The Power of An Entrepreneurial Mindset

By Dr. Lori Long

Why do some people bounce back quickly from failure while others can’t seem to move past it?  How do many people stay positive and keep moving forward, even when things get tough?  The answer might be that they approach life with a different mindset - an entrepreneurial mindset. 

Your mindset is often considered your world view, or your philosophy of life.  With a certain state of mind, you approach life in a specific way, holding assumptions and viewing the world through a particular lens.  And if you approach life with an entrepreneurial mindset, you might find success and happiness more easily.   

Thinking like an entrepreneur and adopting entrepreneurial behaviors benefits you, regardless of your career pursuits, if you accept a broader definition of “entrepreneurship.” Entrepreneurship is not just about starting a new business.  Entrepreneurship is the process of discovering, evaluating, and using resources to exploit opportunities and create value.  In today’s turbulent economy, an entrepreneurial mindset can be a key factor in succeeding. The world is complex and volatile, where constant change is the norm and your ability to create, pivot and bounce back is essential.

Being entrepreneurial means that you take an approach to thinking and acting that combines the ability to find or create opportunities with the motivation and skills to take action.  There are many attributes of an entrepreneurial mindset.  Entrepreneurs are resilient, creative, reflective and action-oriented.  They are curious, alert to opportunities, and empathetic.  They have the grit to pursue their dreams but remain open-minded.   

Let’s look at how an entrepreneurial mindset might change the way you face a challenge.  You are ready for a career change and interview for your dream job, but are turned down. This could be crushing and you might halt your job search, and wonder if you will ever find the right career path.  You blame the company - they couldn’t see your potential, right? 

But with an entrepreneurial mindset, you react differently.  Sure, it was a great job, but maybe it wasn’t the right match for you.  You are action-oriented, so instead of giving up, you pave a path forward. You spend time reflecting on the experience to determine what you might do differently next time.  You also take what you learned about the job and the industry to identify other, even better potential companies to target.  You leverage your network contacts to find opportunities at those other companies and take on some projects in your current job to build on the skills that you are missing.  It ends up taking you a bit more time, but with grit, you keep working ahead and eventually land that dream job. 

So, do you have an entrepreneurial mindset?  Many successful women do, they just don’t realize it.  But even if you don’t currently have an entrepreneurial mindset, you can develop one.  The first step is to determine where your strengths are, and where you have opportunities to grow.  Take some time to reflect on the characteristics noted above and look for opportunities to build on the traits you need to develop.  

To get started, here are five things you can do to begin to shift your mindset:  

• Practice regular reflection.  At the end of each day or after the completion of a project, take time to reflect and learn from each experience. 

• Keep a journal or notebook with you.  Write down your reflections and any interesting ideas that come to you during the day.  New ideas come from associations in your mind, and writing down your thoughts helps build those connections. 

• Keep learning.  Read articles or books that sound interesting to you.  Watch some TedTalks or other videos that share ideas that you aren’t familiar with, or are outside of your discipline or industry. 

• Commit to trying something new - regularly.   Step out of your comfort zone and attend events to meet different people.  Engage your curiosity and explore. 

• Just do it!  The next time you are thinking about trying something or taking on something new, make action your default.  

Finally, remember that with an entrepreneurial mindset, your work is never complete.  Commit to your own personal development and the next time you find yourself feeling down after a failure, stop and think like an entrepreneur.  Failure happens - it’s the action you take after that makes the difference. With an entrepreneurial mindset, you’ll find that you can take control of your career and your life.