Do you possess an entrepreneurial spirit? 10 qualities to focus on
According to NPR, the U.S. Government received 5.4 million new business applications in 2021, which is a "record high." It's difficult to predict how many of them will be successful. These new businesses are proof of the robust entrepreneurial spirit in America, if anything.
However, having an entrepreneurial mindset entails more than just coming up with company plans or introducing a new product. These emerging business leaders are taking a chance and placing their faith in their own abilities to succeed. Additionally, they will require assistance. They'll require individuals that have a growth attitude, are adept at solving problems, and are prepared to find their place in a world that has been drastically altered by a pandemic.
Let's review the salient characteristics of these dynamic, creative people. Who knows, you could even recognize some in yourself.
What is entrepreneurial spirit?
It can be tempting to conceive of entrepreneurial spirit as a skill that can be acquired through a college or professional development course. But this is plainly untrue. In reality, some of the world's richest business people never even attended college. Prior to establishing the tech powerhouse known as Apple Inc, Steve Jobs infamously dropped out of school.
We’re not saying you should drop out of school. But an entrepreneurial mindset will help maximize the skills you picked up in class, and this will help your career, whether you end up owning a business or not.
While some pick up on it faster than others, everyone can develop this quality. And you can even use it in your current role.
An entrepreneurial spirit will help you take ownership of your job. It means looking at your tasks and responsibilities and asking, “How could we do this better?”
You can create processes to work smarter or pitch new ideas that will help your organization. Before you know it, you’ll have completely reshaped your current role for the better.
Regardless of which industry you work in, Mentorcam is ready to help you develop an entrepreneurial attitude. Whether you’re a small business owner, a manager, or a founder at a startup, having a growth and innovation mindset can improve your and your team's lives. We want to see you chase your goals and develop the entrepreneurial skills to help you reach them.
How to know if you have an entrepreneurial spirit
Want to deepen your understanding of what it means to have an entrepreneurial spirit? Start by getting familiar with its characteristics.
Heads-up: Not all of these qualities are required — but they’re a good start. As you read over this list of 10 characteristics of people with an entrepreneurial spirit, you may already recognize a few within yourself.
- Natural leaders. They have an innate ability to inspire and bring out the best in people.
- Motivated by challenges. Every setback is an opportunity to learn, grow, and beat the odds.
- Doers, not sayers. Talk is cheap, and entrepreneurial people know it. They’re ready to roll up their sleeves and get the job done.
- Quick but thoughtful when it comes to decision-making. They know how to find, process, and act on the information they trust.
- Risk-taking people. Their optimism and fearlessness make them natural risk-takers — even if they’re uncertain about the outcome.
- Ambitious dreamers. They aren’t happy with the status quo. True entrepreneurs have a better vision for the future and will try to make it a reality.
- Resourceful. No amount is too little to get started. They’re ready to work with what they have until more resources come later.
- Critical thinkers. They analyze and evaluate an issue carefully before forming a judgment.
- Excited to learn and grow. They relish new learning opportunities because it will make them more well-rounded people and leaders.
- Optimistic when it comes to life and work. Optimism is a prerequisite for entrepreneurship. They have to believe that things will work in their favor.
You may only identify with some of these characteristics, and that’s okay! You can nurture your entrepreneurial spirit by developing your Five Ps of Entrepreneurship.
What are the 5 P's of entrepreneurship?
It can be beneficial to think of the five Ps of entrepreneurship as you try to include the general traits of someone with an entrepreneurial mindset. This framework will assist you in concentrating on the important things as you go about your day so that you can adopt a more entrepreneurial mindset (including spiritual entrepreneurship, which places a higher value on helping others).
The five Ps of entrepreneurship are listed below. Consider how you may increase the intentionality with which you cultivate these aspects of your life. Be intentional about checking in with yourself each day to keep the five Ps in mind and determine what tactics you may use to advance in each.
No matter your goal, whether it’s to start a business or implement a new initiative at work, you’ll need a plan. You’ll also need a certain tolerance for risk.
Whether it’s a business plan or a work plan, it should:
- Have clearly-defined objectives
- Be easy to understand
- Allow for flexibility
- Have a clear deadline
- Clearly define the roles and tasks of all team members
- Acknowledge the calculated risks involved
- Have a plan to mitigate the risk
People who have an entrepreneurial spirit know their passions.
When you know what makes you happy and excites you, it’s easier to wake up in the morning, set goals, and do the work of achieving them. With passion fueling you, every step will feel like a pleasure, not a chore.
When you adopt an entrepreneurial spirit, you accept that you’re in it for the long haul. You also have an undying belief that good things come to those who wait. This will help you be more resilient in the face of adversity.
And have no doubt: there will be adversity. Whether your seed funding didn’t come through, your project proposal was rejected, or your prototype failed, you’ll need to keep the faith. These are minor setbacks in the grand story of your success. Learning how to be patient isn’t easy, but it’s worth it.
Successful entrepreneurs know that failures and mistakes are part of life. But you need to meet failures with perseverance. This means:
- Remembering why you started this journey in the first place
- Evaluating and learning from your failures
- Understanding that, in the grand scheme of things, most setbacks are temporary
- Adapting your plan to accommodate your new situation
At all times, problems are just around the corner. Issues are welcomed by the entrepreneurial mindset since they provide an opportunity to deal with them head-on. For the benefit of the team, a strong leader never shies away from getting their hands dirty.
