There’s no doubting that it takes time and a sackload of commitment to creating a successful business mindset, but developing an entrepreneurial business mindset is a whole different ball game.
It’s always good to start with a definition :
Entrepreneurial mindset: 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.
Those last three points are huge, here’s a bit more detail:
Identify the opportunity. This usually means finding a problem to be solved or a need to be filled.
Create value. Solving the problem or filling the need in a unique way.
Capture that value.
I’ve found there are 4 things you need to practice in order to get into the mindset to identify the opportunity, create value and capture it.
Listen and learn: Entrepreneurs need to be observant. They’ll notice that they start to analyse the detail of a conversation at a networking event or even a random overheard discussion! They are constantly, often subconsciously, picking out punctuation errors or poorly constructed blog posts, sensing gaps that could be filled or improvements that could be made.
Instead of getting obsessed with mundane daily tasks, their senses are always alert, taking in information from their environment. Be aware though that there needs to be times when this is switched off, or at least tuned out – work/life balance is key for a productive and successful business. (And a happy home life)!
Be original: Entrepreneurs will soak up what is around them with an “outside the box” viewpoint. How could it be done differently or more efficiently? They will question it, analyse it, and streamline it, picking up on what is missing or chopping what isn’t needed. If they have a goal, they up it, and then assess what would actually have to be done to hit this increased target. Then they go back to the first step and start again. Even if that target isn’t quite hit, they will still have got much further than their original goal. They push boundaries constantly. The more times they push a boundary, the more they are adopting an entrepreneurial mindset.
Write Stuff Down: We all have ideas on a daily basis, but if they are not logged they are more than likely to come and go, never to be thought of again. This quote from motivational speaker Les Brown is fantastic – “The graveyard is the richest place on earth, because it is here that you will find all the hopes and dreams that were never fulfilled, the books that were never written, the songs that were never sung, the inventions that were never shared, the cures that were never discovered, all because someone was too afraid to take that first step, keep with the problem, or determined to carry out their dream.” A true entrepreneur will aim to write down 2–5 ideas per day, believe it or not, that adds up to over 60,000 ideas per year. Of course, a fair chunk of these will be bad ideas, but if even 1% are winners then that’s 600 potentially profitable developments to their business!
No procrastination and no giving up: This is by far the main difference between entrepreneurs and non-entrepreneurs. Lots of people will have an idea….and it will stay just that! An entrepreneur will take that idea, take swift action, and nurture it into a fully realised concept. There will always be failures, and most people will people will look for reasons to give up after failure number one, or two, or three. Entrepreneurs will embrace these and see them as “learnings” rather than “failures”. This part of their mindset means they hugely increase their chances of success as each “failure” means more information absorbed, making success virtually inevitable.
Photo: Ana Tavares | Linkedin
Lisa Johnson is a business coach and founder of Just Own This. She also owns wedding planning company Carmela Weddings and is co-founder of networking company GSD Offline.
With previous careers in law, banking and the entertainment industry, Lisa set up Just Own This and her popular membership group GSD Society to help women start making profits from their passions using strategy and mindset. Lisa has spoken on the BBC’s Women’s Hour and is a Huffington Post Contributor. She has presented at Planners Extraordinaire in Dubai and been featured in national newspapers and magazines including Psychologies and Red Magazine.
Lisa lives in Hertfordshire with her Husband and 6 year old twin sons but plans weddings and coaches women around the globe.