6 Secrets You Must Know to Develop The Mindset of an Entrepreneur

Some might argue whether great leaders and entrepreneurs are born or made, but it’s a much better investment of your time to dig deeper into the mindset of a person like that and ask yourself how you can learn to think this way, because all changes happen on the inside first. Only by building the entrepreneurial mindset can you take action in the right direction, solve problems in a creative way, work with and manage other people, take important decisions fast and be resourceful, and more.

There are a few things that all successful entrepreneurs have in common. Consider the following list a set of steps you should take action upon if you haven’t already, in order to start, run and grow a profitable business pretty soon.

1. Define and Eliminate Distractions as Soon as Possible.

Your most important asset, aside from your time, is your attention. You should only invest it in activities and thoughts connected to your business. Anything else is a distraction and must be eliminated.

That means identifying these factors and doing something about each. Here are some examples:

Doubts.

Wondering whether you’re working on the right thing is a distraction. While the idea validation process and the research phase are enough to help you find out the answer to this question, you might still not be sure. In this case, just keep going (without investing too many resources, but your time and energy) and see where this takes you. Even if you decide to pivot later on, you’ll have learned a lot and won’t make the same mistake again.

Hanging out with the wrong people.

Jim Rohn once said that we’re the average of the 5 people we spend the most time with. So take a look around and see who’s in your circle. Keep in mind that if you’re looking to become an entrepreneur, you might want to stop spending so much time with some of these people. They affect you more than you think.

Watch out for toxic individuals – the ones who tell you your dreams are impossible, who upset you, who are too negative, the complainers and the lazy ones with no ambition. It’s okay to leave them behind as you’re on a different path now.

Instead, surround yourself with other aspiring entrepreneurs, find a mentor, read biographies of leaders from history and startup founders of today and try to grasp the life lessons they share.

Fearing failure.

Another distraction could be the fear of failure. It doesn’t allow us to take risks and action today. Instead, we go through the worst possible scenarios and our heads and feel terrified. Many people never even start a new project because of this.

To remove this fear, look at things from another perspective. You need to make some mistakes first in order to find out what doesn’t work and never repeat it again. Researchers at Duke University found that most founders considered their ability to learn from their failures one of the main reasons why they saw success later in their life.

2. Focus on What Matters.

When distractions are no longer present, what’s left will be only the things that matter. These essentials include your creative energy, your undivided attention, the habits and daily rituals that keep you productive and energetic, positive and goal-oriented people around you, your clear mind, and the determination to build a business.

Our time and focus are limited and there’s only so much we can concentrate on during the day. One company that followed this principle is Fiverr. During their launch, they had the chance to get distracted by the 100 challenges they faced, like most other companies. But they decided to remove most of them and have this one objective in mind: to build liquidity. Now that the attention of the founders and their team was devoted to one thing only, achieving it happened much sooner.

3. Entrepreneurs Don’t Ask for Permission.

Turns out that true entrepreneurs prefer to do what they plan and ask for forgiveness if it doesn’t work out, instead of asking for permission in the first place. That’s not what average people are used to. But those who succeed in business and are with the right mindset are risk-takers. They’ve realized it’s a waste of time to listen to what others have to say about an idea, and instead, prefer to take action. They move fast and break things, as Mark Zuckerberg says. That’s how the startup industry works.

4. You Must Embrace Change to Be an Entrepreneur.

Another quality of a business person is the love for change. While most people are scared of it and avoid it at any cost, entrepreneurs seek it and are excited to try something new. Of course, that takes time. First, there will be discomfort as you’ll have to leave the comfort zone, embrace uncertainty, make mistakes, learn to live with the chance of failing, etc. But this too is a skill you should build, which will become one of your strongest qualities later in life.

Change should be your friend, not the enemy. Keep in mind this is what the best companies have done too. Entrepreneurship and innovation go hand in hand. The sooner you accept that fact, the better.

5. Be a Lifelong Learner.

There’s no such thing as an entrepreneur who has mastered doing business and can now stop learning new things. This is something you need to embrace as it never stops. With the advancement of technology, the changes in every market, the new ways to do marketing, etc., you can easily be left behind.

Along with knowledge, comes practice. You’ll almost never hear of an entrepreneur who succeeded with their first business venture. Why? Because they simply didn’t know enough about selling, people, investing, company formation, managing money, hiring a team, and so on. Knowledge comes first, but it’s okay if you decide for that to happen through practice.

A Stanford study found that those who succeeded were the business owners with previous experience. The research included 2.8 million small retailers and concluded that having run (or tried to start) a business before, teaches you skills and life lessons and allows you to build discipline and certain qualities, required to actually make it as an entrepreneur.

What does this mean for you? Focus on action. Try new things, enter a different field, learn from others. See what works for you and do more of it. Be okay with failure, though, as it seems to be a stepping stone to success.

6. Learn The Art of Delegation.

There comes a time in the life of an entrepreneur when one must delegate. That’s not easy, as it’s about letting others do what we’ve been doing since we can remember. Which means we must first monitor them, manage them, and deal with a few people that don’t seem to be the right fit for the company before we get the right ones to join our team.

But delegation, as hard as it might be, is the foundation of business growth. It frees up your time and you can now dedicate it to what you do best – strategizing, networking, finding leads, etc.

Delegation works and is what every great entrepreneur did early on as it teaches you how to let go of the work that’s not something you should always be doing. That includes the repetitive tasks and anything that can be automated or delegated. So why not let experts do their job, while you focus on your most productive activities that help bring the company closer to its vision?

In addition, you’ll have more time to rest, do things you love and spend time with family. These are all necessary to have not just the mindset of an entrepreneur, but also take care of yourself, strengthen your relationships and have some fun. In the long-run, these boost your creativity and focus and allow you to be the best entrepreneur for your company.

A great example of this is Richard Branson. The people on his team together with the managers are what keeps the company alive and moving forward, under his guidance, of course. And if one of the most successful serial entrepreneurs (the Virgin Group controls more than 400 companies) has mastered delegating and managing people, so should you.

Are you ready to start developing the mindset of an entrepreneur? Follow the tips above to begin your journey and to make sure it’s in the right direction.

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