Starting a business? Here’s how to develop your entrepreneurial mindset
What can be more exciting than starting your own business? You get to work for yourself, set your own schedule and make decisions that impact the direction of the company. But there is also a downside to entrepreneurship — it's not easy. Entrepreneurship is one of the most difficult and challenging careers in existence, but it can also be one of the most rewarding. If you're considering becoming an entrepreneur or are simply curious about what it takes to succeed in this field, here are some key tips for developing an entrepreneurial mindset:
Ask questions rather than make assumptions.
To clarify your understanding, ask questions. To learn new things, ask questions. To get a different perspective on something you're working on (in business or at home), ask someone else for their opinion! Asking other people for help is always good too — even when it's just to double-check numbers and make sure you've got everything right before sending an email off half-cocked!
Take on a growth mindset.
A growth mindset is about learning, not being good at something. A growth mindset is about failing and learning from your mistakes. A growth mindset is about being open to new ideas and willing to try new things.
A growth mindset won't keep you from making mistakes or feeling like you're not good enough in the moment, but it will help you avoid dwelling on them in a negative way; instead of thinking "I suck," think: "What can I learn from this?"
Check out Carol Dweck’s work on this topic, truly epic and life-changing (it was for me!)
Don't think of failure as terminal.
Failure is a part of life. It's not the end, but rather a stepping stone to success. Many people have a hard time taking failure as constructive criticism, but it should be viewed in the same light as any other learning experience. Our minds are wired to learn from our mistakes and move on from them with more knowledge and experience under our belts.
Failure can motivate us, too! If you don't think so, try this experiment: ask yourself what would happen if something went wrong with your business venture right now? Would all of your dreams come crashing down around you? I bet they wouldn't—instead, they'd probably give you even more drive and determination to succeed this time around!
Invite experts to challenge your thinking.
Look to your mentors, coaches and therapists. If you don’t have someone in your life who can offer guidance and support when you need it most, it might be time to get one.
Ask for feedback from friends and family. We all want our loved ones to think we are amazing (and most of us believe we are). That said, their opinion does not always align with reality—but that doesn’t mean they aren’t worth listening to!
Ask for feedback from your customers. The best way to truly know if something works is by getting real-time feedback from the people on the front lines who will ultimately use your product/service/idea in their everyday lives—and there is no better way than asking them directly!
Stay in your zone of genius.
Most of us, when we're starting out, have a tendency to focus on what we do well and what has worked in the past. But to develop as an entrepreneur, you need to stay in your zone of genius and be open to learning new ways of thinking about all aspects of business—including yourself.
This can be challenging because our minds are trained from a very young age to compare ourselves with others and categorise ourselves based on our strengths and weaknesses: “I'm not good at math; I'm not creative; I never had any leadership skills” or whatever else comes into your head. This is how we were taught at school: What's your best subject? And if there was one area where you were particularly talented, then that's where you should focus all your energy.
Learn to delegate more.
This one is a biggie. If you’re leading a team of people, you will need to learn how to delegate tasks efficiently. Delegation can be tough. It takes time and energy and it sometimes feels like you might be doing things faster yourself than your employees are able to do them. But it’s important that you learn how to delegate effectively because delegation frees up time for higher-value tasks (such as thinking through new strategies) and allows your employees the chance to shine by showing off their unique talents in their own way.
There are three main ways of delegating:
Task delegation – This is when someone else takes over full responsibility for an entire task or project, including everything from planning through execution until completion
Task sharing – The manager splits up large projects into small pieces so each person has only one piece left over after the big picture has been outlined by somebody else at work who knows what needs doing best
Project management – This involves managing multiple short term projects at once
Get clear on your boundaries.
When you're just starting out, it's easy to be pulled into other people's problems. This is especially true if your friends or family are also entrepreneurs. If they aren't making money or aren't doing well in their business, they may latch onto you and try to get help from you.
Don't let this happen! You need to be very clear on what boundaries you set for yourself—and don’t overstep them! For example, if someone comes up with a great new idea for a product but doesn’t know how to make it work, don't jump in and offer up all kinds of ideas about how they can make the product better or more effective. Instead, urge them toward other resources that might help them develop their own ideas and find solutions themselves (for example: online courses).
Don't focus on the money just yet.
If you're like me, and you've been dreaming of being an entrepreneur since before you could tie your shoelaces, one of the most common things you'll hear is to focus on the money. The reality though is that this is really not the best way to go about it. The money will come if your business idea works and people are willing to pay for it. If that's not happening, then it's time for a re-think.
The point here is that when building a business from scratch think first about what value are you going create for others? When it comes down to it, unless there's something special about what we offer (and even if there isn't), there's already so much competition out there that we shouldn't try to compete just by charging less or offering more benefits than our competitors - instead, we should focus on how we can solve problems better than anyone else does!
Seek to serve not to impress.
What's more, the more you focus on serving others, the more your customers and team members will respect you. And that respect will only make them more willing to do what you ask of them—so in the end, it's actually in their best interests to work with someone who cares about them as people first and foremost.
So how do we ensure we don't become self-interested? Here are four strategies:
Seek out opportunities where you can help others directly—whether they're friends or strangers—rather than focusing solely on yourself and your own goals. A good strategy here would be volunteering at a local charity; another possibility is signing up for a class or workshop where everyone has something in common besides just showing up (like learning an instrument together). This way not only will everyone get something out of being there (e.g., knowledge), but they'll also have fun while doing so!
You can develop an entrepreneurial mindset to help you grow as a leader and a person
You can develop an entrepreneurial mindset to help you grow as a leader and a person. Many leaders have developed an entrepreneurial mindset. They lead their companies in ways that are sometimes risky but always innovative. They are willing to take chances for the sake of their company's success, even when it means risking failure or making changes that might make some people uncomfortable. Other leaders have not acquired this attitude toward business leadership and don't think like entrepreneurs. These leaders might stick with what works rather than trying something new, which could lead them down the wrong path if circumstances change around them or they fall behind other competitors who adapt better than they do.
The entrepreneurial mindset is a combination of confidence, knowledge, and determination. When you start to develop it, you will be able to take on challenges with confidence and see possibilities where others see failure or problems.
Let me know in the comments, are you trying to develop new skills as a leader in your business? I’d love to know!