20 ENTREPRENEURS MINDSET THAT MAKES ENTREPRENEURS SUCCESSFUL

For the longest time, I knew nothing of the entrepreneur mindset. To me, running a business was all about the strategy.

I’m a numbers girl.

Then, I saw an Instagram post from Mordern Millie of how entrepreneur mindset accounts for 80% of business success.

And everything changed for me that day.

After that post, I started to understand why I failed so many times in my prior businesses. I guess she was right.

Entrepreneurship all starts in the mind.

After battling the worker mentality without even knowing, it was clear I had to change the way I think.

I’m from an African country and here, employment is praised while entrepreneurship is shun on.



My family, though supportive, was always asking the two question lots of entrepreneurs hate…

“So what exactly do you do again?”

“Why did you quit your job for this thing”

So in as much as you’re here to figure out a recipe to the entrepreneurs mindset that will make you a success, it’s worth noting that it is difficult to develop it.

Being an entrepreneur is a lonely and difficult journey that will make you question everything you know about how to earn money.

You’ll work without pay for a long time…

At some point, you’ll consider quitting…

But if you don’t succumb to the pressure, you’ll be able to develop the entrepreneur mindset.

Then you’ll begin to experience freedom like you’ve never done before.

 

So in this post, I’ll talk about:

1.   Entrepreneur mindset vs Employee mindset.

2.   How to develop the entrepreneurs mindset.

3.   3 challenges you’ll experience when you’re developing the entrepreneur mindset.

4.   Why it’s important to develop the entrepreneur mindset.

5.   20 ways entrepreneur mindset helps entrepreneurs think differently.

 

So here it goes.

 

WHAT IS THE ENTREPRENEUR MINDSET?

The entrepreneur mindset is a set of values that help an aspiring existing entrepreneur to navigate his/ her business to profitability even in tough times.

The entrepreneur mindset is often tested because starting and running a business is not a straight line.

There are obstacles and if the entrepreneur mindset is not nurtured before the start phase, then 99% of the time, the business shuts down.

No wonder there is a high rate of startups shutting down within the first year.

According to a CBS study 35% of the 95% of failed startups stated that they closed down because there was no market for the product.

Now, this problem could easily be solved by developing the right entrepreneurial mindset.

How?

We’ll look into that when I talk about the 20 entrepreneur mindsets.

But before that, how can you really tell if you have the employee mindset.

Let’s find out.

 

ENTREPRENEUR MINDSET VS EMPLOYEE MINDSET

It is already clear that you need to rid yourself of the employee mindset that we’re all taught in school.

Go through college, get a great job, save, invest and retire.

But in most cases, it doesn’t always go as planned.

For example, I went through college, got a job, and quickly realized the 9 – 5 wasn’t for me.

So let’s look at some of the differences of the two.

ENTREPRENEUR MINDSET

EMPLOYEE MINDSET

Finds a problem that needs to be solved in the society.

Looks for job security.

Research if there’s a need for the solution.

Works hard to get a promotion.

Is ready to be in an uncomfortable position to run the business.

Is comfortable with his life.

Is aware and okay with not getting paid for a period to achieve his/ her goals.

Loves how he gets paid at the end of each month and cannot trade it for anything.

 

HOW TO DEVELOP THE ENTREPRENEURS MINDSET

So you want to start a side business or quit your job to start a business.

How can you do it successfully to ensure you don’t end up with a failed startup, unpaid loans, and a crushed spirit?

Let’s look at the 3 things that will help you begin to develop an entrepreneurial mindset.

 

1.   MAKE A PLAN.

If you don’t plan, you plan to fail.

Make sure you have an elaborate plan of how you’ll start and run your business.

And even after planning, make sure you follow through your plan.

In the plan, include your daily, weekly, monthly and yearly goals.

And when you do so, make sure your goals are S.M.A.R.T ( Specific, Measurable, Attainable, Realistic & Time Bound)

Also, plan on how you intend on sustaining the business and how you’ll make money while your business is still new.

Remember, you might not get your very first client until 6 months is over.

So anticipating the expenses you’ll incur, saving up, and budgeting will be your best friends in the months before you start your business.

That money will come in handy when things don’t go as planned… because well, life and things happen that you didn’t anticipate happening.

 

Unique entrepreneurs mindset to think differently

2.   JOIN A GROUP OF MEMBERS WHO ENCOURAGE THE ENTREPRENEUR MINDSET.

As I said before, being an entrepreneur can be extremely lonely and having a positive entrepreneur mindset can save your business.

But you can’t develop an entrepreneurial mindset on your own especially if you’ve had an employee mindset.

Half the people won’t understand what you’re going through, and the other half will judge you for starting a stressful journey.

So being in a group of like-minded people who will encourage you, give you ideas, and help you when things get tough will build your resilience.

You can find entrepreneurial groups on Facebook that will really help you feel like you’re not your own.

