If you were asked to describe the quintessential entrepreneur, what would be your adjectives?
Sure these adjectives apply. But troublemaker and action-oriented are the more accurate, i.e. you can spot success when you see one.
Do you take failures and criticism in your stride? Do you think outside the box while looking for solutions? Do you ever take ‘NO’ for an answer? Possess any of the following eight traits, and you’re likely to have an entrepreneurial bent of mind.
1. You take action. Now.
If you have the concept -- but not necessarily a detailed roadmap -- you are likely to have the entrepreneurial mindset. Try and invent as you go, instead of writing a comprehensive plan at the desk.
The hallmark of an entrepreneur is that you tend to spring into action the moment you come across a novel idea that you think can fix a market gap. Entrepreneurs stand out from the pack because they are doers.
2. You are resourceful
A recent report states that over 75% of entrepreneurs can think outside the box and come up with innovative solutions to business problems. As an entrepreneur, you might not have access to all the resources you need at a given point in time.
But I think that is what the entrepreneurial mindset is all about. That is because most of the times, it isn’t about having abundant resources at hand; instead, it is successfully working and making the most of whatever you have.
3. You don’t care much for permission
A true entrepreneur is one who is not likely to ask for permission before addressing an opportunity or inherent market need.
Entrepreneurs rarely put up with the status quo. However, being your own boss requires dollops of accountability and responsibility. You will have to be the one taking the initiative and acting on them, instead of letting your inertia dry up into nothing.
It necessarily means that you are a self-starter and ready to surrender the employee-mindset of working for pay-checks. Disrupt, Disrupt, Disrupt is your rulebook.
4. You’re fearless
If there ever were a stamp of authenticity to an entrepreneur, it would be his fearless attitude to challenges. A true entrepreneur stands out by sensing an opportunity where most others are likely to see risk and flee.
Individuals on the road to entrepreneurship don’t shy away from opposition; he is ready to leverage his house or run up his credit card bills to gather funds for his dream venture. In more ways than one, you are the ultimate optimist with an abundance mindset; you are willing to put in the long yards and believe that your investments (both in terms of time and money) will pay off many times over one day.
5. You don’t mind a challenge
While most slyly pass the buck when faced with a problem, you choose to rise to the occasion. Challenges get the best out of you.
As an entrepreneur, you will have to contend with the naysayers and doubting Thomases every waking moment. But you know that nothing is insurmountable. It is this attitude that makes you look adversity in its eye and keep going.
6. You can adapt
If you asked me, I’d say most make a hue and cry about not having a Plan B in your mind. They reason it with the help of an unattested justification – that were you to have a cushion in your mind; you’re likely to swerve from your objective at the slightest hint of friction.
The reality, however, is a different beast. If you have a single acceptable outcome planted firmly in your head, the chances of that happening will be slim. It would be best if you were willing to listen and accept feedback from your clients for they can tell you which product (or service) of yours offers the best value.
If you are a quick learner, you will be able to tweak your concepts according to market noise.
7. You make peace with failures
Good entrepreneurs fail fast. Great entrepreneurs recover faster.
With an entrepreneurial mindset, you know taking calculated risks and failing is just a part of the grind. However, what matters is how fast you can shrug off the hangover of a setback and move on. While you should give yourself the time to recover, don’t wallow or feel sorry for yourself. Move over to the next venture when you are ready.
In a nutshell, perseverance is your middle name.
8. You possess people skills
Now, this doesn’t have to mean that you should be an extrovert. Instead, it is about cultivating communication and leadership skills. If you have an entrepreneurial mindset, chances are you look at yourself as the leader of men. You realize the significance of networking and forming strategic partnerships.
Since I have experienced my journey as arguably the most powerful tool for personal growth, I can bet there is an entrepreneurial mindset that separates average entrepreneurs from the greats. Those with an entrepreneurial bent of mind are more than just dedicated, passionate and hard-working. They share a set of traits and quirks that set them apart from the competition.
Now don’t take my words out of context. A strong work ethic and a profitable business idea are indeed the ingredients of a lucrative business model – but it is more than just that. That’s because a good idea can only take you so far. But with the right mindset, you can push through the most daunting of obstacles.
Hitesh Porwal is a certified executive coach and founder at WealthPal. He runs an Entrepreneurship E-Lab coaching program for executives to discover for themselves 'WHAT BUSINESS THEY COULD START GIVEN WHO THEY ARE?' If you want to know more about the program, write to: firstname.lastname@example.org