Having an entrepreneurial mindset is key to startup success. Cubicle escape or escaping the rat race – that’s what people call entrepreneurship. It’s something that unshackles you from the rigors of the 9 to 5. It’s the way you can live a freedom lifestyle.
There is no greater feeling than to be free, that’s why millions of people dream of founding a startup and becoming entrepreneurs.
According to a 2015 Gallup Poll, about 25% of Americans have considered starting their own business. The cold hard truth is that few of them act on this powerful impulse. In fact, only 13% do it. In other words, while many people think they have it, few people actually have an entrepreneurial mindset.
There is a Price for Freedom
The reason why people are aspiring to have an entrepreneurial mindset but fail to act is fear. According to the same poll, 84% of persons who have considered becoming entrepreneurs do not start their own business because they like the security of having a steady income. In addition, here are a few more hindrances you might be familiar with:
- Fear of the unknown
- Impostor syndrome
- Fear of bankruptcy
The feeling of having an office job is safe. A regular stream of income is comforting. Let’s face it, most people are risk-averse. It’s impossible to leave an office job when you’re reliant on regular salary.
Funding is also not the primary problem. Ask Chris Guillebeau, author of the “$100 Startup”. Guillebeau believes that most people can have the entrepreneurial mindset and be entrepreneurs by bootstrapping their way to success.
What is an Entrepreneurial Mindset?
Entrepreneurs are ordinary people. Some are forced to create businesses. Some are inclined to create businesses.
Entrepreneurs share a few common traits.
- They have overcome fear, whatever that fear is.
- They don’t want other people to dictate what they’re supposed to do.
- They are flexible and willing to adapt to change.
These are not fantastic traits that only special people can have. These traits can be acquired through practice and experience.
How to Build an Entrepreneurial Mindset
Ordinary people can be entrepreneurs. Take the case of Pat Flynn. Flynn was an architect with a “safe” office job. Well, it was safe until he was laid off. Flynn’s hand was forced to start a business selling a course related to architecture. Now, he’s one of the most prominent affiliate marketers online. Could he have started the business if he wasn’t laid off? Maybe not.
Here are 5 tips to help you have the mindset of an entrepreneur.
- Don’t quit your day job. Never quit your day job until you have a sustainable business. Do your business on the side. This will help reduce some of the fear and ease you into full-time entrepreneurship.
- Start small. Create a minimum viable product to test the waters. This way you are not throwing your time away. If people respond to your product then you can put more time on it.
- Overcome impostor syndrome. Write down your positive traits alongside your negative traits. You’ll realize that your positives outweigh your negatives. If not, then focus on giving value to other people.
- Expand your horizon. Learn new skills. It’s easier more than ever to learn new things today using the Internet. There are free or cheap online courses for any topic you can think of. If you are weak in something, improve it by taking a course.
- Fail forward. Never let failure define you as a person. Remember, most failures are from people who gave up not knowing they’re on the brink of success. Let failure be a lesson, not a roadblock.
People see entrepreneurs as if they are a cut above the rest. They’re ordinary people who live the life that they want. People with the guts to overcome fear and live life beyond their comfort zone. There are organizations such as the Founder Institute that actually help people to develop their entrepreneurial skills and mindset. How about you, do you have an entrepreneurial mindset?
Interested in learning more about startup funding and strategies for securing it to help take your business idea from concept to reality? Contact me today and we can talk. And if you’re interested in learning more about where most startups get their funding, you can read an analysis about sources of startup funding here.