Entrepreneurial Mindset: 5 Characteristics to Cultivate

Anyone can come up with a new idea, but building a successful business around it is the entrepreneurial challenge. The entrepreneurial mindset is unique in ... SmallBusinessLoans PPPLoanForgiveness SOARFund ProgressLoan Resources Videos&Articles Programs CoachingHub InteractiveLearning WhyAOF? About News&Press Careers Contact Donate ApplyforaLoan EntrepreneurialMindset:5CharacteristicstoCultivate Havinganentrepreneurialmindsetmaydeterminesuccessorfailure.Hereare5characteristicsyoucanlearnforsuccess. Share Entrepreneurshelpbolstereconomicdevelopment,createjobs,andinventproductsorservicesthatcanmaketheworldabetterplace.Beingasuccessfulentrepreneurrequiresoutside-the-boxthinkingandlarger-than-lifeideas.Anyonecancomeupwithanewidea,butbuildingasuccessfulbusinessarounditistheentrepreneurialchallenge.Theentrepreneurialmindsetisuniqueinthatonemustbecreative,communicative,andhighlymotivatedtosucceed,yetopentoriskandfailure. It’snotabigideaalonethatpavesthepathtoultimateentrepreneurialsuccess.Oftentimesthesuccessorfailureofabusinesscomesdowntothecharacteristicsoftheentrepreneurthemselves.Ittakesauniqueaggregateofcharacteristicstomeldonebigideaintoafully-functionalthrivingbusiness.Isthereacertainamalgamofskillsandtraitswhichallowssomeentrepreneurstobecomewildlysuccessful? Sufficeittosaythatthereisnomagicalformulatosucceedinbusiness(ifso,HarvardBusinessSchoolwouldhavepatentedit).However,therearecertaincharacteristicswhichallaspiringentrepreneursshouldcultivatetodramaticallyboosttheirownoddsforsuccess.Anentrepreneurialmindset,ifyouwill,maymarkthedifferencebetweenalucrativebusinessandonewhichshuttersthedoorsbeforethefirstyearisover. SowhatAREtheseall-importantcharacteristicsaspiringornewentrepreneursshouldcultivate?Whatattributestendtotipthescalesinfavorofheadingupaboomingbusiness?Readon,asweshareourexperts’opinionsonthematter. 1.APositiveMentalAttitude   WhyisaPositiveAttitudeImportantforEntrepreneurs? Apositiveattitudeandoutlookisamustforsuccessfulentrepreneurs.Themindsetoftheheadofthecompanysetsthetonefortherestofthecompanyandinfluencescorporateculture. Negativethoughtsundermineforwardmotionandtheprogressofthecompany,nottomentionthemanagement’sabilitytoleadstaffandmotivateemployees.Partofwhatgivesentrepreneursthefortitudetoweatherthebusinessdownturnsispositivity. “Wheneverythingseemstobegoingagainstyou,rememberthattheairplanetakesoffagainstthewind,notwithit.”–HenryFord,founderofFordMotorCompany.   Cultivatingapositiveattitudeisnotaboutstickingyourheadinthesandandignoringthingsthatcouldgowrong,butaboutlearninghowtomentallyreframeyourresponse.Thereisnopointinwallowinginmistakes.   Onewaytochangeyouroutlookistolookanegativepainpointandask“HowcanIactivelycorrectthis?”Byexploringyourreactionandresponsetoaperceivedproblem,you’llsoonlearntocultivateapositiveapproachtochange.Positivepeoplelooktochallengesasawaytoimproveandlearn,soyoushouldtrytofocusonthisskill. Whyispositivityimportantfortheoverallworkenvironment?Whenyou’retheboss,apositiveattitudeinfluencesothersinasimilarlypositiveway.Researchindicatesthathappyemployeesarebetteroverallworkers.Psychologicalresearchhasmadeacorrelationbetweenhigherproductivityandpositiveworkenvironments.Moreover,positiveworkenvironmentshavebeenlinkedtohigherbusinessprofits,fewersickdays,andhigherstaffretentionrates. Evensmallchangescanboostpositivity.VisitourresourceHowtoCreateaPositiveWorkEnvironmenttolearnhowtoboostpositivityinyourcompany. VisitourresourceHowtoBeaGreatBosstolearnhowtoensureyourcompanyisapositiveplace,overall.   