Do you want to develop your own entrepreneurial mindset?
If so, this article is for you.
Over the years, there have been varying conclusion to what makes a successful entrepreneur.
However the saying, “Entrepreneurs are born” has being displaced by countless of success stories.
These success stories has shown that entrepreneurs are driven, learnt the trade and kept developing their skill set.
What entrepreneurs naturally have is the itch to do something bigger, something more meaningful, to overcome their pain and make the world a better place.
If you ever felt like this then you’re an entrepreneur. While there are people with such feelings, they do have certain characteristics that will make them not to succeed.
Now, let’s get started with how you can harness your entrepreneurial mindset.
Entrepreneurial Mindset Examples
The mindset of a successful entrepreneur is in a completely different dimension.
Many people had a big dream but till they die, it just remain a dream.
The best way to learn how to develop your own entrepreneurial mindset is to see how other entrepreneurs like you became successful.
What’s their thought process?
What business mindset do they have?
Let’s dive in to the 4 most successful entrepreneurs’ mindset and see what set them apart from the ordinary.
Jeff Bezos Mindset
“What we’re really focused on is thinking long-term, putting the customer at the center of our universe and inventing,” Bezos says in an interview with Four Peaks TV. “Those are the three big ideas to think long-term because a lot of invention doesn’t work.”
When you’re first creating something, whether it’s a new business or a product, you have to invent, says Bezos. “If you’re going to invent, it means you’re going to experiment, and you’ll have to think long-term”.This is extracted from cnbc.com
Jeff’s mindset is all about long term. As an entrepreneur, it’s highly important for you to know that result won’t be immediate and there are stages you must pass through.
Ordinary people think about short term and immediate result. This mindset ensure they can never be successful.
Mark Zuckerberg Mindset
“No one starts off knowing everything that they’re going to need to build something,” he said in a live Q&A in Rome on Monday.
The best thing that you can do is not pretend that you know everything but go into it with the mindset that your job is to learn as much as you can, as quickly as you can.
Start with the problem that you’re trying to solve in the world – not with deciding you want to build a company.”This is extracted from cnbc.com
Mark believes you can never know everything (which is so obvious) but you should go with the mindset of learning as quickly as you can.
Warren Buffett Mindset
“It’s better to hang out with people better than you. Pick out associates whose behaviour is better than yours and you’ll drift in that direction.”
“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”This is extracted from success-mentality.com
The people you associate with will define your entrepreneurial journey.
Hang out with people that are smarter than you or already on the entrepreneurial journey.
Amancio Ortega Mindset
The worst thing one can do is become self-satisfied, Ortega told a group of business professors in 2007. “Success is never guaranteed,” he said to Cinco Dias, a Spanish business and finance newspaper that reported on the event.
“Complacency is the worst, I never allow myself to be content with what I have done, and I have always tried to instill this in everyone around me.”
“Grow or die,” he said in Spanish. “If you want to innovate, don’t focus on the results.”This is extracted from cnbc.com
Success is not final, failure is not fatal. This as being the motto of successful entrepreneurs.
They are never content with their current situation and to be successful, you need to adopt the same mantra.
Remember, what separate successful entrepreneur from the unsuccessful ones, is their mindset.
Now that we’ve covered the way some of the most successful human on earth thinks, let’s go on to see how you can develop yours.
How Do You Develop An Entrepreneurial Mindset
You can fearlessly build a business from scratch, learn some business strategy and cultivate entrepreneurial habit.
There is simply nothing out of your reach as long as you want it.
However, the one factor that will kill your entrepreneur journey before it even starts is…
Lack of Self-Confidence
Lack of self-confidence creates doubt and doubt creates 1000s excuses why your idea won’t work.
Your whole mind is filled with road-blocks and your idea will never see the light of the day.
While some people manage to get out of the first road block – actually bring their idea to life, they remain indecisive.
And well, they crumble back to earth and go back to their shell.
Just as lack of self-confidence can be your downfall – short term thinking will also lead to long term pain.
Your First Step
Your first step in developing your entrepreneurial mindset is to curb your short term thinking and create a habit that build your self-discipline.
The good news is…
You can learn both.
The most successful people in life are long term thinkers.
They master self-discipline.
They are ultra focus and stay on purpose.
Now that you know what to eliminate from your life, let’s go over the 5 steps to develop your entrepreneurial mindset.
As Amancio Ortega said, never become self-satisfied.
Successful entrepreneur are always curious, eager to learn and always improve their skills almost every day.
They know they have to assimilate lot of information faster than everyone around them.
And they never think they know it all.
How you can improve your skill: The first thing you need to do is to know what skills you must have, then find the best platform to for you (I found out video is the best platform for me) and start improving your skill.
2. Focus on Value
An entrepreneur’s result is not immediate. Unlike those in the usual 9-5 jobs, an entrepreneur result is not based on time but on value.
Successful entrepreneurs focused on the value they can deliver and not the time spent delivering their result.
How to focus on value: Eliminate the thought of our long it takes to create your product or deliver your service.
