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Entrepreneur Mind Frame

Richard Strong

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Entrepreneur Mind Frame

Entrepreneurs make up only about 15% of the working population in the US. Far fewer actually succeed than those who attempt to become self-employed business people and venture out on their own. So what makes people decide to take the entrepreneurial path when so few actually make it a reality?

Is the American dream a possibility for anyone, or, does it take more than most to become a successful entrepreneur?

The success of an entrepreneur does depend on their mindset. A large percentage of business owners will quit in their first five years in business. What is needed is the fortitude and belief that goes with attaining success.

Entrepreneurs are risk-takers and dreamers. The difference between the dreamer and the entrepreneur though, is that the entrepreneur takes actions based on their dreams. They persist through the hardships and never give up! Many entrepreneurs start with an idea. Their success is determined by their belief that they can create something greater than simple monetary success. Often, it is about creating something which will benefit the world.

 

Entrepreneur Approach

James Dyson, for example, came up with the idea of the bagless vacuum cleaner. Despite multiple setbacks, over 5000 prototypes and not being able to get any manufacturers or distributors to accept his idea, he persevered. It was over a decade after his initial idea when his concept came to fruition. Even then, it was after a lot of difficulties and hardship due to the vacuum replacement bag industry, which was worth £100 million in the UK.

In Simon Sinek’s book ‘Start With Why’, he suggests that the biggest companies in the world are so because of their “why?” – their reasons for building a business in the first place. In all cases, it wasn’t just to make money, or make technology better, or some whimsical ideology.

 

 

 

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The Wright Brothers, for example, became known as the pioneers of the first manned flight. But their competition was much better funded and well connected – Samuel Pierpont Langley had worked at Harvard, had a number of powerful connections, including Andrew Carnegie and Alexander Graham Bell. The War Department funded his project with a $50k grant, a seemingly massive advantage to the unconnected Wright Brothers who had no money or influence. However, their passion and devotion to change the world with this new technology drove them to attain the first flight in history in 1903.

The desire for material things and monetary wealth can only carry someone so far. Unless you have a goal or passion which is bigger than that, you may lose the momentum and fail to maintain your enthusiasm for any length of time.

 

Entrepreneurial Mindset

The entrepreneurial mindset is one that taps into your purpose. Without a purpose-driven goal or aim, it can’t take long before disillusionment kicks in. With a mindset that takes into account a larger purpose, entrepreneurs can build huge businesses because they ‘saw’ a vision of what they wanted to create. If the purpose is greater than the obstacles which lie in the path of attaining it, no amount of setbacks will stop you from achieving your goal.

On the other hand, if you set out to do something and something gets in the way and stops you, your initial reason, (your “why?”), may not have been strong enough to endure all the battles along the way.

 

Entrepreneurial mind frame (or mindset) therefore, must be aligned with both your vision, your values, and your purpose. If your values are not in alignment with your purpose and vision, you’ll come up against roadblocks which will stop you from achieving your goal.

 

 

Read more Entrepreneur related stories in The Weekly Trends magazine.

 

 

I am a passionate Freelancer while studying. An avid reader of multiple websites including Medium, Thrive Global, Kivo Daily, and of course, The Weekly Trends.

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  1. Pingback: What it takes to be Innovative Entrepreneur - The Weekly Trends

  2. Pingback: The Control Issues an Entrepreneur Must Face - The Weekly Trends

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