What’s the one thing every entrepreneur needs to succeed? Is it a business plan, capital, or a great idea? All those things are essential, yet an entrepreneur’s mindset is the most powerful tool. It can help you whether you’re starting your own business or taking on a new project during your 9 to 5.
As an entrepreneur, I remember doing everything by the book at the start of my business. I made a business plan, created my ideal client, and created a marketing plan. Ultimately, my business struggled to get off the ground because I wasn’t focused on the right areas. Stuck in the mindset of working for someone else, I didn’t understand what it meant to work for myself.
For aspiring and current entrepreneurs, here’s how to change your mindset so you can take your business to new heights.
What is an entrepreneurial mindset, and why is it important?
An entrepreneurial mindset is about having an open mind, thinking critically, and embracing uncertainty as an opportunity. With a strong mindset, you can become resilient and overcome many common struggles that first-time business owners encounter.
With the right mindset, you see the world differently. You gravitate towards innovation, constantly see ways to improve current systems, and believe there’s a solution to every problem. Failure is a badge of honor on your way to success: the more you learn, the better your chances of succeeding.
If you’re wondering if you have this mindset, ask yourself the following:
- Am I using my skills in the best way possible?
- What have I learned from my recent mistakes?
- Do I often put my ideas into motion?
- Do I accept responsibility for my actions?
- How do I foster my creativity and curiosity?
- Do I consider myself a lifelong learner?
- How do I stand out from others?
- Do I view failure as something positive?
- Do I feel limited by what is, or do I see the possibilities within my current situation?
- How often do I take calculated risks?
If you can answer these questions clearly and easily, you have an entrepreneurial mindset. However, if you find the previous questions challenging, you might need to develop your entrepreneurial muscle.
An entrepreneurial mindset allows you to keep moving forward when you experience roadblocks, failures, or any other obstacle derailing your progress. Without this perspective, you’ll be held back by mistakes, limiting beliefs, and challenges.
Five ways to develop an entrepreneurial mindset
Developing a solid mindset takes time and practice. Here are steps to follow to get you in the right frame of mind.
1. Embrace challenges are opportunities
Embracing challenges is step one in developing an entrepreneurial mindset, but you may wonder how. How do you start embracing and taking on challenges when they are, by nature, uncomfortable, frustrating, and sometimes hard to overcome?
The first step is to change how you see challenges. If you view challenges as roadblocks or an impenetrable wall, that’s all they’ll ever be. Instead, try taking a different perspective the next time you have a problem. How can you view a dilemma from a different angle?
Additionally, don’t be afraid of being uncomfortable when taking on challenges. This might mean you must speak up more, put yourself in new places, and do things you don’t want to do. But remember, growth isn’t always comfortable, and that unsettling feeling is only temporary.
Lastly, ask yourself where the opportunity lies in this challenge. For instance, needing more money to create your business’s product can be an opportunity to manage your finances better, secure grants, or network with others to find different resources.
2. Foster creativity and innovation
If you think of some of the most successful Black female entrepreneurs, like Madame C.J. Walker, Oprah, Rihanna, and others, their creativity sets them apart. They believed in creating something that didn’t exist. When others said it was impossible, they thought it was possible.
Creativity is an integral part of entrepreneurship. It allows you to solve problems, expand upon ideas, and make things better than they were before. Creativity is inside us, but like a seed, it needs nurturing. Allow your seed of creativity to grow by putting yourself in different settings. Try going to an event you never thought of going to, travel to a new city, or visit a museum.
You can also develop your creativity by following your curiosity. What has been gnawing at you? What do you want to know more about? When you step outside of what you’re used to, you discover parts of yourself that you didn’t know existed.
3. Set large, small, and practical goals
Goal setting is one of the cornerstones of success in any field, business, or career. However, it’s very common to set goals and not achieve them. To ensure your goals are achievable, set various types of goals.
Start with a sizeable one-year goal: This is the goal you want to achieve within 12 months.
Set practical goals: From your large one-year goal, choose one practical quarterly goal that you will focus on for three months. The key is choosing one goal to do. Often, entrepreneurs spread their focus too thin and fail to achieve their goals.
Set small goals: Once you have your primary goals, set 2-3 smaller goals. These are other goals you can focus on that will help keep you motivated along the way.
Remember, when setting your goals, make sure they are specific, measurable, attainable, realistic, and time-bound, in other words, SMART goals.
4. Make learning a priority
Remember when I said that entrepreneurs are lifelong learners? This is because their thirst for knowledge is never quenched.
In this digital age, there are hundreds of ways to learn new skills. Leveraging knowledge in a world dominated by AI and other technological advances gives you the upper hand and helps your business stay afloat in ever-changing times. Set aside time every quarter to learn something new. You can take online classes, attend webinars or workshops, or even enroll in an in-person class at a community college. Aim to make learning a habit.
5. Failure is your friend and not your enemy
Society paints failure as the worst thing that can happen to you. In reality, failing doesn’t feel good, but it’s not the end of the world. Accept failure when it comes and see it as a learning tool. When you learn from your failure, you can see that failing isn’t part of who you are. Failure is a necessary part of life and can help shape you into a successful entrepreneur. Remember, always ask yourself what you’ve learned from your mistakes. And if you’re feeling down about a failure, remember these quotes:
“There is no innovation and creativity without failure. Period.” ― Brene Brown”
“You may encounter many defeats, but you must not be defeated. In fact, it may be necessary to encounter the defeats, so you can know who you are, what you can rise from, how you can still come out of it.” ― Maya Angelou.”
“I don’t like to lose — at anything — yet I’ve grown most not from victories, but setbacks.” — Serena Williams.”
