How to Cultivate an Entrepreneurial Mindset — 5 Key Approaches for Success

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How to Cultivate an Entrepreneurial Mindset — 5 Key Approaches for Success

By Danielle Sabrina | Edited by Chelsea Brown | Entrepreneur Magazine | August 5, 2024

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The difference between business survival and striving for success often boils down to one factor — your mindset. Whether you’re an aspiring entrepreneur or a seasoned executive, your actions are always inspired by how you look at things. This ultimately affects your results and dictates what you can further bring to the table.  The following five approaches helped the author’s company reach a significant milestone in just a year.

1. Expect the unexpected.  Get used to things not going as you would expect; it’s part of the journey. If your plan A doesn’t succeed, make sure you have 25 more up your sleeve.  There is no perfect roadmap for your business, as each business and founder is unique in the way we approach growing and servicing customers. Accepting a business’s unpredictable nature helps you stay nimble and adaptable, and flexibility allows you to pivot when necessary and capitalize on unexpected opportunities.
2. Outsource early and often.  Outsource every possible task as soon as possible. This approach will force you to create Standard Operating Procedures (SOPs) before you become too busy. If you don’t do this earlier, you will find scaling to be very difficult, which will hinder you from generating the revenue needed to support a full-time team.  Consider outsourcing as a way to buy time. An entrepreneur’s main goal is to reinvest time into assets that drive growth as early as possible. Focus on the more critical aspects of your business rather than getting bogged down in routine tasks.
3. Invest in a business coach.  No matter where you are in your business lifecycle, you can’t afford not to have someone who will help you work through challenges and offer perspectives and ideas that will help you not get stuck in the mess. Get a coach at each level of your business.  Don’t be afraid to take what you need and move on. Don’t get hung up on the cost if it helped you move past an area that is causing friction or if it gave you an “aha moment.”
4. Get comfortable with public failure.  The sooner you get comfortable with publicly failing, the quicker you can get back up and learn from your mistakes. If you consistently pay attention to the details or let what others may perceive you as get on your nerves, you’re setting yourself up for disaster.
5. Surround yourself with like-minded people.  They say, “You are the sum of the five people you spend the most time with. Your network significantly shapes the way you think and perceive things.

3 key takeaways from the article

1. The difference between business survival and striving for success often boils down to one factor — your mindset. Whether you’re an aspiring entrepreneur or a seasoned executive, your actions are always inspired by how you look at things. This ultimately affects your results and dictates what you can further bring to the table.  
2. The following five approaches helped the author’s company reach a significant milestone in just a year:  expect the unexpected, outsource early and often, invest in a business coach, get comfortable with public failure, and surround yourself with like-minded people.
3. Your mindset is your most powerful business tool. Keep in mind that in order for your business to succeed, it’s not enough to just hit your targets; you have to blow them out of the water. This means constantly challenging the status quo, embracing failure as a learning opportunity and promoting a culture of innovation.  Achieving your goals is one thing, but continuously and intentionally evolving with the times and exceeding expectations is another story.

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Topics:  Entrepreneurship, Decision-making, Coaching, Failure, Resilience