Developing Entrepreneurial Mindset

 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...

 Developing Entrepreneurial Mindset -Definition

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

Developing Entrepreneurial Mindset-Quote

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.

Developing Entrepreneurial Mindset-How to Develop?

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 

Critical Attributes

The following aspects will appear if you look at any literature or speak to any successful entrepreneurs.

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

Developing Entrepreneurial Mindset-Recommended Book

Entrepreneurial Mindset: Strategies for Continuously Creating Opportunity in an Age of Uncertainty -  Gunther Mograth

Review of the book

1. BadPanda

"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.

2. Salil

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.

Developing Entrepreneurial Mindset

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

A study of entrepreneurial mindset will help anyone having ambitions to become an entrepreneur. Even if one does not have all the required mindset a systematic approach in acquiring them is possible. Partners with complimentary skills can overcome individual limitations.