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How To Develop The Mindset Of An Entrepreneur

It’s easy to look at the headlines and imagine the lives of entrepreneurs as glamorous and exciting, but developing the entrepreneur mindset takes immense personal and professional sacrifice. If you want to work on your mindset then these are the 25 tips you should follow.

#1 Think about the experience, not the product or service

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As an entrepreneur, it's highly unlikely your product or service will be truly unique. If your selling Shoes, SEO or Sun holidays, the chance is that someone else will be selling the same thing. The key in terms of mindset is to focus on selling the 'experience' of buying from you. This starts with you're marketing, right through to your aftersales service. By focusing on the way you talk to customers and interact on an ongoing basis gives you a point of difference. Think about buying a box of cornflakes from Target vs Whole Foods.

The way you're marketed for that product is different, the way its displayed in the store is different, the bag they are placed in is different. Ultimately, you'll also be spending more at Whole Foods. This is often referred to as 'adding value', but ultimately it's about the 'experience' you have when buying that product.

Contributors: Adam Pearce from Blend Commerce 

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#2 Get Inspired

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Entrepreneurs are constantly being exposed to new ideas, trends and information, but they can often fall victim of latching on to one idea and following it down a rabbit hole. This can happen when coming up with new business ideas or simply figuring out how to deal with an issue that has popped up.

To ensure you are training yourself to collect all of the relevant information and evaluating it before making a decision, I recommend always talking to at least three subject matter experts and listening. Hard. Ideally, all three people will have slightly different ideas, opinions and experience and then you can weigh and evaluate the information and come up with your own, unique but informed decision on how you proceed on the particular project.

Contributors: Shawna Tregunna from Iversoft

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#3 Dealing with FUD (Fear, Uncertainty, Doubt)

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Fear is your friend -- it keeps you sharp and focused -- but it can turn on you if you allow it to become Uncertainty and Doubt. When you start feeling the UD, go back to your data and research that led you to your business, and check it again. If you find all are still valid, then you should feel calmer and it will help you re-establish your commitment and direction. If you find there were flaws, or the market has changed, then pivot quickly to adjust. Sometimes your spidey sense is there for a reason! But the worst thing you can do is allow it to paralyze you. Check your data, check your path, and act/react to any real issues. 

Contributors: Dana Todd from Balodana Made to Measure Fashion 

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#4 Learn to take responsibility

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This is the number one thing you need to learn to become an entrepreneur. If an employee screws up, you didn't train them good enough. If you miss a deadline, you can do better. When you don't have accountability for yourself, it's impossible to grow a business and lead a team. 

Contributors: Kyle Baptist from Marconi’s Beach Outfitters 

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#5 Experiment with ideas

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Consider your business like a sculptor considers untouched raw material- as pure potential. As we chip away while considering it from all angles, the true beauty and art of our creation emerges. Many times we need to chip away what doesn’t work to discover what does. The only way that happens is by experimenting with our ideas and suggestions from consulting experts. 

Contributors: Cristina Smith from Yoga for the Brain

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#6 Be open to change

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Know that as you begin your journey, your path is going to constantly change and evolve. Your business will most likely morph into a creature that you could never have imagined when you first started out. This is a natural progression and is a good thing since it will prove that you are open to new trends and the changing needs of your customers and the market. Don’t be afraid to fail and to fail often. We grow the most when we are outside of our comfort zones. 

Contributors: Kelly Lehman from Cranbury Fields

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#7 Think about continual small wins more than occasional big wins

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Too many entrepreneurs think about big releases and big windfalls, where in reality the key to success is developing a way to get your business to a state where you can survive from existing revenue and focus on growth. Further, the smaller wins help you learn to handle the big wins, and hone your proxy so it’s more likely you’ll find the big wins.

Contributors: Ben Yennie from Guerrilla Rep Media

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#8 Research is important

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After college I worked for several years in manufacturing as an Industrial Engineer, doing what I loved the most - making things that people wanted to have and enjoy. Having been involved in doing startups for numerous others, I still wasn't sure that I could do it myself and was admittedly thoroughly fearful of making the leap from getting a paycheck from someone else to becoming completely self-sufficient.

I looked at this as analogous to jumping off a cliff with a parachute, pretty much a one-way trip, not being sure of when, where and how I would land. I spent a year visiting other startups in my specific area of interest, getting to know others that had done what I wanted to do (both successful and not), I took a couple of industry offered classes, read voraciously, spoke with countless potential future customers and retailers, created my roadmap (a business plan), took that leap, and have never looked back. This path is not for the faint of heart, it's a long and frightening one, but in the end well worth everything that went into it.

Contributors: Paul Allen from Hope Springs Distillery

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#9 First a mind shift

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Before Entrepreneurs can develop the correct mindset, they must first have a mind shift from that of an employee, to that of a business owner.

