Developing Entrepreneurial Mindset is a set of attributes essential for success in the entrepreneurial journey. Anyone planning to start a business should check whether they have the right mindset before embarking on the arduous journey of being an entrepreneur...
Entrepreneurial mindset refers to a specific state of mind which orientates human
conduct towards entrepreneurial activities and outcomes. Individuals with entrepreneurial mindsets
are often drawn to opportunities, innovation and new value creation.
Characteristics include the ability to take calculated risks and accept the realities of change and uncertainty.
Source: Financial Times
Ananya daughter of Kumara Mangalam and Neeraj Birla
"My future was planned before my birth. I was supposed to get married or be involved in the family business. But I was all about breaking barriers and started thinking out of the box when I was 13-14 years old. Finally, at 17, I floated my own Microfinance Institution (MFI) called Svatantra," said Ananya Birla.
She recommends young entrepreneurs to interact with the right people. "An entrepreneur need not know everything but he or she should lead a team of persons who are thorough in different aspects," she added.
The above statement reflects the bold and courageous thinking of an individual who could have easily joined the family business. Breaking the mold, creating their own road etc. is the mindset of anyone who wants to become an entrepreneur.
An entrepreneurial mindset is characterized by the critical, analytical, and fundamentally disruptive perspective that it brings to the world. However, this isn’t necessarily an innate ability – like with many other perspectives, it is something that can, and should be learned by all those with entrepreneurial dreams.
Making the ‘switch’ to an entrepreneurial mindset can be challenging.
Recognizing the required shifts in mindsets and how they can contribute in making you a better entrepreneur is vital
An entrepreneurial mind would look at the game differently
Plan for Failure
Every business will have at least a few failures, especially as you get your entrepreneurial feet wet. A marketing idea that seemed foolproof may not be as sound as initially thought. Supplies will cost more than you anticipate and that deal that was “guaranteed” to come through, might not.
The key is to “reframe” your failure as a learning experience; something most successful entrepreneurs learned to do. Henry Ford failed spectacularly a number of times before he found success.
Mark Cuban failed at a number of jobs — including being fired from his waiter job — before he struck it rich and sold his company to Yahoo.
Instead of being embarrassed by your difficulties, embrace them.
As Cuban said himself: “I learned it doesn’t matter how many times you failed. You only have to be right once.”
All it requires is for you to be willing to embrace failure, learn as you go, and step far outside your comfort zone. Because it’s only outside your comfort zone where real wealth, and entrepreneurial success, lie.
Everyone is not born with all the skill sets required to be an entrepreneur. The mindset is an attitude of an individual and can be cultivated. Determination is a key requisite and this can-do wonders in changing oneself to achieve success. The word impossible means “I am possible” for the entrepreneurs. The following actions may help in cultivating the mindset required.
1. Study Successful entrepreneurs
2. Meet some failed entrepreneurs and understand whether the reasons for failure were external or internal
3. Attend some short-term courses, webinar, workshop etc.
4. Evaluate whether you have the right mindset required
5. Prepare a list of actions based on the above four steps
The following aspects
will appear if you look at any literature or speak to any successful
v Willing to face failure
v Understanding it is a long haul
v Facing challenges and overcoming them is their way of life.
v Managing Resource Constraint and finding solutions to overcome them
Entrepreneurial Mindset: Strategies for Continuously Creating Opportunity in an Age of Uncertainty - Gunther Mograth
Review of the book
"The Entrepreneurial Mindset" offers thought-provoking strategies to be successful in a universe of constant change and high uncertainty. Using lessons from the entrepreneurial world, the authors presents a set of "best practises" that are insightful and quickly applicable to any businesses. Specific advice is given to reframe your product offering and come up with blockbuster extensions, or to build unique business competences and differentiate from competitors. I highly recommend this book.
Don't start a business without reading this book.
One of the best
books on advice for entrepreneurs.
It doesn't matter if you are planning to start a new business or managing a critical department in the company you work for - This book describes in simple language, the creation of a mindset that will help you run a successful business in both bull and bear markets.
This book describes the application of various ideas using case studies and ways to harvest them by building an opportunity register.
As an entrepreneur, you will face new challenges every day. You will find yourself on uncharted territory where there is very little research or data for you to make a sound decision. This is where the gut feeling comes in. In risky business, entrepreneurs learn to follow their instincts. – Murray Newland-entrepreneur.com
A study of entrepreneurial mindset will help anyone having ambitions to become an entrepreneur. Even if one does not have all the required skills a systematic approach in acquiring them is possible.
Partners with complimentary skills can overcome individual limitations.