“Instead of everyone chasing the dream to become an entrepreneur by career, I think it’s healthier if we all strive to develop an entrepreneurial mindset.”
Last week, I wrote about why entrepreneurship isn’t for everyone.
I enjoyed writing that article. It instructed me in many ways. And readers loved it.
I think you should read it if you haven’t.
You’ll surely learn a thing or two.
Today, I will write about the entrepreneurial mindset and how you can build it.
What Is An Entrepreneurial Mindset?
“A “mindset” refers to the specific behaviours, attitudes, and thought processes that prompt our decisions. It encompasses how we view situations, obstacles, and our mental faculties.”
Maggie Wooll.
Mindsets are like the hidden internal engines that drive us: our attitudes, how we think, and, most importantly, our decisions.
Decisions and choices are what pave the way to our destinies.
So, you are where you are today because of the decisions and choices you made yesterday, and where you’ll be tomorrow largely depends on the decisions and the choices you make today.
Never underestimate the power of a healthy mindset.
Many folks are stuck in the doldrums today because they have been unable to overcome the negative mindset binding them down.
Mindsets are very powerful.
As a man thinketh in his heart, so he is.
You’re great and mighty human if you can control and direct your mindset in the right direction.
A negative mindset will blind your eyes and heart to possibilities. You’ll never be able to see anything good in challenging situations.
Do you know there’s always a way out amid any challenge?
Somehow, within the very same fabric of that challenge gently rests the solution, but it takes a calm and optimistic mind to even sense it. You’ll never see it if you’re always driven by negativity.
An entrepreneurial mindset is built on positive thinking, resilience and creativity.
I have never come across an entrepreneur who isn’t positive in their attitude, is resilient, and thinks creatively.
The entrepreneurial mindset sees opportunities where others see risks.
They see a gold mine, whereas others see just earth and dirt.
The entrepreneurial mindset is worried about solutions to problems. That’s what they think about.
“How do we solve this problem?”
That’s what runs through their minds every day.
Do you have to be Thomas Edison, Elon Musk or Sam Altman to think like this?
Oh, No!
No, my friends.
The entrepreneurial mindset is supposed to be the internal culture frame of leaders, workers, fathers, mothers, students—everyday people who want to make a difference and change the world.
Benefits Of An Entrepreneurial Mindset
- You Learn To See Challenges Differently: Success in entrepreneurship is measured by one’s ability to surmount challenges. When you begin to view challenges through the entrepreneurial lenses, challenges start to look differently to you. People around you might see a big mountain, but you see a road through it, a tunnel beneath it or a bridge over it. And as you solve one challenge after the other, your arsenal gets bigger and bigger, and you get wiser and wiser.
- You Think Outside the Box: To the entrepreneur, there are no boundaries or boxes. It’s an endless sea of possibilities. The entrepreneurial mindset is not afraid to explore beyond conventional thoughts, ideas, and methods. Their creativity knows no bounds!
- You Can Influence And Inspire Others: One of the most fascinating things about entrepreneurship is the gift of inspiring people to live beyond their mental confines. The entrepreneurial mindset isn’t just busy with itself. It’s also interested in others. Your life becomes a living and walking motivation. People read you like a book and learn life lessons that help them become better people.
- You Have a Stronger Awareness Of Who You Are: Taking ownership of your life only comes when you have a strong mindset of “I am worth it.” People who look down on themselves and their existence have not come to the point of understanding their purpose in life. An entrepreneurial mindset gives you this strong confidence in who you are—your person, ideas, experience, skills, abilities, dreams and future.
The Characteristics Of An Entrepreneurial Mindset
Here are the major characteristics of an entrepreneurial mindset.
- Independence: Independence is the ability to do and move things without relying heavily on external influence. Entrepreneurs do not wait for external stimuli or force before they can move or think. They have built an autonomous system within them that can act independently. This does not imply that they don’t need the help of others. Of course, they do, but when there’s no one around to help, they are not stuck or stagnant; they keep moving.
We need more people who are smart and strong enough to think independently.
The world is full of people who can’t act without someone telling them what to do, whether good or bad.