I’m in a couple of them and they really help me out when I hit a roadblock in my business.

 

3.   RESEARCH THE RIGHT WAY

Research, research, and research some more.

Do not start a business based off what you think you know.

Ask around what people think of your idea.

Input will help you know how to set up your business.

Let all your research be backed up by real people.

Otherwise, you’ll start a business, and you’ll end up with a business that doesn’t have a market.

So if you’re wondering how or where you can conduct a successful research, I’ve got a few places for you.

You can start by using Facebook groups and create a poll, or on Instagram stories.

Another really great place to get feedback is TikTok. A lot of people will be willing to give their honest feedback. You’ll be shocked.

If you’re starting a local business, you can go to the area where you’re looking to start a business and ask them questions that will validate your business idea.

 

4.   BE POSITIVE ALL THE TIME

When you get rejected by a client, be positive. When you don’t meet your monthly quota, be positive. When lightning hits your office, be positive.

Always be positive so that you can be able to come up with solutions, find out where you’re going wrong and avoid the obsessive behavior of focusing on your losses.

 

CHALLENGES YOU’LL EXPERIENCE WHEN DEVELOPING THE ENTREPRENEURIAL MINDSET

TIME

To this date, time is such a big deal when you’re an entrepreneur. And when you’re trying to develop an entrepreneurs mindset, you’ll realize that time flies when you try to work on your business. So you’ll have to be intentional in the time you allocate to running your business. This can mean working at odd hours in the night. Sometimes, having to skip lunch dates with your friends.

A HALT TO YOUR SOCIAL LIFE.

99% of all entrepreneurs will tell you how their social lives died a natural death. Obviously, you can regain your social life when your business picks up but, in the meantime, make Zoom, WhatsApp video calls your best friend to catch up with family and friends.

 

FINANCIAL DISTRESS

If you plan to leave your 9 – 5 to start a business, I will hold on that thought. Starting a business is a risky business. You don’t know when you’ll make your profits if you’ll ever make any profits. So if you want to start a business, save up first to avoid getting you and your family in a bad financial state.

If you don’t like your job, get another one, save up and start your own business.

 

THE ENTREPRENEURS MINDSET: 20 WAYS ENTREPRENEURS THINK DIFFERENTLY

 

1.   They are Problem Solvers.

When faced with a challenge, successful entrepreneurs will always come up with a solution.

They seldom dwell on the problem.

That’s why this is one entrepreneurial mindset that will help you pivot your business when faced with difficulties.

 

2.   They’re Resilient

Yes, entrepreneurs will weather long periods of no pay, no clients, and still believe in the success of their business despite other people’s beliefs or judgement.

This is one of the most precious entrepreneurs mindset you want to have.

It will ensure you don’t quit the minute problems hit your business – which is bound to happen, btw.

 

3.   They’re Goal Oriented 

All successful entrepreneurs have goals they intend on achieving.

They set goals that they know they can achieve and most of the time, they push themselves to achieve those goals.

That’s the one entrepreneurs mindset that helps to grow a business.

 

4.   They Allow Delayed Gratification

Because of their goal-oriented vision, entrepreneurs will always want to delay their gratification.

And that makes this entrepreneurial mindset not only helpful in the success of the business but also in its sustainability.

For instance, an entrepreneur with this entrepreneurial mindset will put back all the sales made so that the business grows.

They won’t take the money to enjoy themselves.

 

5.   They Adapt to Change Easily

All businesses face external factors that are beyond the control of the entrepreneur.

So when such factors strike, it’s almost certain that the successful ones find ways to pivot their businesses.

The more an entrepreneur can adapt to the business environment, the more likely the business will survive for a long time.

In fact, this is one of the most crucial entrepreneurial mindsets to have. It will save your business in times of uncertainty.

 

6.   They Focus on Tasks That Matter.

When you start a business, you are likely to focus on small things that don’t move the needle in your business like the fonts of your website and the color of your fonts.

But don’t get me wrong. Those things do matter in how people perceive your business but obsessing on those things won’t help you.

Focusing on money making activities like finding leads, talking to potential clients and attending networking events will increase your customer base, get your business name out there, and ensure you don’t run out of money to keep your business on its feet.

 

7.   They’re not Driven By Money but by The Need to Help/ Solve a Problem.

 As Lisa Nicole put it, “If it starts with money, it will be a short-lived victory. But if it about impacting change, then the wave keeps growing and growing”

All successful entrepreneurs know that their businesses should be a place that solves a problem in the society.

If not, then there’s no sustainability.

And that means that all successful entrepreneurs know that their businesses are set up to serve not to make money

That’s why this entrepreneurial mindset is the one thing that all entrepreneurs talk about – because it has helped them create empires.

 

8.   They Take Money Used to Grow Business as Investment and Not Expense 

At some point, you’ll need to buy equipment, infrastructure and employees to help your business grow.

