Entrepreneurial Mindset

How to Nurture An Entrepreneurial Mindset

Anyone can come up with a new idea but building a successful business around it is the entrepreneurial challenge. Entrepreneurship is propelled by individuals (entrepreneurs) who possess an entrepreneurial mindset: a method of thinking that empowers you to overcome challenges, be decisive, and accept responsibility for your outcomes.

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Do you truly possess an entrepreneurial mindset? An entrepreneurial mindset is a set of skills that enable people to identify and make the most of opportunities, overcome and learn from setbacks, and succeed in a variety of settings.

Those with an entrepreneurial mindset have more than passion, dedication, and a strong work ethic. They typically have a set of traits that set them apart from the competition. A good idea can only take you so far while the right mindset can push you to overcome even the most daunting obstacles.

From a very young age, I was taught that what we believe affects what we achieve. If you believe that you don’t have the capacity to start, run and operate a company, you’ll never own a business.

Developing An Entrepreneurial Mindset

Our attitude and our adamant perspective are part conscious and part unconscious. Our attitude is only a short-term reaction that is oriented by our mindset. It is easier to correct our attitude than our mindset. The mindset takes longer to change. But it can learn, unlearn, program, and reprogram both consciously and unconsciously. Even in the middle of a thought, one can learn to stop and correct their line of thinking. But this comes with self-training. A little nurturing of an entrepreneurial mindset will indeed affect one’s overall performance in business.

Nurturing an entrepreneurial mindset can begin at a very young age. As a thirteen-year-old, I began learning the importance of cashflow, saving resources, and birthing a vision. I seized an opportunity to purchase sweet cakes and tarts from my next-door neighbor who was an awesome baker. I realized that I could make a 100% return on my investment by selling slices to the other kids in my neighborhood.

Entrepreneurial Mindset

However, that exercise didn’t last too long. My neighbor soon realized my modus operandi, stopped selling goods to me, and began selling directly to my market. That was my discovery of the power of competition. Nevertheless, I immediately launched a car wash with my brother and another friend in our front yard. I was truly determined to make a difference for myself and my family. Everyone around began calling me “Lil Boss” because of my entrepreneurial mindset. I was developing a mindset showing innovation, persuasiveness, tenacity, and skill for idea generation. These are all building characteristics of an entrepreneur.

Types of Mindsets

Carol Dweck, an American psychologist in her book Mindset described two types of mindsets. She spoke of the fixed mindset and the growth mindset. In her words, people who hold the fixed mindset believe that they are either good or bad at something based on their inherent nature. They believe there’s no room for change. They say that talent and intelligence are fixed.

Dweck observed that they are people who believe their success is based on innate ability. These people dread failure because they say it reflects on their basic capability. She called it a fixed theory of intelligence. On the other hand, the growth or incremental theory of intelligence describes the contrary.

Entrepreneurial Mindset

As Carol Dweck said, ‘Why waste time proving over and over how great you are when you could be getting better? Why hide deficiencies instead of overcoming them? Why look for friends or partners who will just shore up your self-esteem, instead of ones who will also challenge you to grow? And why seek out the tried and true, instead of experiences that will stretch you? The passion for stretching yourself and sticking to it, even (or especially) when it’s not going well, is the hallmark of the growth mindset. This is the mindset that allows people to thrive during some of the most challenging times in their lives’.

Successful entrepreneurs are individuals who believe their success is based on hard work, learning, and expanding. They don’t mind failures because they know their ability or performance can be improved.

A growth mindset allows one’s intelligence and performance to grow with time and experience. It encourages a business-minded person to put in extra time and effort to achieve better. The entrepreneurial growth mindset believes that anyone can nurture their potential, skill, and passion in anything. They believe knowledge and skill can be developed.  It is a  mindset to constantly evolve.

Nurturing An Entrepreneurial Mindset

What is the key element of an entrepreneurial mindset?

The ability to think outside the box and improvise when necessary is an essential element of the entrepreneurial mindset. Entrepreneurs can see how something is done and imagine how it can be done better.

Yet, as a businessperson, it is not enough to just have the skills. You need to adapt and reinvent yourself constantly. Entrepreneurial thinking is expansive. A person can learn, develop, and foster some new characteristics of an achiever.

This entrepreneurial character is nurtured by training your thought habits. An entrepreneur’s creativity increases if he or she is a flexible thinker. There’s so much value in being a business person who is open-minded enough to create and acquire new talent.  Intentionally trying something new. He or she is innovative and prepared to take risks and implement new ideas.

You can learn to nurture that innovative mindset by learning from a mentor, reading books of various skillsets, and networking with other entrepreneurs. The more often you’ll explore your thoughts, beliefs, and expectations, the faster you’ll grow.

Everyone has the potential to mature if you’re passionate and committed to your goals. It takes a strong mindset to accept your failures and know when and how to improve your innovations. Self-awareness, self-motivation, and strong self-regard build that strong mindset.

7 Signs You Deserve To Be An Entrepreneur

If you believe you are destined to take part in entrepreneurship pursuit, check out the following sturdy signs to know if truly you deserve to be an entrepreneur.

  1. You Like To Learn To Educate Yourself.
  2. You Don’t Put To Hurry to Take Action.
  3. You Don’t Like To Waste Resources.
  4. You Always Put To Test Your Creativity.
  5. You’re Not Afraid To Take Risk.
  6. You’re A Good Effective Time Manager.
  7. You Can Be At The Helm of Money And Otherwise Saving.

Source: YouStory

Wrapping Up

Nurturing an entrepreneurial mindset is all about harnessing passions, skills, experience, knowledge and insights, resources, and networks to spot and take advantage of opportunities at the right time and in the right way.

We all observe persons frantically commuting to work each day doing work they do not enjoy. As Richard Chang said in his book The Passion Plan:

“We spend a lot of time doing things we don’t want to do in places we don’t want to be for no other reason than that we feel that we have to. We have to bring home a paycheck, please our friends and family, and meet the expectations that the world has set for us.”

I’ve dedicated this blog to help those who want to discover, pursue, and develop their passion through blogging and becoming an entrepreneur. Come join us on the journey. We will be providing many online business & entrepreneurial resources that you can employ in your business pursuit.

About The Author

About The Author

Ricardo is a successful Real Estate Investor, Entrepreneur and Blogger, with over 25 years of customer service experience. The bold & visionary founder of Funntripps and RicardoNewbold.com, he teaches busy entrepreneurs and bloggers how to successfully build and grow their business whilst having fun and living the maximized life. He enjoys spending time with his family, multi-family real estate investing and surprise get-a-way trips with his wife.

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The Productive Solopreneur

After spending most of my life believing that I was not enough, I realized that I needed to adopt a growth mindset as well as acquire all the skills and abilities I needed to thrive.  In this resource, I share how to create goals and the structure to work toward the ultimate work/life balance. I’m on a mission to change the world by helping aspiring entrepreneurs go from Side-Hustle to Boss. Steal my secrets to successful solopreneurship and living the maximized life. Learn more about it in my ebook/mini-course and receive a truckload of bonuses.

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