The Entrepreneurial Mindset: What It Is & How to Develop One for Yourself

What is an entrepreneurial mindset? Here's how young professionals and future business owners can develop an entrepreneur mindset, powerful growth skills, and a knack for change.

In 2020, there were 31.7 million small businesses in the United States, making up 99% of all businesses. 

Starting a small business takes plenty of hard work and determination. It’s rewarding, certainly, but it also comes with its fair share of difficulties. Owning a business is not for the faint of heart. 

If you’re wanting to be an entrepreneur, you must develop an entrepreneurial mindset. Most of the challenges you face can be overcome with the right mental attitude.

How do you get this entrepreneurial mindset? 

Below you’ll find a guide on what the right entrepreneur mindset is and how you can achieve your own, just like all the successful entrepreneurs you’ve studied. Keep reading below!

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What is an Entrepreneur?

Most obviously, an entrepreneur is someone who takes the leap and pursues creating a new business or enterprise. Being an entrepreneur means owning your own business, but there’s so much more to it than that, of course. 

Entrepreneurs are crucial parts of the national and local economies. They’re fearless leaders and brilliant innovators. They’re hardworking individuals with goals in mind. 

You can see entrepreneurs leading with positivity and confidence. They’re quick to solve problems, and they aren’t afraid to take a few risks. 

Even with the trial and error of some successful and failed business ideas, they remain calm and collected. They continue until they reach success. 

Once successful, you may then see entrepreneurs as leaders of large teams. They might even be walking around with heavier wallets and more travel miles. 

Related Read: An Entrepreneur’s Glossary: 33+ Entrepreneurship Vocabulary Terms Defined

So, What is an Entrepreneurial Mindset?

Before you can build an entrepreneurial mindset, you must know what it is. There’s only one problem. You create what it is. 

There’s no perfect entrepreneur guide with a step-by-step process on how to achieve a calculated mindset. It depends on your personality, what your business is, how you uniquely fit into the market, etc.

An entrepreneurial mindset is a mindset that drives innovation, creativity, hard work, goal-setting, a fearless attitude, and calculated risks. Entrepreneurs see the world as a place with endless opportunities, and these opportunities are opportunities they create for themselves. 

This mindset doesn’t simply figure it can brush up a resume to get a job to work under someone else. It goes out and creates a successful job for itself. 

To be a successful entrepreneur, you need a solid foundation. The entrepreneurial mindset is your foundation. 

Related Read: How to Create an Elevator Pitch in 5 Easy Steps (With Tips & Advice)

How Do I Develop an Entrepreneurial Mindset?

There are countless ways you can start creating an entrepreneurial mindset today. It’s best to start practicing better habits now, and don’t be afraid to journal down response thoughts to this article. 

Becoming an entrepreneur doesn’t require waking up at 4 am and only taking cold showers as some guides might tell you, but following healthy habits does take discipline.

1. Invest in a Coach

No one is too good for a coach. Everyone can use the guidance. Find a business coach, co-founder, or a growth mentor, and invest in yourself by spending on them. 

A good coach is a priceless resource offering knowledge, experience, and perspective, and they will care about your entrepreneurial goals and business mission. They’ll create tailored plans that foster success, help improve your thought processes, streamline your sales objectives, and show you how to better manage your time

Ask your coach any burning questions you have about starting and running a business. Make sure to keep an open mind, and take a few risks with your coach. They’ll push you out of your comfort zone as they help you shape your entrepreneurship mindset. 

Related Read: Incubator vs Accelerator: Which One Is Right for Your Startup?

2. Keep Learning

Never stop yourself from learning more about the economy, finance, and other successful business owners. There’s an abundance of information to check out, and it pays to stay up to date with the latest facts and figures.

Hop online to check out these awesome books for business owners, and spend some time browsing your local library. If you find an author you enjoy, see if they have any social media platforms you can follow.

If you’re an audible learner, start listening to podcasts that encourage a greater entrepreneurial mindset. You can even try self-improvement podcasts that help you create an overall better attitude towards life. 

Do your best to meet business owners in your own community. Chat with them about their business and how they overcame some big challenges. 

3. Make Small, Effective Changes

When learning how to become an entrepreneur, some of the greatest things you can do have nothing at all to do with being an entrepreneur or running a business.

Make small and effective changes to your daily routine that encourage you to become an improved version of yourself. This improved version of yourself will approach your personal life and business with a better mindset optimized with entrepreneur characteristics. 

Small changes can include attending a few workout classes each week or spending 30 minutes per day journaling in silence. You can also cook at home more, invest in a hobby, or work on communication with your partner

Related Read: 9 Characteristics & Traits of Successful Entrepreneurs

4. Change Your Attitude Towards Failure

One of the most important entrepreneurial characteristics to have is fearlessness. Don’t fear failure. In fact, make failure a welcomed guest at the table. 