HowCanYouCultivateaPositiveAttitudeforBusiness? Partofrelinquishingnegativityisrealizingthatyourownnegativethoughtsasacompanyleaderwasteenergy,time,andmoney. Beingpositiveissomethingwhich,likealllifeskills,canbelearned.Becominganentrepreneurisnotforthefaint-hearted.Thelonghoursanderraticdemandsofheadingupyourowncompanycannegativelyimpactbothyourpersonallifeandmentaloutlook. Oneoftheeasiestwaystocultivateapositiveattitudeistofocusonthethingsyoucancontrol.Youcancontrolyourdiet,amountofsleepandabilitytoexercise.Eachofthesefactorswillhelpyoustayfocused,healthyandpositive. Wheretofindthetimetomaketimeforyourselfwhenyou’reworkingaroundtheclock?Researchhasshownthatevenoneten-minutewalkeachdaycanboostyourmoodandreduceratesofnegativethoughts. Formoreonhowtolearnhowtostaypositivebytakingcareofyourselfvisitourresource: HowtoStayFinanciallyandPhysicallyHealthy. Formoreonothersuccessfulhabitstoemulatevisit: 10HabitsofSuccessfulPeople.   2.ACreativeMindset   WhyisaCreativeMindsetImportantforEntrepreneurs? Neverhastheadage“Creativityisthemotherofinvention”beentruerthanintheworldofentrepreneurship.ThinkofSteveJobsandtheiPhone.Edisonandthelightbulb.TheWrightBrothersandtheairplane.Eachoftheseground-breakinginventionswouldnothavecometofruitionwereitnotforhealthydosesofcreativegumption. Evenifyou’renotina“creative”industry,creativityisneededforentrepreneurialsuccess.Themindofanentrepreneurisalwayslookingfornovelideasandinnovations.Thebasiclifecycleofanyentrepreneurialproductstemsfromtheconceptionofanideafollowedbyturningthatideaintoaviableproductorservice. “Creativityisjustconnectingthings.Whenyouaskcreativepeoplehowtheydidsomething,theyfeelalittleguiltybecausetheydidn’treallydoit,theyjustsawsomething.Itseemedobvioustothemafterawhile.That’sbecausetheywereabletoconnectexperiencesthey’vehadandsynthesizenewthings.”–SteveJobs Oneofthebenefitsofbeingthebossisthatyougettoexpresscreativityeachandeveryday.Yougettotryoutcreativetacticstobetteryourbusinessandmakechanges.Evenifyou’renotinacreativefield,perse,workingoutwaystooptimizeyourbusinessoperationsisacreativeact. Whenyou’reheadingupyourowncompany,youcanapplycreativethinkingtoyoursales,PR,hiring,tech…thelistisendless. Formoreoncreativityandentrepreneurialmindset,visitourresource: Top10PerksofBeingYourOwnBoss. HowCanYouCultivateaCreativeMindsetforBusiness? Mostentrepreneursareinherentlycreativethinkers;otherwise,theywouldnotbeinspiredtotaketheinnovativeleaptocreatetheirownbusiness.Thatsaid,wecanalllearntobemorecreativeandtotapintoourinherenttalents. Whetherornotyoubelievethatcreativityisgiftedtosomeoralearnedtrait,therearewaystolearntocultivateyourcreativemind.VisitEntrepreneur’s5BrainTrainingTechniquestoYourCreativeGeniustolearnhowtocultivateandtapintoyourowncreativemind.   3.PersuasiveCommunicationAbility   WhyisPersuasivenessImportantforEntrepreneurs? Thebestentrepreneursarepersuasiveindividuals.Thepowerofpersuasioncanhelpyounegotiate,closeasale,orscorealowerpriceonyourinventory.Nottomention,persuasivepeopletendtobeinspiringleaders,ergotheytendtobestellarbosses. “Ifyouwouldpersuade,youmustappealtointerestratherthanintellect.”