Many Entrepreneurs work for a company and want to start their own business. They know their job, however, they have no experience either building or running a company. An employee receives a paycheck just for showing up. Business owners only get a paycheck when they show up and build the business. Once they have a business owner's mindset, coupled with a serious amount of grit, they will then be in a position to have the correct mindset to become successful Entrepreneurs.

Contributors: V. Michael Santoro from Vaetas, LLC

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#10 Don’t be afraid to share your ideas

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There are many startups in stealth mode because founders are convinced that their ideas are so brilliant that as soon as they share it, someone else will steal it. Regardless of how brilliant your idea actually is, chances are most people you meet won't think it's brilliant, and the ones that do think it's brilliant don't have the time and resource to even get started on stealing it (people are completely preoccupied with their own jobs, family, and they only have 24 hours in a day after all).

The benefit of sharing your ideas is, by comparison, massive. Almost every ultimately-successful idea has been iterated a countless number of times from people's feedback. Sharing ideas with people you come across early on is an essential part of this feedback-gathering process and without it, you'll only be going down a path that makes sense in your head but does not solve anyone else's problems.

Contributors: Steve Long from The Travel Brief 

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#11 Awake to possibilities

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The biggest tip for developing an entrepreneurial mindset is to stop automatically dismissing possibilities. Our parents, schools, and employers raised us to believe that life isn't fair and that you can't always get what you want. But as an entrepreneur, the more vivid your dreams are, the harder you tend to work and further you tend to go. The next time you find yourself saying, I could never do that, ask yourself instead, what would it take for me to do that?

Contributors: Josh Braaten from Brandish Insights

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#12 Find Partners

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With the right partner, the right co-creator, you go fast and you go long. You balance each other. You learn from each other. You course correct each other. You champion each other. 

Find partnerships. Build together. 

Contributors: Ajit Nawalkha from Evercoach

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#13 Gratitude is on the same vibration as abundance

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Use gratitude to stay on the same vibration as abundance. Gratitude is the force behind using the Law of Attraction to the fullest benefit of your well-being. You have the ability to create a life that is bathed in joy, gratitude, and freedom. Design a life that is truly abundant. Abundance is within your reach! Grab it and never look back! Maximize for a full life!

Contributors: Deborah Lucero from Live Your Full Life 

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#14 Get a mentor

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To become a successful entrepreneur, you have to do what successful entrepreneurs do. Get a mentor who already walked the path that is in front of you. A mentor will help you to avoid bad decisions and keep you motivated. You have to make sure to pick a mentor, who already walked the walk.

Contributors: Slavisa Tavic from Quergruender GmbH - getLaunched

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#15 Read & feed your mind daily with business & self help books

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Whether you are an Elon Musk or Richard Branson fan, reading autobiographies of various Entrepreneurs & business books is one of the fastest ways to strengthen your mindset & thinking by exploring the journey many other Entrepreneurs have been on. Self Help books are also very beneficial because they help you shape & create a growth mindset and in turn feel much more confident about what's required to successfully run a business.

Contributors: Raghav Parkash from Raghav Parkash Coaching

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#16 Ask questions

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Talk to people and ask about their problems and struggles. I'm sure all of us have this kind of issues every single day, in our life, business, relationship. I'd say that asking questions is the best way to develop the mindset of an entrepreneur. WHY? should be your key questions to everything. Look anywhere to change the status quo in your mind, brainstorm solutions, do customer development, and maybe even build an MVP. No book, community, or person can make you become an entrepreneur. It's a marathon of the people you meet, conversations you have, the products you build and ideas you raise.

Contributors: Vlad Calus from Planable

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#17 Start a side hustle

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The best way to develop an entrepreneur’s mindset is to get out and start a side hustle. The way entrepreneurs think is hard to replicate unless you put yourself in an actual scenario that one might experience. By applying yourself to a project, you’ll be forced to think of outside the box solutions to problems you’ve likely heard of but never experienced yourself. 

Contributors: Steve Pierce from Techware MN

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#18 Keep The Noise Away

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I think the most challenging aspect would be keeping the noise away from you. What I mean by noise is the people that are saying you can't do it, or shouldn't do it, or whatever. Those people are speaking from their own perception and their own experiences, and bless them, they mean well, I'm sure...they just really don't help at all, lol! So, just keeping them at arm's length is an important thing to do.

Contributors: Martha Krejci from MarthaKrejci 

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#19 Pray, then step out of your comfort zone

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The mindset of an entrepreneur should be completely in control and totally organized. That includes a complete business plan with all the "I" dotted and the "T's" crossed, every little detail well thought out. Right? WRONG!!

That mindset will only hold you back.  Trust me.  A want-to-be entrepreneur could actually have the mindset of a successful entrepreneur if they stop over thinking and take the leap.

The mindset of a entrepreneur is no different than an overweight individual craving to loose weight. Trust me. The desire to take the leap is there, but the fear of failure and lack of confidence is holding both back.  Once you embrace the mindset of an entrepreneur you are willing to ride the roller coaster of emotions, jump the many hurtles that get in your way, and runs the marathon of ups & downs.

