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Entrepreneurial Mindset: 5 Characteristics To Cultivate
Entrepreneurial Mindset: 5 Characteristics To Cultivate
Characteristics to Cultivate
Having an entrepreneurial mindset may determine success or failure. Here are 5
characteristics you can learn for success.
It’s not a big idea alone that paves the path to ultimate entrepreneurial
success. Oftentimes the success or failure of a business comes down to the
characteristics of the entrepreneur themselves. It takes a unique aggregate of
characteristics to meld one big idea into a fully-functional thriving business. Is
there a certain amalgam of skills and traits which allows some entrepreneurs
to become wildly successful?
Suffice it to say that there is no magical formula to succeed in business (if so,
Harvard Business School would have patented it). However, there are certain
characteristics which all aspiring entrepreneurs should cultivate to dramatically
boost their own odds for success. An entrepreneurial mindset, if you will, may
mark the difference between a lucrative business and one which shutters the
doors before the first year is over.
“When everything seems to be going against you, remember that the airplane
takes off against the wind, not with it.” – Henry Ford, founder of Ford Motor
Company.
Cultivating a positive attitude is not about sticking your head in the sand and
ignoring things that could go wrong, but about learning how to mentally
reframe your response. There is no point in wallowing in mistakes.
One way to change your outlook is to look a negative pain point and ask
“How can I actively correct this?” By exploring your reaction and response to a
perceived problem, you’ll soon learn to cultivate a positive approach to
change. Positive people look to challenges as a way to improve and learn, so
you should try to focus on this skill.
Why is positivity important for the overall work environment? When you’re the
boss, a positive attitude influences others in a similarly positive way. Research
indicates that happy employees are better overall workers. Psychological
research has made a correlation between higher productivity and positive
work environments. Moreover, positive work environments have been linked
to higher business profits, fewer sick days, and higher staff retention rates.
Even small changes can boost positivity. Visit our resource How to Create a
Positive Work Environment to learn how to boost positivity in your
company.
Being positive is something which, like all life skills, can be learned. Becoming
an entrepreneur is not for the faint-hearted. The long hours and erratic
demands of heading up your own company can negatively impact both your
personal life and mental outlook.
One of the easiest ways to cultivate a positive attitude is to focus on the things
you can control. You can control your diet, amount of sleep and ability to
exercise. Each of these factors will help you stay focused, healthy and positive.
Where to find the time to make time for yourself when you’re working around
the clock? Research has shown that even one ten-minute walk each day can
boost your mood and reduce rates of negative thoughts.
For more on how to learn how to stay positive by taking care of yourself visit
our resource: How to Stay Financially and Physically Healthy.
2. A Creative Mindset
WHY IS A CREATIVE MINDSET IMPORTANT FOR ENTREPRENEURS?
Never has the adage “Creativity is the mother of invention” been truer than in
the world of entrepreneurship. Think of Steve Jobs and the iPhone. Edison and
the light bulb. The Wright Brothers and the airplane. Each of these ground-
breaking inventions would not have come to fruition were it not for healthy
doses of creative gumption.
“Creativity is just connecting things. When you ask creative people how they did
something, they feel a little guilty because they didn’t really do it, they just saw
something. It seemed obvious to them after a while. That’s because they were able
to connect experiences they’ve had and synthesize new things.” – Steve Jobs
One of the benefits of being the boss is that you get to express creativity each
and every day. You get to try out creative tactics to better your business and
make changes. Even if you’re not in a creative field, per se, working out ways
to optimize your business operations is a creative act.
When you’re heading up your own company, you can apply creative thinking
to your sales, PR, hiring, tech…the list is endless.
Most entrepreneurs are inherently creative thinkers; otherwise, they would not
be inspired to take the innovative leap to create their own business. That said,
we can all learn to be more creative and to tap into our inherent talents.
Whether or not you believe that creativity is gifted to some or a learned trait,
there are ways to learn to cultivate your creative mind. Visit Entrepreneur’s 5
Brain Training Techniques to Your Creative Genius to learn how to cultivate
and tap into your own creative mind.
“If you would persuade, you must appeal to interest rather than intellect.”–
Benjamin Franklin
While some people are more naturally persuasive than others, persuasive
communication skills can be learned and practiced. Learning to communicate
and present your ideas will make you a better entrepreneur—no matter what
your industry is.
