Mindset is a term that often goes hand-in-hand with Entrepreneurship. Cultivating an entrepreneurial mindset is an ongoing process that takes time and experiences to learn from. Here are 5 attributes to reflect on in the hunt for an Entrepreneurial Mindset.
1. A Positive Mental Attitude
Maintaining a positive attitude and outlook is crucial for success in the entrepreneurial space. In many cases an entrepreneur is required to lead by example in consistently setting a positive tone for the rest of the team. A positive thinking highly motivated team will rub off on your brand in a good way long-run.
Negative thoughts undermine forward motion and the progress of growth. Part of being a reliable beacon of positive attitude with those in your business is your abundance to take the rough with the smooth. Periods of business down-turn are inevitable and having a talent for taking them head on and not showing signs of second guessing will resonate with people around you.
How can you cultivate a positive attitude for business?
Part of letting go of negativity is realizing that your own doubts as a leader only wastes energy, time, and money for your business overall.
2. A Creative Mindset
Why is a creative mindset important for
Never has the saying ‘creativity is the mother of invention’ been truer than for entrepreneurship. Think of Steve Jobs and the iPhone. Edison and the light bulb. The Wright Brothers and the airplane. Each of these ground-breaking inventions would not have come to fruition if not for the healthy appetites these individuals had for creating.
Even if you’re not in a ‘creative’ industry, creativity is the life blood of entrepreneurial success. The mind of an entrepreneur is always looking for innovative ways to solve a problem or better serve customers. The basic life cycle of any entrepreneurial product or service stems from the conception of an idea which is then turned into a viable reality.
How can you cultivate a creative mindset for business?
Most entrepreneurs are inherently creative thinkers. Being able to think outside the box and conceptualise innovative ways for tackling a problem does not come naturally to everyone. Whether you believe that creativity is gifted to some or a learned trait, we can all condition ourselves to a certain degree - to take a step back and just give a moment for creativity to run free.
3. Persuasive Communication Ability
Why is persuasiveness important for entrepreneurs?
Entrepreneurs are persuasive individuals. The power of persuasion can help build belief and a following for your brand. Persuasion is used in all aspects of business from negotiation, to sales or procurement. Persuasive people also tend to excel in roles of leadership where they need to convince an audience that something is true.
How can you cultivate persuasiveness for business?
While some people are more naturally persuasive than others, persuasive communication skills can be learned and practiced. Learning to communicate and present your ideas will make you a better entrepreneur - no matter what your industry.
Mastering persuasive tactics can mean the difference between financial success or failure. Here’s how to make the art of persuasion work for you as an entrepreneur.
Psychological research has shown the “reciprocity rule” can be very effective in business. In a nutshell the bases for this theory is that when a person does something for you, you must return the action with something for them. Create the perception that your persuasive case is ‘giving’ something to the person you’re trying to achieve a result with.
Look to others
Social proof is the concept that people trust in something they can see others using successfully. In essence we look for how to behave in social settings. Social proof can be used as a persuasive tool in business. If you’re trying to sell one of your products, showing how the product has been successful for others can help convert your sales.
Appealing to one’s reputation is a powerful persuasive tool. You can use this mode of persuasion by indicating that they should act in a way which is consistent with a label. For example; ‘Your restaurant is a fine French restaurant and good French restaurants stock our wine.’ This is a common tactic used in marketing campaigns to make sales.
4. Intrinsic Motivation and Drive
Why is intrinsic motivation important for entrepreneurs?
A core attribute to entrepreneurial mindset is intrinsic motivation. Having an inner drive and fire to accomplish your goals for personal achievement as opposed to external factors. Typically, those who own their own businesses are motivated intrinsically to some degree. They’ve put blood, sweat, and tears into their creation and may have literally gambled their future to startup their business. Having a lot at stake fuels personal drive and motivation.
How can you cultivate intrinsic motivation for business?
Successful entrepreneurs know that staying motivated is the key to running a successful business.
What steps can you take to cultivate this motivation?
To stay motivated long-term keep the focus on the end goal or objectives.
Where is your brand headed? What plans do you have in the future to grow and expand? How will your brand fit into its respective industry in the future?
Formulating your long-term goals and a master plan together with short-term goals you can achieve more regularly will help maintain motivation overall.
Experts generally agree that goal setting is crucial to keeping your motivational consistent.
Ensure your goals are SMART. Applying the SMART: (Specific, Measurable, Attainable, Relevant and Time-based) Principles to your goal setting can really help you check that your business is on the right path and your expectations on that path are realistic.
5. Tenacity and an ability to learn from failure
Why is learning from mistakes important for Entrepreneurs?
When you’re starting a new venture, you hope that your business will be a mega success. It’s true that success is wonderful, but failure is where growth and change happens. The key to learning from failure is to actually learn and embrace your mistakes so you can continue improving and developing what you deliver.
Don’t be afraid to fail, because when you do, you’ll be in good company. The world’s most successful business owners, entrepreneurs and influencers have failed at one time or another in their rise to success. Do not expect yourself to be perfect in the pursuit of your business dream. It is, by definition, impossible.
How can you cultivate tenacity and embrace growth from failure in business?
Failure will happen, but your reaction to the failure is what counts.
Learn from adversity
Let times strengthen you. Failure can be your best chance to learn how to do something right. As a startup owner and entrepreneur, you’re going to face many firsts - first client, first business lease, first employee hire. Some of these firsts are bound to not work out; that’s okay and expected. Use these setbacks to develop ideas and tactics for how you want to run your business in the future.
Share your experiences with others
Failing at something is human, which means that others have forged that path before you. Share your experiences with others you trust, whether it’s your mentor, colleagues, or staff - to gain some outside perspective. Sharing that experience can help you collaborate to reach an even better solution for how to handle a tricky problem in the future.
Don’t be afraid to change course and reset
Even the best-laid plans will sometimes go horribly wrong. That’s the nature of life, as well as business. There will come a time when you may realize that something simply is not working. You may have to adjust your planned course, reset, and start over.
Never give up!
One of the most important keys to success in cultivating an entrepreneurial mindset is to never give up. Perseverance will get you through the tough times. Be tenacious about working toward your dreams. With determination you will achieve success!