Being an entrepreneur is a rollercoaster journey. You will need lots of grit to grind your way to success. Knowing business strategies and tactics are good, but half of the battle in being an entrepreneur happens in mind.
The key is to think differently than the regular person. Here are seven core mindsets that every entrepreneur should internalize.
The Growth Mindset
The growth mindset is critical for an entrepreneur. It allows you to continually evolve and improve in anything you set out to do. In the beginning, everything is difficult, but with a growth mindset, you as an entrepreneur can learn practically anything that he sets out to learn.
Not a sales kind of person? Are you an introvert? You can do sales and marketing if you put your mind to it and believe that you have the capability to sell. You might not be effective at the start but with a growth mindset, you will savor the small wins and the little improvement you achieve daily, and then you can use it to boost your confidence further.
However, a fixed mindset will likely make your goals harder to reach. With this type of mindset, you believe that you cannot improve and that skills or abilities are things that cannot be improved upon. The growth mindset is a psychological concept that’s been gaining traction among educators and researchers over the past few decades.
It is a way of thinking about learning that focuses on effort rather than innate ability. It’s also a philosophy for life; it teaches you to focus on what you can do to improve yourself rather than dwelling on mistakes or shortcomings. In business, this mindset can make the difference between success and failure.
The Learner Mindset
An entrepreneur should be a student. They know that ignorance is not bliss. Aside from learning from books, online courses and workshops, and conferences, they know that learning can come from interactions with people. When you go meet people, you learn something from them. When you have coffee with your mentor, you get to learn his insights and how you might apply it in your context. The truth is that learning is everywhere, even in the mistakes that you will make, you have to extract the learning from it so that you benefit from your mistake.
So take the time to learn daily. You do not have to specialize solely in your niche. You can even learn other subjects and topics and see how the learning you get from it can be used to your context.
The Bias to Action Mindset
Entrepreneurs have a bias to action. While there is merit to thinking carefully first before doing something, we become susceptible to overthinking. Sometimes intuition can be your best mentor. So, it is good to act on your intuition and get to work. Action trumps everything because everyone has ideas. It is the work mindset that differentiates the winners from those who just want to win in life and business.
Consider the example of Sara Blakely, the founder of Spanx. Before she became a billionaire, Blakely was a frustrated consumer with a simple idea: a comfortable, slimming undergarment. Instead of endlessly pondering the feasibility of her concept, she took immediate action. With no background in fashion or business, Blakely researched fabrics, created a prototype, and relentlessly pitched her product to manufacturers and retailers. Her willingness to act swiftly and decisively, despite numerous rejections and obstacles, transformed her idea into a globally successful brand.
This bias to action isn’t about recklessness; it’s about balancing intuition with informed decision-making. Entrepreneurs often operate in rapidly changing environments where waiting for perfect conditions can mean missed opportunities. By acting on well-informed hunches and iterating based on real-world feedback, entrepreneurs can adapt and refine their strategies more effectively than those who remain in perpetual planning mode.
The bias to action mindset also fosters a culture of learning and improvement. Each action, successful or not, provides valuable insights that can guide future decisions. It reinforces the notion that progress is made through doing, not just thinking. Embracing this mindset allows entrepreneurs to build momentum, stay ahead of the competition, and turn their visions into reality, one bold step at a time.
The Resilience Mindset
Resilience is the backbone of entrepreneurial success. The journey of an entrepreneur is filled with highs and lows, challenges, and setbacks. It’s not about how many times you fall, but how many times you get back up. Embracing a resilience mindset means understanding that failure is not the end but a stepping stone to success.
Every entrepreneur will face obstacles, whether it’s a failed product launch, financial difficulties, or unexpected market changes. The key is not to view these setbacks as permanent failures but as opportunities to learn and grow. Resilience allows you to maintain a positive outlook even in the face of adversity, keeping your vision and goals in focus.
Cultivating resilience involves several key practices:
- Adaptability: Be willing to pivot and change your strategies when necessary. The market and business environments are constantly evolving, and staying flexible will help you navigate through uncertainties.
- Perseverance: Keep pushing forward, even when things get tough. Remember why you started and stay committed to your long-term vision.
- Emotional Regulation: Learn to manage stress and maintain emotional balance. Practices such as mindfulness, meditation, and regular physical activity can help you stay grounded and focused.
- Support Systems: Build a network of mentors, peers, and advisors who can provide guidance, support, and encouragement during challenging times.
A resilient mindset empowers you to turn setbacks into comebacks, viewing each challenge as an opportunity to innovate and improve. By fostering resilience, you ensure that you can withstand the inevitable storms of entrepreneurship and emerge stronger and more determined than ever.
The Strengths Mindset
By now, you should already know your strengths. You can use tests like Strengthsfinder to know what you are good at so you can leverage them.
Life is too short to spend time on improving your weaknesses. The only time you should work on your weakness is if it is clearly blocking your success. So instead, build on your strengths. Get better and better at what you are good at until you reach your potential.
The strengths mindset is important for entrepreneurs because it allows you to create a team that compliments you. Find people who are great at something you are not good at. In this way, you build a business that generates synergy.
The Mensch Mindset
A mensch is a person of integrity and honor. A mensch is someone who does the right thing and helps people with no strings attached. This mindset will allow you to build strong relationships with people because you will have their interest at heart always.
If you internalize this mindset, you will have genuine friendships and business associates because they know you are someone that can be trusted and they will go to you because they know you are generous with your help.
So don’t see the world in a transaction manner, i.e. what can I get from this person? Always look to bring value to others. What can you do to help someone? If you found something useful online, share it with them.
If your customer can benefit from a product a competitor provides, do it. That is the mensch way, always seeking to help and give value to the lives of people you touch.
The Abundance Mindset
An abundance mindset is important for you to internalize. Yes, Economics tells us there is scarcity in the world. However, the truth is, there is enough for everyone.
To apply this mindset means to be grateful for the things you have and enjoy. It means sharing your surplus to others. It means giving freely information and help that can make a difference in others.
We should not be keeping things to ourselves. Share your learnings and insights to the world as an entrepreneur. Know that what you give will eventually return to you tenfold.
So operate on the mindset that there is enough for everyone. Compete less and do more partnerships instead when you run your business. Look for synergy and build win-win relationships instead of dragging them down with your negativity and transaction driven mindset.
Conclusion
Embodying these seven core mindsetswill empower you to navigate the entrepreneurial journey with confidence and determination. These mindsets will help you overcome challenges, seize opportunities, and build a successful, fulfilling business. Remember, the battle is often in the mind, and with the right mindset, you can achieve extraordinary success.
This article was first published in 2017 but has been updated and expanded in 2024
Also read:
5 Characteristics of a Fixed Mindset
Benefits of a Growth Mindset in Business
5 Ways to Practice a Growth Mindset in Business
Staff Writer: Argee Abadines is a writer and entrepreneur. He runs Bruner Learning Hub, an innovative learning center in the Philippines.
As an educator entrepreneur, he also runs The Filipino Teacher, a valuable resource for teachers.
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Business Opportunities · Find Your Way · Grow your business · Personal Development · Productivity · Your Mindset
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