Most business owners don’t take that as an expense.

Instead, they view the money they spend as an investment that will pay off in the future.

If you want to adopt any entrepreneurial mindset in this list, this is the one you should pick.

It will help you make the right financial decisions that will help your business grow.

For instance, hiring a social media marketer will help your business grow a social media presence and attract the right type of audience

In turn, that will increase your revenue.

 

9.   They Invest in Gaining Knowledge

Successful entrepreneurs know that they don’t know everything.

So they invest in courses, books and seminars that help them to understand how to run successful businesses.

Plus, it’s good to have this entrepreneurial mindset because remember, you have limiting beliefs that you’ve grown up with and they can hold you back from attaining the full potential of your business.

 

10.                They Are Time conscious

Timing is everything in business.

For instance, if you’re a business that is dependent on seasons, you must know when to launch seasonal products to be able to increase revenue.

And even if you’re not in a seasonal business, you must know when people’s ability to make a purchase is highest – i.e. when they’ve been paid.

So this entrepreneurial mindset is crucial in ensuring you are consistently hitting your revenue goals.

 

11.               They Have the Ability to Predict Change

For the longest time, I couldn’t figure out how all these business gurus could predict future trends until I started to nurture this entrepreneurial mindset.

For you to nurture this mindset, you’ll need to be able to analyze data, past events and combine the two to figure out what may or may not happen.

After a couple of positive predictions, I can confirm that you can be able to nurture this mindset.

 

12.               They Are Self-Aware

In the African tradition, there’s a saying that goes, “There’s nothing as good as knowing yourself.”

And it’s true.

Knowing when to stop working, when to relax and when to keep pushing will help you keep a work-life balance.

That’s why I treasure this entrepreneur mindset.

It has been the one thing that has helped me keep sane when I felt like I was losing my mind.

 

13.                They Accept Failures as Lessons

I cannot tell you the number of times that I have failed… because it’s many.

But because I had the tenacity to understand that those were not failures but lessons, I always find myself doing it again in a different way.

This entrepreneurial mindset will help you make changes that nobody can teach you in your business.

For instance, my first business failed because I did not take into consideration my schedule as a mom so I set unattainable goals and you can guess, I failed.

But that didn’t make me stop.

It just made me reassess my goals.

 

14.               They Don't Fear Competition

Competition just means that your market is highly lucrative.

And that’s a good thing because it allows you to differentiate your services from your competition.

Additionally, this entrepreneurial mindset will not allow you to see your competitors as enemies but as friends who you can collaborate with.

 

15.               They Think Outside the Box.

Creativity is the first name of any successful entrepreneur.

You’ve got to find creative ways to solve problems, serve your clients, and provide value.

Plus, the more creative you are, the more potential clients will be attracted to your business.

That’s why you need this entrepreneurial mindset in your pocket to be successful.

 

16.                They’re Able to Easily Identify Profitable Opportunities

I cannot tell you that the number of times I’ve had business ideas but never acted on them because they were not profitable.

So it takes the nurturing of this entrepreneurial mindset to figure out what makes a business idea to be profitable.

There is a checklist I will normally go through to identify whether a business idea is profitable or not.

But it’s good to know that this mindset comes with experience.

The more you run your business, the more you’ll find a trend in all the profitable business opportunities.

 

17.                They’re Risk Takers

It takes courage to start a business because of the unknown outcome.

You could fail or you could succeed.

So what I did was change my pessimistic mindset.

I’d get anxious with the thought of becoming a failure that it would paralyze me.

So instead of getting paralyzed with fear, I would say, “What if I succeed? How will that make me feel?”

And that helped me build this entrepreneurial mindset to the point where I would make decisions instantly and act on it.

 

18.               They Have The Ability to Delegate

Knowing you cannot be able to do everything will help you be able to do everything.

What do I mean?

If you delegate your less important tasks and focus on more important tasks, you’ll be able to accomplish both those tasks.

I realized this very late in my business, but I was able to implement it into my business.

And I’ve seen a huge improvement in the way my business operates. That’s helped my business achieve more.

That’s why I thank Vanessa Lau for being able to point out this entrepreneurial mindset.

It has been a huge lifesaver for me.

 

19.               Highly Determined

You will fail and fail some more but you will not quit.

For me, quitting is not an option.

That’s one entrepreneurial mindset that has helped me keep going even when things weren’t going right.

And even when I got a solid marketing strategy for my business, I was still determined because, guess what, any marketing strategy takes time to work.

So you need to be highly determined to wait it out until it works.

 

20.               Self-Nurturing 

Successful entrepreneurs are self-nurturing.

This means they can work towards their goal and still take care of themselves.

Burnout is as real as me and you.

And until I was burnt out is when I realized that I needed to be able to take care of myself in as much as I was trying to build my business.

And I can say that this is the one entrepreneurial mindset that I have still not mastered.

But I am working on it.

 

 

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