The mindset of an entrepreneur like a dieter must pick themselves up when they fall, stop second guessing themselves, gain confidence, and let the fear keep you moving forward not backward.  In short, like the mindset of a dieter, an entrepreneurs mindset must eat, sleep and drink their vision. It all starts with a prayer, then taking those steps out of the comfort zone. Trust Me

The operative word here is “through.” Success comes from being willing to enter into failure, to be willing to walk into the dark unknown without knowing if there is a way out. You hope there is a way out. As you navigate through the twists and turns of the tunnel of failure, bumping your head and scraping your knee as you grope in the dimly lit (and sometimes utterly dark) tunnel, you keep your eyes fixed on your vision, your hope. One day as you come around a bend in the path, you see light; you see the way out; your success is imminent…if you keeping walking.

Contributors: Kimberly Urosek-Honeycutt from Kin-Soul

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#20 The road to success runs through the twisting tunnel of failure

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The operative word here is “through.” Success comes from being willing to enter into failure, to be willing to walk into the dark unknown without knowing if there is a way out. You hope there is a way out. As you navigate through the twists and turns of the tunnel of failure, bumping your head and scraping your knee as you grope in the dimly lit (and sometimes utterly dark) tunnel, you keep your eyes fixed on your vision, your hope. One day as you come around a bend in the path, you see light; you see the way out; your success is imminent…if you keeping walking. 

Contributors: Connelly Hayward from Connelly Hayward Company 

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#21 Small business association

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Look at the SBA’s and small business alliances/organizations that can assist and support you for FREE, you will have to put money in the business but there are many organizations that are government/locally sponsored.

Contributors: Lisa Marsh from MsPsGFree.Inc

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#22 Persistence

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If you want to get into the mindset of being an entrepreneur, you should have plenty of grit. A gritty personality gives you the mental toughness and courage necessary in reaching and achieving your goals. Grit will allow you to keep challenging yourself, try new things, and avoid the ease that comes with coasting on success.

Contributors: Deborah Sweeney from MyCorporation

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#23 Patience and Process

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Develop the mindset of an entrepreneur by having patience and establishing a process. Even with 100% determination, it can be hard to achieve goals without patience or a proper process. Everyone wants to achieve results now, but in business, you have to move quickly and move slow at the same time. Companies and brands have to spend the time to develop a process. I have instilled these values in Codal so that we could develop a work process that allows for the integration of cutting-edge technologies such as IoT, beacons, contextual marketing, and even artificial intelligence.

Contributors: Keval Baxi from Codal

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#24 Solution Orientation

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In order to develop the mindset of an entrepreneur, you need to become solutions oriented. The average person spends 80% of their time complaining and making excuses about the problems they have. Entrepreneurs spend 80% of their time learning and implementing the solutions they find. That’s the difference. 

Contributors: David K. Omachonu from Omach Team

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#25 Assess Situation, Identify Changes, and Move On

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As an entrepreneur, you are constantly bombarded with issues that pop up. You need to act quickly to address these issues, and acting quickly means that you’re not always going to make the right decision every time. Being a leader is not about always making the right decision, but rather it’s about learning from your mistakes and making adjustments to avoid the same mistakes in the future. Thinking like an entrepreneur means that when a mistake is made (whether it’s one that you made or one that was made by a member of your team), you need to first assess the situation. 

Determine how this particular situation came to be and what caused specific actions that you or your team took. The next step is to identify what could have been done differently. Think through how these changes would have caused a different outcome and whether or not that is the outcome you were looking for. Be sure to think critically about reasonable changes you could make rather than only considering a best case scenario that would not actually be possible to execute. Once you have determined what would have been a better decision or set of actions, it is time to move on. 

Assess your mistakes and learn from them, but don’t dwell. If you get caught up in “I should have done this”, then you’re not improving. By moving forward with your newfound lessons, you can tackle new issues head on and make more informed decisions moving forward. 

Contributors: Jacob Dayan from Community Tax

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#26 Learning to listen is the key to successful entrepreneurship

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Business operations of any type require statistics and various performancemetrics as they provide concrete and unfiltered information for anybusiness function. However, it is also important to learn to pay attentionto your instincts and emotions, because they often provide valuableinformation when read correctly.

This is relevant throughout many business decisions from human resources allocation to staff development topromotional capacity building.The better and more proficient an entrepreneur becomes with accessing andunderstanding their internal-world responses to external events, the morecapable they are of making wholly informed business decisions.

Contributors: Dmitri Oster from One World Counseling

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Written by Zak Parker

Article Writer, Pianist, Internet Marketing Enthusiast; I delve into a variety of creative mediums and take advantage of what they have to offer. With experience in SEO, Dropshipping, Affiliate Marketing and Advertising, I'm a plethora of general marketing knowledge and enjoy helping those new to the game get their foot through the door. I'm always excited to hear of the latest method, or if the chance presents itself, create my own.

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