And resolving issues could need assistance. Never be reluctant to turn to your workplace, friends, family, and prior mentorship ties for support. When contemplating a significant choice, they might provide moral support and a fresh viewpoint on your predicament.
Make sure that you are contributing your Whole Self to the endeavor as well. Work for novel ideas and solutions using all of your personal assets, talents, and experiences.
What are some tips for developing entrepreneurial behavior?
You can't develop these characteristics overnight. Shifting to an entrepreneurial mindset takes hard work and effort. Tracking your progress and staying focused on your goals makes the process much easier on your well-being.
If you're looking to get started, here are four tips on how to develop an entrepreneurial mindset.
1. Be specific with your intentions
You hinder your growth when you're unorganized and don't know what you want to set out to achieve. To stay focused, set clear, specific goals. And make sure they’re realistic goals. You can dream big, but make sure your long-term goals are made of several, achievable short-term goals.
Zero in on your dreams through purposeful intentions and actions. Gather your resources to focus on your goal. Adopt a “doer” mindset, thinking about what you're looking to achieve.
2. Don't rely on one plan and one plan only
Embrace confidence, but not at the cost of ignoring warning signs. It's great to be unafraid of risks and view challenges as motivation, but you need to recognize when you have a severe problem.
Some red flags are hard to ignore and may cost you later on, like if you’re approaching burnout from working too much or trying to complete tasks you don’t have skills for.
True confidence means admitting what you don’t know, asking for help, and changing your mind based on new information.
It's never a sign of weakness to acknowledge that things aren't working. Switching to a new plan might even widen your perspective and open up new opportunities to create value or get the job done more effectively.
3. Get used to change
Life's one constant is "change." Success is more likely for those who can adjust and accept this. This is true even when "changes" appear to be "setbacks."
But flexibility is a crucial trait for business owners. You'll unavoidably forget deadlines, launch projects poorly, or underestimate a direct rival. You'll need to exercise critical thought to determine what went wrong in these circumstances. You can then assess your position objectively to discover any potential improvements.
Your capacity for problem-solving and leadership is put to the test by "Change". Try your best to adjust the next time your plans are abruptly changed rather than resisting it.
4. Never stop learning
Every moment is an opportunity to learn. There’s a universe of knowledge out there, all of which can help you be a better person, leader, and entrepreneur.
Here are some ideas to lean into your curiosity:
- When talking to someone, ask a lot of questions. Everyone has a story. Learning theirs can help you develop your empathy and gain insights you might have missed otherwise.
- Read biographies of your favorite people. They always have wisdom and lessons to share. See which ones you can apply to your life.
- Listen to podcasts about your industry during your morning commute. If you lead a busy lifestyle, keeping track of your industry can be difficult. Luckily, podcasts provide an easy format for you to consume while doing other things.
- Keep up with the daily news. Your work exists in the context of world events. Keeping up will help you track situations that could affect you — even for five minutes with your coffee.
- Find people on LinkedIn whom you’d like to learn from. Social media is the modern Rolodex. Make time to expand your contacts and learn from your new connections.
- Develop new skills. Countless online workshops and courses can help you expand your skills. This will make you a more valuable asset in the long run.
Fostering the entrepreneurial spirit
An entrepreneurial mindset never stays still — it’s constantly looking for the next opportunity or challenge. But, like the most beautiful plants, it needs fertile soil to grow.
You need to configure your life appropriately if you want your spirit to thrive. And along the way, you can inspire the entrepreneurial spirit in others. Here’s what you can do.
1. Maintain an innovation-friendly work culture
Whether you’re a leader or an employee, teamwork makes the dream work. It’s important to facilitate a positive and collaborative work environment.
You can start by facilitating the open exchange of ideas. Create a space where everyone can share their insights, lessons learned, and experiences. You’ll spark interesting discussions, which can lead to creative solutions and new approaches to your work. Plus, you’ll inspire each other to grow and be better.
2. Always pull in the same direction
Yes, it’s important to be adaptable and open to change. But it’s even more important to have a general strategic direction, or else you risk being pulled off course.
You should always start with a plan — even if you have to change it later. And you should loop in your team every step of the way. When everyone knows the goal, they can work together to achieve it.
3. Avoid making decisions out of fear
The world is rife with risk and uncertainty. These days, that feels more true than ever. It makes sense to proceed cautiously, carefully evaluating your next move before committing.
But it’s important not to give in to fear. It’ll cloud your judgment and take away your view of the big picture.
Entrepreneurship involves accepting a certain degree of risk. Evaluate every decision carefully, calculate your risk, and execute with confidence. You might fail, but you will have learned something. But, you might also succeed — and all the work will have been worth it.
Unlock your entrepreneurial potential
An entrepreneurial spirit can help you embrace difficulties and change, whether you're starting your own business, climbing the corporate ladder, or planning your next career transition.
Your perspective on the world will change as a result of cultivating this mindset, and you'll become a more proactive and creative individual.
Changes in thinking and behavior take effort. To actively alter how you perceive yourself and the world around you, it takes focus and effort. But just as you aren't afraid of dedication and hard effort, so are entrepreneurs.
Your principles and interests do not need to alter if you adopt an entrepreneurial mentality. You remain the same. Simply said, it means that you'll be more prepared to pursue your life's passions and objectives. Any objective is reachable with entrepreneurial spirit.
At Mentorcam, we want you to be your best. Through a relationship with a Mentorcam coach or mentor, you can gain the perspective and accountability to develop your own entrepreneurial spirit.