Mastering the Entrepreneurial Mindset: Essential Ways to Think Like an Entrepreneur

"Entrepreneurship is about turning what excites you in life into capital, so that you can do more of it and move forward with it." — Richard Branson

Business gurus have offered a number of simple growth avenues for startups, such as “The 7 Steps Startup Success Formula,” by Anu Khanchandani, which offers a step-by-step process for creating a successful startup from the ground up. But, an entrepreneur requires a core skill that goes beyond these development techniques.

Their thinking ability.

Their manner of thinking follows a pattern. Entrepreneurs exhibit a certain set of thought patterns that distinguish them from those in other occupations. While some of these thought processes are innate, others may be learned.

We will examine 10 thinking patterns of an entrepreneur. You may choose what you lack and work on it to strengthen your startup process and accelerate business growth.

1. Solution-oriented

An entrepreneur’s thinking is oriented to recognize opportunities in different situations or in different problems. If you look at most of the ‘successful companies, they grabbed a concerning problem, an opportunity, and turned it into a solution. However, sometimes opportunities also lie in a new idea that you know, people would approve of. 

“Become an entrepreneur to solve: not just others’ problems, but yours too.”

A solution-oriented mindset is the mother of invention. The journey would never be easy, even at the pinnacle of success.

2. Growth Mindset

3. Listen more

“A good listener is a wise performer too.”

Listen to your team, their opinions and ideas and give them the opportunity to speak about how they think. You never know what ever-changing idea someone can bring to the table. In addition, listen to your clients, and your fellow entrepreneurs. 

 If you listen to them and then think of what to act upon, you may end up with some of the best decisions. However, on the opposite end, thinking and acting all by yourself might cost you more than being all ears to others.

4. Decisions & Their Consequences

Decision-making is one of those skills that can either leave you this way or that way. Think of a situation where you have an important business meeting but also your health wants a doctor’s visit. Even though health is important, the meeting would cost you thousands of dollars if you dodge it. 

Such a situation requires you to make decisions on the basis of consequences. Count on all the pros and cons of any decision you want to make. It could be to hire someone or launch a new product, or even make changes in social media marketing strategies.

Read more: How to develop the entrepreneurial skill

5. Time & It’s Productive Use

“Time is a precious asset. If you do not make the best out of it, it will show you the worst of you.”

Eliminate the small and unimportant tasks. Delegate the time-consuming and important tasks. You should work on what is focused on your growth.

For example, you can delegate management, different projects, and lead generation. The rest is to make the business better, and take the lead on it.

6. Creativity In Action

Creativity is like the spark of an idea that is just a star. Consider Zomato’s marketing strategy which is more inclined towards creative messages than the regular ones. 

In the same way, if your idea is to sell candles online, adding a personalized note and a few pieces of chocolate to your customers’ orders can increase your sales. Think extraordinary, a creative step.

7. Future oriented

The future is something that entrepreneurs constantly consider. They are constantly trying to find methods to make their startup better, and expand. Future planning and entrepreneurial thinking are essential if you wish to succeed.

8. Responsible for their actions

Entrepreneurs take responsibility for changing their own circumstances rather than blaming others for them.

Whatever it is—failure, triumph, adversity—it doesn’t matter. By accepting responsibility for something, you get the ability to make improvements.

9. Collaborative

Being collaborative is being able to work with team and partners. Understanding human-to-human interaction and transforming how these interactions result in growth of your startup. Such collaborative interaction or can be cultivated in self by having a collaborative thinking. This way of thinking helps you learn from others and benefit mutually.