–BenjaminFranklin HowCanYouCultivatePersuasivenessforBusiness? Whilesomepeoplearemorenaturallypersuasivethanothers,persuasivecommunicationskillscanbelearnedandpracticed.Learningtocommunicateandpresentyourideaswillmakeyouabetterentrepreneur—nomatterwhatyourindustryis. Masteringpersuasivetacticscanmeanthedifferencebetweenfinancialsuccessorruin.Here’showtomaketheartofpersuasionworkforyouinbusiness. Reciprocate Psychologicalresearchhasshownthe“reciprocityrule”canbeveryeffectiveinbusiness.Thebasicsoftheruleinplainlanguageisthatwhenapersondoesyouafavor,youmustprovideafavorinreturn.Trytomakeyourpersuasivecaseby“giving”somethingtothepersonyou’retryingtopersuade.Youmayjustclosethedealormakethesale.  LooktoOthers Socialproofistheconceptthatpeoplelooktoothersforhowtobehaveinsocialsettings.Socialproofcanbeusedasapersuasivetoolinbusiness.Ifyou’retryingtoselloneofyourproducts,showinghowtheproducthasbeensuccessfulforotherscanhelpmakethatsale.  UseLabels Appealingtoone’sreputationisapowerfulpersuasivetool.Youcanusethismodeofpersuasionbyindicatingthattheyshouldactinawaywhichisconsistentwithalabel.Forexample,say,“YourrestaurantisafineFrenchrestaurantandgoodFrenchrestaurantsstockourwine.”Thisisacommontacticusedinmarketingcampaignstomakesales. Formoretipsandtacticsforhowtocultivatepersuasivecommunication,visitourresource: ConvertingProspectstoSales. Formoreoncommunicationskillsvisitourresource: BusinessCommunicationSkills.   4.IntrinsicMotivationandDrive   WhyisIntrinsicMotivationImportantforEntrepreneurs? Oneofthetopentrepreneurialcharacteristicsisintrinsicmotivation,meaningyouareself-motivatedasopposedtolookingtootherstopushyoutodothingsorholdyouaccountable.Broadlyspeaking,thosewhoowntheirownbusinessesareincrediblymotivatedtosucceed.They’vepouredblood,sweat,andtearsintotheircompany,andmayhaveliterallymortgagedtheirfuturetofirstopentheirbusinesses’doors.Havingalotatstakepersonallyfuelsthemotivationaldrive. “Thesecretofchangeistofocusallyourenergynotonfightingtheoldbutonbuildingthenew.” –Socrates HowCanYouCultivateIntrinsicMotivationforBusiness? Successfulentrepreneursknowthatstayingmotivatedisthekeytorunningasuccessfulcompany.Whatstepscanyoutaketocultivatethismotivation?   Onewaytostaymotivatedinthelong-termistokeepthefocusontheendgame,thebigpicture.Whereisyourcompanyheaded?Whatplansdoyouhaveinthefuturetogrowandexpand?Howwillyourcompanyfitintoitsrespectiveindustryinthefuture?Expertssaythatformulatinglong-rangegoalsandplanskeepsthemotivationalfiresburning. Speakingofgoalsetting,expertsalsoadvisethatgoalsettingisanotherwaytokeepyourmotivationalwheelsturning.Thekeytousinggoalsformotivationistosethigh-qualitygoals. Whatdoesthatmean?Basically,high-qualitygoalsareclear,achievable,andmanageable.Forexample,“Iwillattendtwocontinuingeducationcoursesthismonth.”Or“IwillhireaneditorformycompanywebsitebyFriday.”High-qualitygoalsprovideasenseofmotivationwhenyouaccomplishyourintendedobjective. Whenyou’retheboss,you’renotonlyresponsibleforyourownintrinsicmotivation,butyou’realsoresponsibleforcultivatingthatforyouremployees.Howdoyoumotivatetogetthebestperformancefromyourstaff?Visitourresource10WaystoMotivateEmployeesforwaystoinspireandmotivateyourteam.Withourtips,youremployeeswillbemotivatedtogiveyouandyourcompany100%.   