When you think of the great entrepreneurs, you may think of Steve Jobs, Jeff Bezos and Bill Gates, founders of some of the most innovative companies in the world – Apple, Amazon and Microsoft.
Known as passionate, dedicated and brilliant innovators, these people made history, and at their core, are considered entrepreneurs.
However, you don’t have to discover game-changing technology or launch a new business to be considered an entrepreneur. Anyone can develop an entrepreneurial mindset, according to Florida Tech Business Instructor Tim Muth.
“A lot of us are never going to start our own business. An entrepreneur can be any place: big companies, medium-sized companies, small, new; it really is more about your thought process.”
So, what makes someone an entrepreneur?
Entrepreneurial Mindset: What Is It?
Simply stated, the entrepreneurial mindset refers to the way entrepreneurs think and act. While there are several traits associated with this state of mind, it can be characterized by “the critical, analytical, and fundamentally disruptive perspective that it brings to the world,” according to a 2017 article on Entrepreneur.
Entrepreneurs often see challenges as opportunities, are self-motivated and do not hesitate to adapt to rapid changes. For some, having an entrepreneurial mindset comes naturally. For others, it means challenging yourself to grow, learn and alter your perspective.
According to Muth, some of these traits include a willingness to try new things, admitting you don’t know everything, persistence, and having a tough skin.
5 Tips to Develop an Entrepreneurial Mindset
Having ambition, drive and passion is not enough to cultivate an entrepreneurial mindset. Like any individual skill or ability, you have to invest in improvement. The tips below can guide you and help you shift your focus where needed to see results.
1. Take Action
Plans are important: they are like maps. However, as Shark Tank co-star Barbra Corcoran explains in an interview with Entrepreneur, sometimes it’s better to “Invent as [you] go.” Don’t fall into a trap of overanalyzing the situation when taking action could be the key to moving forward.
2. Admit You’re Scared
It’s okay to be nervous about failure. If you don’t experience some setbacks, you’re not doing it right. Understanding and admitting that you’re unsure or uneasy about something can inspire you to refocus, reevaluate and refuel your personal drive.
3. Welcome Change
There will always be room for improvement. That cannot happen without change. Entrepreneur has an entire podcast dedicated to “Problem Solvers,” in which business owners and CEOs share how they solve unexpected problems that arise. In one episode, Ed Boyes of HelloFresh, the meal delivery service, shares how an unexpected change greatly influenced their business success. Instead of using perfectly crafted food photos for the recipes, using realistic-looking photos instead made orders go up.
Sometimes the best ideas are not yours. Actor and business leader, Jessica Alba, explains, “…it’s important to surround yourself with people smarter than you and to listen to ideas that aren’t yours,” in an interview with Entrepreneur. “I think success takes communication, collaboration and sometimes, failure,” she adds.
5. Get Back Up
A good idea can fail fast – due to multiple reasons. However, picking yourself back up and recovering from such a failure is vital. Some of the best projects are born out of failure and keeping a positive, innovative attitude can help you turn disappointment into an opportunity.
When it comes to becoming an entrepreneur, it’s not only about what you do, but how you think it can be done and how it matters in driving success. Having that entrepreneurial mindset can help you no matter what your career goals are.