If more people adopt this mindset, the world will be a better place, and people will be able to take the initiative to do the right things for themselves and humanity.
- Accountability: You must be accountable. Take responsibility for your actions—good or bad. By being responsible, you learn from your mistakes and even your successes.
The entrepreneurial mindset is mindful of what it does. If a mistake is made, it quickly admits, corrects itself, and learns instead of running away and denying it.
The world needs more people who are accountable and who do not run away from the consequences of their negative actions but stand up, receive corrections, and work to become better.
- Goal-oriented: You must be razor-focused. You must have a goal. What are you working towards? You must give it your all. We lack goal-oriented people—people who have visions and are ready to pursue them and not stop until they get them. We need more goal-oriented mothers, fathers, sisters, students, bus drivers, and everyday people who will craft their own futures and work towards achieving their destinies.
- Resilience: Bouncing back and moving forward no matter what is one of the prime characteristics of an entrepreneurial mindset. Life isn’t going to be a smooth ride. There will be ups and downs. Storms and floods. The entrepreneurial mindset has built resilience into its fabric. Giving up isn’t an option.
- Willingness To Experiment: Try new things. If experiments don’t come out as planned, it doesn’t mean time was wasted; you only discovered a way not to do things. To break into greater levels of accomplishments, playing it safe won’t just cut it. You have to break a few things.
- Sees fear Differently: Seeing fear differently takes a lot of boldness. Naturally, we run away from things that make us afraid so we can avoid pain, loss and the unknown. Well, entrepreneurs use the energy of fear to drive themselves to innovate and create solutions. The only reason why humanity is where it is today as a race is because there were some of us at different ages and times in history who stood up to conquer different kinds and forms of fear. There was a time when we were scared of the rain and storms, and if we had not stood up against the fear, maybe we wouldn’t be around today. But we innovated and designed better structures to protect us. The entrepreneurial mindset doesn’t see fear as a threat. Instead, it sees it as raw material for innovation.
- Mistakes Are Lessons: It’s wise to avoid mistakes. It’s foolish to deliberately, consciously, and continuously commit errors. Humans are not robots or programmed. We are prone to errors and mistakes. The entrepreneurial mindset knows this truth and understands how to handle mistakes. The vast majority of folks never recover from mistakes. Once they fall into one or two, they give up—not those who have developed the entrepreneurial mindset. They know that making mistakes is a big part of growth and learning. Mistakes are very effective methods of understanding yourself, the problem and the approach or solution you’re working with. The great products we use today are the results of many iterations. No product comes out perfect the first time. There must be certain mistakes and errors that need to be adjusted.
- Takes Calculated Risk: Taking an uncalculated risk is unwise. Before you take the leap of faith, you must count the cost. The entrepreneurial mindset understands the importance of taking risks you are ready and prepared for.
- It’s Not Just About You: The entrepreneurial mindset is not selfish. It’s bigger than ego or self-ambition. The broader scheme of things all boils down to how we can help our community and the world.
How To Build The Entrepreneurial Mindset
“The essence of entrepreneurship is to seize opportunities, integrate resources, and then innovate and act promptly.”
Research shows that individuals with an entrepreneurial mindset exhibit higher levels of self-efficacy, opportunity recognition, and innovative behaviour. And this mindset can be built over time.
Here are some practical ways to build an entrepreneurial mindset.
Think Positive
When faced with a daunting situation, the first thing you want to evaluate is your mindset. If it’s negative, you won’t see through the challenge.
If it’s positive, you are calm and relaxed enough to see through the mist. You’ve to believe in yourself to be able to express yourself. Always think positively of yourself and the situation. This practice is one of the most effective methods for developing an entrepreneurial mindset.
Embrace Curiosity And Continous Learning
Keep learning. Attend webinars, seminars and workshops. Seize every opportunity to learn something new.
You can never know it all! Never.
There’s always something new to learn.
One potent method to keep you fresh and curious is reading.
Reading is a superpower.
It’s one of the most authentic ways we can nourish our minds.
If you want to develop an entrepreneurial mindset, reading should be the habit you inculcate into your life.