5.TenacityandanAbilitytoLearnfromFailure    WhyIsLearningFromMistakesImportantforEntrepreneurs? Whenyou’restartingabusiness,youhopethatyourbusinesswillbeawildsuccess.It’struethatsuccessiswonderful,butfailureiswheregrowthandchangehappen.Thekeytolearningfromfailureistoactuallylearnandembraceyourmistakessotheymakeyourbetter,notbreakyou. “Everyfailureisasteptosuccess.”–MalcolmForbes Don’tbeafraidtofail,becausewhenyoudo,you’llbeingoodcompany.Therichestbusinessowners,mostdecoratedsportsstars,andwell-knownartistshaveallfailedatonetimeoranotherintheirpathtorichesandfame.Everyoneishuman,therefore,imperfect.Donotexpectyourselftobeperfectinthepursuitofyourbusinessdream.Itis,bydefinition,impossible. HowCanYouCultivateTenacityandEmbraceGrowthfromFailureinBusiness? Failureisinevitable,butyourreactiontoyourfailureiswhatyoumakeofit.Here’showtocultivatethatanduseyourfailuretocomeoutevenmoresuccessfulinlong-term. Don’tBeAshamedofYourSetback Don’tattachjudgmentorblamewhenyoufail.Businessfailureshouldnotmakeyoufeelashamedorembarrassed.Doyourbesttoremovetheemotionfrommistakesyoumakeasanentrepreneursoyoucanlogicallyexplorehowtobetteryourselfandyourcompany.Turnoffyournegativeself-talkandlearntosay“NowIknowbetterfornexttime!”instead. UseToughTimestoLearnFromAdversity Lettimesofadversityleadyoutostrength.Failurecanbeyourbestchancetolearnhowtodosomethingright.Asastart-upnewbusinessownerandentrepreneur,you’regoingtofacemanyfirsts—firstclient,firstbusinesslease,firstemployeehire.Someofthesefirstsareboundtonotworkout;that’sokayandexpected.Usethesesetbackstodevelopideasandtacticsforhowyouwanttorunyourbusinessinthefuture. ShareYourExperiencesWithOthers Failingatsomethingishuman,whichmeansthatothershaveforgedthatpathbeforeyou.Shareyourexperienceswithothersyoutrust,whetherit’syourmentor,colleagues,orstaff—togainsomeoutsideperspective.Sharingthatexperiencecanhelpyoucollaboratetoreachanevenbettersolutionforhowtohandleatrickyprobleminthefuture. Don’tBeAfraidtoChangeCourseandReset Eventhebest-laidplanswillsometimesgoawry.That’sthenatureoflife,aswellasbusiness.Therewillcomeatimewhenyoumayrealizethatsomethingsimplyisnotworking.Youmayhavetoadjustyourplannedcourse,reset,andstartover. NeverGiveUp! Oneofthemostimportantkeystosuccessinentrepreneurshipistonevergiveup.Perseverancewillgetyouthroughthetoughtimes.Betenaciousaboutworkingtowardyourdreams.Withdeterminationandgrit,you’llachievethem;itjustmaynotbeovernight! Formoreonhowfailurecanmakeyoubettervisitourresource: LearningFromFailure:WhyMessingUpCanBeGoodForYou. Formoreonwhyfailurecanboostsuccessvisitourresource: 9CharacteristicsEveryEntrepreneurNeedstoSucceed.   Conclusion Startingupyourownbusinessandrunningyourowncompanymaythemostexciting,rewarding,positivethingyou’veeverdone.Itmayalsobefraughtwithchallenges,self-doubt,andworries.That’snormal.Learninghowtoembracetheentrepreneurialmindsetandcultivatekeycharacteristicslinkedtosuccesswillhelpyoubuildathrivingbusiness. NextArticle:ScaleYourBusiness ApplyforaLoan GetStarted Orcall1-888-720-3215 CloseApplicationModal GetStarted Loansfrom$5,000-$100,000withtransparenttermsandnoprepaymentpenalty.Tellusalittleaboutyourself,yourbusinessandreceiveyourquoteinminuteswithoutimpactingyourcreditscore. Thanksforapplying! 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