RECIPROCATE
Psychological research has shown the “reciprocity rule” can be very effective in
business. The basics of the rule in plain language is that when a person does
you a favor, you must provide a favor in return. Try to make your persuasive
case by “giving” something to the person you’re trying to persuade. You may
just close the deal or make the sale.
LOOK TO OTHERS
Social proof is the concept that people look to others for how to behave in
social settings. Social proof can be used as a persuasive tool in business. If
you’re trying to sell one of your products, showing how the product has been
successful for others can help make that sale.
USE LABELS
Appealing to one’s reputation is a powerful persuasive tool. You can use this
mode of persuasion by indicating that they should act in a way which is
consistent with a label. For example, say, “Your restaurant is a fine French
restaurant and good French restaurants stock our wine.” This is a common
tactic used in marketing campaigns to make sales.
For more tips and tactics for how to cultivate persuasive communication, visit
our resource: Converting Prospects to Sales.
“The secret of change is to focus all your energy not on fighting the old but on
building the new.” – Socrates
HOW CAN YOU CULTIVATE INTRINSIC MOTIVATION FOR BUSINESS?
One way to stay motivated in the long-term is to keep the focus on the
endgame, the big picture. Where is your company headed? What plans do you
have in the future to grow and expand? How will your company fit into its
respective industry in the future? Experts say that formulating long-range
goals and plans keeps the motivational fires burning.
Speaking of goal setting, experts also advise that goal setting is another way
to keep your motivational wheels turning. The key to using goals for
motivation is to set high-quality goals.
What does that mean? Basically, high-quality goals are clear, achievable, and
manageable. For example, “I will attend two continuing education courses this
month.” Or “I will hire an editor for my company website by Friday.” High-
quality goals provide a sense of motivation when you accomplish your
intended objective.
When you’re the boss, you’re not only responsible for your own intrinsic
motivation, but you’re also responsible for cultivating that for your employees.
How do you motivate to get the best performance from your staff? Visit our
resource 10 Ways to Motivate Employees for ways to inspire and motivate
your team. With our tips, your employees will be motivated to give you and
your company 100%.
When you’re starting a business, you hope that your business will be a wild
success. It’s true that success is wonderful, but failure is where growth and
change happen. The key to learning from failure is to actually learn and
embrace your mistakes so they make your better, not break you.
Don’t be afraid to fail, because when you do, you’ll be in good company. The
richest business owners, most decorated sports stars, and well-known artists
have all failed at one time or another in their path to riches and fame.
Everyone is human, therefore, imperfect. Do not expect yourself to be perfect
in the pursuit of your business dream. It is, by definition, impossible.
HOW CAN YOU CULTIVATE TENACITY AND EMBRACE GROWTH FROM FAILURE IN
BUSINESS?
Failure is inevitable, but your reaction to your failure is what you make of it.
Here’s how to cultivate that and use your failure to come out even more
successful in long-term.
Don’t attach judgment or blame when you fail. Business failure should not
make you feel ashamed or embarrassed. Do your best to remove the emotion
from mistakes you make as an entrepreneur so you can logically explore how
to better yourself and your company. Turn off your negative self-talk and learn
to say “Now I know better for next time!” instead.
Let times of adversity lead you to strength. Failure can be your best chance to
learn how to do something right. As a start-up new business owner and
entrepreneur, you’re going to face many firsts—first client, first business lease,
first employee hire. Some of these firsts are bound to not work out; that’s okay
and expected. Use these setbacks to develop ideas and tactics for how you
want to run your business in the future.
SHARE YOUR EXPERIENCES WITH OTHERS
Failing at something is human, which means that others have forged that path
before you. Share your experiences with others you trust, whether it’s your
mentor, colleagues, or staff—to gain some outside perspective. Sharing that
experience can help you collaborate to reach an even better solution for how
to handle a tricky problem in the future.
Even the best-laid plans will sometimes go awry. That’s the nature of life, as
well as business. There will come a time when you may realize that something
simply is not working. You may have to adjust your planned course, reset, and
start over.
For more on how failure can make you better visit our resource: Learning
From Failure: Why Messing Up Can Be Good For You.
For more on why failure can boost success visit our resource: 9
Characteristics Every Entrepreneur Needs to Succeed.
Conclusion
Starting up your own business and running your own company may the most
exciting, rewarding, positive thing you’ve ever done. It may also be fraught
with challenges, self-doubt, and worries. That’s normal. Learning how to
embrace the entrepreneurial mindset and cultivate key characteristics linked to
success will help you build a thriving business.