Read materials that relate to your professional life regularly.
Read to stay informed.
Let reading be exciting to you.
There are folks who don’t care a thing about reading.
The only kind of reading they have ever done in their lives is academic, the kind needed to pass exams and tests.
Outside their academic life, they have no relationship with books, articles, reports, etc.
Surround Yourself With The Right People
The most effective way to build an entrepreneurial mindset is to surround yourself with like-minded people.
Be deliberate about it.
If your friends, colleagues, or social network aren’t motivating, inspiring, or helping you grow, then it’s wise for you to start rethinking.
To become great in life, you need the input of others.
Greatness is like a soup that needs a myriad of ingredients to make it taste good.
Look around you. Can you point to two or three friends who inspire you to become more and are there for you when you need them?
You have a lot of work to do if you don’t have any.
Develop Emotional Intelligence
“Emotional intelligence, or EI, is the ability to monitor, identify, understand, and manage your emotions as well as those of the people around you.”
National Center for Biotechnology Information (NCBI)
The concept of emotional intelligence has become more popular in the leadership ecosystem lately.
Emotional intelligence is basically about the ability to:
- Recognize emotions.
- Reason with emotions.
- Comprehend emotions.
- Effectively manage emotions.
We will explore emotional intelligence in depth in our next leadership, entrepreneurship, and innovation article, which will be published next Monday.
You won’t want to miss it.
Embrace A Growth Mindset
Your skills, abilities, and achievements are not set in stone.
There’s always room for growth and expansion, which is the core theory of a growth mindset.
The growth mindset sees potential and isn’t satisfied with the status quo.
The growth mindset believes in continuous development and improvement.
Adaptability And Resilience
We’ve discussed the importance of resilience and the need to remain focused even when faced with challenges and uncertainty.
How can you build adaptability and resilience?
- The first step is always about you knowing that you have plenty of strength inside you.
- You must understand that challenges are opportunities to learn. The next time you are faced with a challenge, approach it as if it’s a test or exam.
- Control your emotions. You can’t eliminate them, but you can control and direct them to more productive actions and thoughts.
Be Financially Literate
You don’t have to become an accountant or a financial analyst; just understand the basics of managing money.
Money is a very important part of our lives, and understanding how money works will save us from many money issues.
Surprisingly, most people need to learn about money management, which is practically knowing what to spend their money on and how and when to spend it—in a nutshell, how to make healthy money decisions.
Final Thoughts
To conclude this long discussion, which started with the “things you have to consider before becoming an entrepreneur,” we bring it to a brief end with this last article along this line of thought.
The entrepreneurial mindset should be everyone’s mindset and culture. And especially for healthcare entrepreneurs and professionals.
We need more healthcare professionals and entrepreneurs who will approach healthcare with this mindset. The mindset of innovation, community, intelligence, and responsibility.
There are many resources on the Internet that discuss this topic. This is my own perspective, instructed by much reading and my experience.
I strongly believe you’ll learn a lot from it, and it will inspire you to start developing an entrepreneurial mindset.
We will discuss emotional intelligence in our next leadership, innovation and entrepreneurship discussion.
I write about leadership, Innovation and entrepreneurship every Monday here on Care City. Though my writings are targeted at healthcare entrepreneurs, leaders and innovators, I feel entrepreneurs, in general, can learn from them.
Catch you next week Monday. Have a productive week ahead. Bye.
Selected References
- Hreha, J. (2024, August 27). The entrepreneurial mindset: what is it and how do you develop it? Persona. https://www.personatalent.com/development/entrepreneurial-mindset/.
- Van Edwards, V. (2024, July 10). How to improve emotional intelligence in 5 steps. Science of People. https://www.scienceofpeople.com/emotional-intelligence/.
- Wei, J., Chen, Y., Zhang, Y., & Zhang, J. (2020). How does entrepreneurial Self-Efficacy influence innovation behavior? Exploring the mechanism of job satisfaction and Zhongyong thinking. Frontiers in Psychology, 11. https://doi.org/10.3389/fpsyg.2020.00708.
