Entrepreneurs or self-employed people are everywhere nowadays. This is because of a lack of freedom and good pay from regular jobs. A few decades ago, common 9-5 jobs were enough to make ends meet and live a nice, quiet, and peaceful life.
Nowadays, around 96% of people who are self-employed in some capacity have no love or wish to go back to a normal job. But entrepreneurship requires a lot of hard work and determination. It requires a specific set of skills to succeed.
So, what kind of skills are those? How do you cultivate those skills, and what are the things you need for an entrepreneurial mindset? Let’s find out.
What is an Entrepreneurial Mindset?
The entrepreneurial mindset is a state of mind where the individual is poised to take command of their situation. This means they are focused on solutions rather than problems. Their focus is on finding the answers rather than concentrating on the question.
The real manifestation of what is an entrepreneurial mindset would be going against the odds. Now, it’s important to draw a line between an unlikely fantasy and a likely reality. But the basics of an entrepreneurial mindset include:
- Ability to be resilient against odds and problems;
- Standing up in the face of adversity;
- Taking command/leadership when it’s needed the most;
- Being a seeker and a learner than a know-it-all;
- Resourceful and solution-maker;
- And the ability to chase answers and resolutions;
This sort of mindset is what sets entrepreneurs aside from common workers. They think of the problem from a bird’s eye view. They tackle problems head-on rather than procrastinate about the possible risks.
Now, there’s nothing wrong with risk assessment and being calculated—those two qualities are needed in entrepreneurs just as much. But it’s important to let go of fears and tackle the problem at its root. So, the belief in their capabilities is the primary driving force for any successful entrepreneur.
Why is an Entrepreneurial Mindset important for success?
Entrepreneurship is a minefield. Every step you take can bring about new challenges, and it could hinder your progress altogether. That’s when courage and determination are most important. But the most important thing about any sort of change is not making the change.
The real challenge is carrying the change. There are many entrepreneurs in the UK today, and do you think they don’t face any challenges? According to a study, there are 3.1 million entrepreneurs active in the UK.
Similarly, the US has many different entrepreneurs, with 90% of the billionaires in the United States being self-made. Now, entrepreneurs in both countries face a lot of challenges, such as:
- US and UK-based entrepreneurs facing supply chain issues;
- Entrepreneurs facing interference by OSHA regarding bad working conditions;
- And both sides face the possible challenge of catering to a large and diverse audience.
Now, in the history of OSHA, there aren’t many cases where US entrepreneurs were shut down by OSHA. Similarly, UK entrepreneurs are prone to inspections by HSE (Health and Safety Executive). Besides that, entrepreneurs around the globe are now facing various challenges. Such as:
- Transition to green products;
- Advanced technology and indulgence of AI;
- And financial and economic issues.
This means you need a specific mindset to deal with all the issues. Success for any entrepreneur comes from their ability to deal with these geographical and structural challenges.
5 key skills to develop for entrepreneurial success
Developing entrepreneurial mindset characteristics isn’t easy. But then again, nothing about entrepreneurship is easy except for how well you can handle it. Some people are natural, while others need to work for it.
But remember, hard work always beats talent. And for that, you need to focus on these five qualities and skills for entrepreneurial success:
Determination: Planning and execution. Determination is one of the main traits that you need in entrepreneurship. The first “No” that you hear will decide how well you can handle rejection, pressure, or the overall stress of being on your own. That’s when the first test of determination arises for any entrepreneur. That’s the key to developing an entrepreneurial mindset; you need to stick to your guns and ensure that you focus on the big picture. Small drawbacks and hitches can be annoying. But the main two things you should worry about are: Planning and planning again when the first plan doesn’t work; and thorough and proper execution of the plans that you laid out. Planning is something that a lot of people do. Everyone is a hero in their mind, but seldom do people stand up for themselves when it’s time. The difference between a dreamer and a successful entrepreneur is that they go through with the execution of their plans—regardless of the challenges or odds.
Creativity and need to stay ahead. Creativity is the main trait of any entrepreneur. You don’t become the boss of your own business without a bit of (a lot of) innovative thinking. You need to be itching for any creative solutions, ideas, or things that might put your business, product, or service aside. Now, creativity isn’t just about a good idea or how well-designed your logo is. Creativity is about finding innovative solutions to your problems. Now, how do you develop creativity for successful entrepreneurship? Here are a few tips: Be a storyteller, not a seller; Always focus on the benefits of a service/product rather than its features; Analyse your competitors and try to do better; Never refrain from going the extra mile—it’s your own business after all; And foster/promote creativity in your workers/colleagues to promote a healthy work culture.
Therefore, you need creativity and innovation to stay ahead of your competitors.
Tending to details and important elements. It’s important that you tend to the details of your business. As the owner of whatever you do, you will have to keep small things in mind. This includes elements that could risk your business or take it to new heights. Once again, some business owners might overlook the legal or safety aspects of a business. That’s why you need to focus on elements like legal issues, workplace safety, the health of your employees, etc. You don’t need your name in the history of OSHA, and those kinds of issues before your business even takes off. Now, you may not need to worry about this on a smaller level, but sooner or later, you will have to. Especially if your service or product falls in categories such as: Services and essential facilities; Food and beverages; Construction or repair and agricultural.
Now it’s important to understand that this is just to help you understand why it’s important to deal with details.
Keeping an open and trying mind. If you close your mind to possibilities, you’ll just be another entrepreneur lost in the shuffle. Successful and major influencers in the entrepreneurship world today weren’t those who settled for second best. Or those who closed their mind to possible results. People who are successful in entrepreneurship always try and go for the best possible outcomes. They did that by: Ensuring that they kept an open mind for ideas and suggestions; They kept trying new things and kept learning and they were always open to trying new things for better results.
The key thing to understand here is the room for improvement. There are many businesses today that keep going because they keep being innovative. Whereas many major corporations are no more because they didn’t want to move from where they were.
Learning and unlearning. Learning is great for any sort of entrepreneurship, but unlearning is just as important. If you try to be a “know-it-all” and “done-it-all” in any sort of entrepreneurship, sooner or later, your ideas will be prone to failure. Just like it’s important to keep an open mind, it’s even more important to keep an open heart. Always be willing to learn and unlearn so that you can adapt to new patterns and strategies. Now, how do you go about unlearning? Here’s how:
- Step out of your comfort zone every now and then;
- Don’t overly rely on planning and preparation;
- Don’t be impulsive, but be open to sudden actions;
- Don’t be afraid to take risks or do something you don’t know yet;
- And don’t be afraid to transform your routine or basics.
Therefore, the unlearning curve is just as important in the life of an entrepreneur as learning. This skill alone can put you ahead of your competition by miles.
It’s important to understand that things in entrepreneurship will test your mettle. You will have to be prepared for challenges, knockdowns, rejections, etc. It’s not about how you go down but how well you get back up that matters in entrepreneurship. That’s why it’s about perseverance and determination in the end that counts.