Failure can show us how to improve as an entrepreneur. It invites new and better ideas into our life. It closes doors so bigger and better ones can open. Consider any failed enterprise or idea an opportunity to grow.

Don’t let failure and self-doubt scare you away from taking your first step. If you need some extra help in overcoming your fear, consider investing in a regular therapist. Sometimes our fear of failure comes from childhood experiences we haven’t properly addressed. 

5. Set Attainable Goals

People who run marathons don’t just wake up and decide they want to run their city’s big marathon in a couple of days. Their mentality is to lock down the date months in advance and set small training goals. 

Write down your big goals, and always be specific when listing them. Once you document them, set smaller goals to help you reach the big ones

For example, let’s say your goal is to officially own a small bakery by the end of next February. Your smaller goals might be incorporating a company, hiring a business coach, creating a list of products you want to sell, and finding the right space to rent. 

Hang up all of your goals in a visible spot. Take a moment each morning to read these goals to yourself. Then, take steps each and every day to make progress toward these goals of yours.

Related Read: 25 Inspiring Quotes and Business Tips from Successful Female Entrepreneurs

6. Shift Into a Mindset of Abundance

While you may not be a millionaire now, start feeling and acting like you’re a millionaire. Many people view money, success, and abundance as negative things. They may think rich people are greedy or that they aren’t worthy of financial abundance. 

All of these moments of overthinking and self-limiting beliefs are holding you back from reaching your dreams. It’s stopping you from taking the first step. 

Don’t be afraid of money. In fact, you may even want to speak verbal affirmations to remind yourself of how much you love money, how money loves you, and how money can help those around you. Also, don’t be afraid to donate money. Openly giving will create the energy of openly receiving. 

7. Create Moments of Pause

Most people think entrepreneurs are constantly moving forward at 100 mph. But, if you way go too fast too much of the time, you’ll miss hidden moments of discovery. 

Take moments to step back and evaluate the work you’ve been doing. Have you been making the right steps towards meeting your goals? Are you prioritizing correctly as you move through the week? Is there a value or purpose to every effort in your plan?

Finding moments to sit back and breathe will keep you from losing your marbles. These quiet moments allow for reflection and growth. Get into the habit of journaling during quiet moments, and reflect on what you wrote each day. 

Related Read: 50+ Best Entrepreneur Quotes & Sayings to Inspire, Motivate & Encourage

8. Trust Your Gut

When you’re in charge, you have to trust your gut. You may not always make the best choice, but you’ll learn to know how to fix the problem. 

Keep yourself from slipping into autopilot mode or letting others dictate each move you make. It’s great to seek guidance from others, but do what’s best for you and your business. 

If something doesn’t feel right, ask yourself why it doesn’t feel right. Don’t go through with a deal until you feel like it’s the right risk to take. Reject anything your gut adamantly warns you against, and focus on actions and situations which have a solid opportunity for value.

9. Have Fun

An entrepreneurial mindset isn’t all about sweat, tears, and an aching back. Have fun, and enjoy your success. Even if you aren’t where you want to be, celebrate where you are.

Don’t stop yourself from planning a vacation or enjoying a fancy meal. Buy yourself that new power suit, and host a dinner party for your friends. Life isn’t meant to be approached with a bland attitude. 

Plus, taking the time to have fun and be grateful for all that’s around you will only strengthen your mindset of abundance. It’s a skill to be able to recognize all the moments of richness in each day. 

Related Read: 3 Reasons Why Every Entrepreneur Should Pitch Ideas on Goodwall

Building the Right Entrepreneurial Mindset

Any successful business owner understands the importance of having a strong entrepreneurial mindset. Half the battles you face are matters of mindset!

Be an entrepreneur that’s always learning and setting goals. Don’t let your life become too serious, and look failure in the face. At the end of the day, go with your gut. And, if you’re lucky enough, your entrepreneurial mindset will quickly lead you down a path of improvement, critical thinking, and success.

Are you wanting more guides on entrepreneurship, self-improvement, and careers? Check out the rest of the Goodwall Blog to reach your full potential! And, if you have any questions, feedback, or other ideas for how to develop an entrepreneurial mindset, let us know below in the comments.

Related Read: How to Get Startup Funding: Best Ways to Get Money for Startups & Ideas

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Goodwall Team
Written By Goodwall Team
This article was written by the Goodwall team or by a contributor for publication on Goodwall. Goodwall is dedicated to helping students, entrepreneurs, and young professionals reach their full potential. We'll share thought-provoking and supportive articles on career advice, self-improvement, navigating the college landscape, climate action, social impact, and more. On the business side, we'll talk about SMB subjects related to community, diversity, talent acquisition, case studies, and enterprise.

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  1. Please how do I find a business Coach? Are there different types of coaches for different business types?