcome setbacks and find a way to grow from them. Developing an entrepreneurial mindset will help you succeed in a variety of settings. Having this mindset enhances performance and is crucial for creating new businesses.
Some may say that you are born with an entrepreneurial mindset, which may be the case for some. However, it is possible to begin cultivating an entrepreneurial mindset. With help from a business coach, you can change how you look at the world and respond to it.
Discovering if you have the five factors needed to develop an entrepreneurial mindset is not always straightforward. A business coach can be instrumental in helping you assess your personality and call attention to blind spots. Additionally, your coach can help you build the factors that may be lacking.
Five Factors to Develop an Entrepreneurial Mindset
This does not necessarily refer to composing music or writing poetry. You can be creative in just about any situation. Dreaming up a new product or a better way to provide a service are two examples of creativity. Essentially, you must be willing to experiment, change plans midstream, and even fail if it means learning and furthering your ideas.
Creativity often gives rise to curiosity. Entrepreneurs must always remain curious. No matter how long you have been in business, there is always something new to capture your attention. Stay open to new people and ideas that can lead to unexpected successes.
Being goal-oriented does not mean you are in a perpetual state of angst worrying about the details of a project. However, it does mean you should set out plans, concrete plans, about where your business is going and what needs to happen along the way.
A business coach can be a tremendous resource in setting and keeping goals. An objective eye can often see clearly and point out details you may have missed. Additionally, your coach can help you to see the big picture.
If you are not able to get back up after life has knocked you down, you should not expect rousing success as an entrepreneur. While you are not setting out to fail, you cannot expect the road to success will be smooth.
Your business coach can help you make peace with the struggles you encounter and help you to improve your resiliency. Experiencing normal emotions in the face of failure is acceptable; wallowing in self-pity is not.
Standing firm and saying “the buck stops here” is easy on the days when everything is going right. However, you need to have the same sense of responsibility and accountability to your company when things are falling in on you. It is difficult to do this but essential for you to maintain respect and credibility with your staff, peers, and clients. The moment you begin shifting blame or pointing fingers, your authority starts to slip away.
When you are accountable and confident, your leadership skills are perceived as better, and respect for you grows.
5. The Ability to Persuade
We all know at least one person who is impossible to refuse. A significant factor of the entrepreneurial mindset is connecting with others and sharing your vision with them. It is not about strong-arm tactics or slick salesmanship. It is about your communicating the beauty of your idea and having your assessment received. The ability to persuade helps across numerous situations.
Some people struggle with persuasion. This is where your business coach can be a lifesaver. You can test what you need to say and then get valuable feedback as well as pointers about delivery methods and your speaking skills.
Along with the five factors needed to form the mindset of an entrepreneur are a set of ten characteristics that support this development.
- Understand that small steps forward are essential – Nothing is static. You are moving forward or falling behind. Remember to appreciate all of your victories, even the small ones.
- Develop a long-term vision – While here and now is essential, you need to be able to look down the road.
- Make time for personal growth – You cannot draw water from a dry well. Make your well-being a priority. No one else can do that for you.
- Create sustainably successful habits – Pay attention to the things you do habitually. Next, find one thing you can do to improve your business and make it a habit.
- Manage your money well – Your company may be small, but that does not mean your money is insignificant. On day one, manage your finances as if you were a Fortune 500 company.
- Surround yourself with the right people – You do not need to be cut down regularly, nor do you deserve confetti and a cake every time things go well. Find people who share your passion and have your back.
- Balance your responsibility and freedom – Remember that what you choose to do is your responsibility. You may have the freedom to ditch work for the week, but you still have the responsibility for what happens if you exercise that option.
- Cultivate a positive attitude – This is not to say bury your head in the sand when faced with difficulties. However, not all problems are catastrophes.
- Prioritise your tasks – Look at what matters most. Then go to your to-do list and arrange things by order of importance, keeping in mind how much time some jobs require.
- Manage your time – This is along the same line as prioritising your tasks. However, you need to have enough time to care for your own needs, so do not over-burden yourself.
If you believe developing an entrepreneurial mindset has a great many moving parts, you are right. However, there is no need to be put off by this. You don’t have to go it alone. Contact me, Steph Gorton, and set up your free 15- minute consultation. I have coached many, many others to entrepreneurial success. Are you next?