What is an entrepreneurial mindset?
Entrepreneurial Mindset: a way of thinking that enables decisiveness and the ability to overcome challenges, and accept responsibility for outcomes.
It is also characterised by a constant need to improve skills, learn from mistakes, and see ideas through to fruition.
An entrepreneurial mindset can be interpreted as a refusal to fear the possibility of failing. Instead, failure is seen as a success; providing a valuable learning opportunity, prompting new approaches and acting as in indicator that the idea or approach is not viable.
Is an entrepreneurial mindset important for success?
The short is answer is yes. An entrepreneurial mindset is the cornerstone of sustained success, and perseverance in the face of challenges. It creates an aptitude for pursuing new opportunities, risk-taking, welcoming change, staying focused on what’s important and seeing the bigger picture.
With a huge number of enterprises failing in their first five years, having the ability to weather the numerous ups and downs in this crucial period, and beyond, is the key to success. Entrepreneurship, and its constant barrage of successes, failures, and decisions can be mentally exhausting that requires a resilient mindset.
What are the characteristics of an entrepreneurial mindset?
- Decisiveness. The ability to assess all available data and come to an informed and confident decision.
- Confidence. Being comfortable with uncertainty, new challenges, and presenting and pitching your ideas.
- Accountability. Taking responsibility for actions and decisions regardless of whether they succeed or fail. Furthermore, taking action to fix problems and learn from mistakes.
- Resilience. Able to embrace failure and not take the outcomes personally, or as an indication of inability. Accepting that failure is an essential part of entrepreneurship.
- Humility. Staying focused and centred through successes. Knowing that there is always more to learn, and being open to, or better, actively seeking out opportunities for coaching and mentorship.
- Mindfulness. Focused on the present rather than preoccupied with the past or the future.
- Self-Actualisation. Governed by internal goals, open to expressing their own creativity and often perceived as authentic.
How do you develop an entrepreneurial mindset?
Understanding the characteristics found in successful entrepreneurs is the first step towards having the ability to become one. Having an entrepreneurial mindset is by no means a skill you are born with; rather it’s a way of thinking that can be developed through self-awareness and sustained practice. An entrepreneurial mindset broken down into it’s simplest form is just a collection of learnable traits.
Entrepreneurial Mindset and Growth Mindset are both covered in depth on The Circle Academy; a 12 week training programme for social entrepreneurs. You can find out more about The Circle Academy on our website, and you can access an application form here.