When you’ve the customer base is big enough, you can start making your production process more efficient.
3. Solution Oriented
Successful entrepreneurs sees opportunity in every problem.
Rather than focusing on the problem and its effect, they find a way to turn that problem on its head and create a solution.
Their thought process whenever encountering a problem is to accept the accept reality (problem encountered) and think of a way to solve it.
They focus on the most important thing, things they can change instead of things they have no control on.
How to become solution-oriented: To become solution-oriented, you need to train yourself and develop an habit of focusing on the most important things.
This will take time but with dedication and willingness to evolve, you’ll start seeing situations differently.
4. Build Your Support Network
Ever heard the saying, “One tree does not make a forest”.
Well, that’s obviously always true.
Successful entrepreneurs are always eager to learn and get first-hand information that can improve their skills.
They continuously expand their network and strengthen their connections with people who can inspire, motivate and push them to new height.
How to build your support system: The first thing you need to do is to be absolutely clear on who you want to become then look for a mentor (someone already successful and walking the same path you want to take).
Connect with this types of individual, model their steps into yours and keep expanding that list.
5. Celebrate Other Successful People
Success leaves track, said Brain Tracy.
And that’s true. Successful people are happy to see other people’s success.
Unsuccessful people envy, procrastinate and hate on others for being lucky.
Successful people however, knows that success is a result of hard work and years of restraint.
They know and acknowledge the process, so they celebrate other successful individual.
How to celebrate other successful people: Just celebrate and be happy for other successful people..
Characteristics of The Entrepreneurial Mindset
While I’ve outlined the steps you must take to develop your entrepreneurial mindset, you need to know the basic qualities that set you apart from the ordinary minded people.
Here are the 10 characteristics of the entrepreneurial mindset.
1. Positive Mental Attitude
The one thing to know is that setback will always happen in your entrepreneurial journey.
The mental attitude to see opportunity in every setback is what set the successful entrepreneur apart.
When setback occurs, it’s usually instinctive to react negatively. It does takes great amount of effort to breakthrough.
It takes time and the right habit to always think positively. Although this doesn’t mean you should ignore things that’ll affect you.
When you’re able to develop your mindset, you’ll always have a positive mental attitude.
2. Hard Working
Successful entrepreneurs are hard workers.
They are passionate, driven and highly focused. They set goals and stay through to purpose.
In this modern times, it’s highly like to be attracted to next big things. The flashy ads and shortcut to success being promoted aggressively in the society.
However, successful entrepreneur never let those things bug them down. Once they set goals, they work hard until they achieve it.
While hard working alone will not make you successful, its one of the pillar you must hold on to.
You’ve an idea and you believe it’s great, wonderful.
But do your target customers?
Successful entrepreneurs are able to effectively persuade not only their target market but other companies and influential they want to collaborate with.
In it simplest form, competitive means the willingness to win.
And that’s exactly what successful entrepreneurs have in abundance. They are just have to win.
While they respect their competitors’ strengths, successful entrepreneurs wants to ensure they always stay ahead.
Build and maintaining a business is not easy.
The sleepless night.
The willingness to win.
All this is a direct result from your passion. Successful entrepreneurs are always looking for new ways to help and make the world a better place.
This passion about what they do or what makes them create a business is exactly the driving force to success.
Time and people will change and successful entrepreneurs knows and accept it.
Some people in your business right now won’t be involve with your business in the next 3, 5, 10 years.
And time will effortlessly change. New innovation, competitors and services will affect how you currently do business.
Successful entrepreneurs are constant learner and this helps them to become adaptive to whatever situation is in front of them.
They always want to improve their skill, make their business become efficient and effective and this creates a situational approach that makes them adaptive.
Successful entrepreneurs are super confident about their ideas and plans.
This doesn’t they don’t feel doubt or go on with their ideas without listening to other people advice.
In fact, it’s the opposite. They are not over confident and won’t cover up their insecurity.
They are confident because what they are doing and believe in themselves to the extent that no doubt blocks them.
Successful entrepreneurs consume more information faster than anyone around them and are long term thinker.
They piece information together and can forecast future trend before ordinary people can even understand them.
While planning for long term, they create short term objectives that leads to that long term goals.
This ensures they stay on track and don’t get loss along the way.
Successful entrepreneur operates their daily life and business with high integrity.
While their few successful entrepreneur out there with really low integrity, they don’t maintain their success for a long time before crumbling.
There is simply no way around it.
Successful entrepreneurs are don’t just take risk, they thrive under uncertainty.
A report shows that the reason most businesses fails is because the owner went for a low-entry industry.
This ensures that there are so many competitors and the likelihood of them succeeding is close to zero.
Successful entrepreneur on the other hand, assess their risk, take the risk and make a confident decision.
They thrive where others sees road-blocks.
Your ability as a decision-maker will make or break your entrepreneurial journey.
Now you’re good to go. If you carefully follow this article and strategically plan your long term goals, you’ll be able to develop your entrepreneurial mindset.
Share in the comment section, what stage are you in your entrepreneurial journey and ask me any question.