A Positive Mindset Is Such a Crucial Element for Entrepreneurs’ Success

Why is mindset so important for entrepreneurs? Originally appeared on Quora: the place to gain and share knowledge, empowering people to learn from others and better understand the world.

Why a Positive Mindset is Important for your business?

“Entrepreneurial Mindset refers to a specific state of mind that orientates human conduct towards entrepreneurial activities and outcomes. Individuals with entrepreneurial mindsets are often drawn to opportunities, innovation and new value creation.

Let’s have a look at some of the characteristics of an Entrepreneurial/Business Mindset.

1. Disciplined

Successful Entrepreneurs are focused on making their business work and can eliminate any distractions. They are consistent in all of their activities and can maintain this for as long as needed.

2. Customer Focused

Without the customer your business does not exist. The main priority of your firm should always be to satisfy the customers needs, and innovate or evolve to meet new demands. Business is not always about the most advanced product or service, but about providing something that the market wants.

3. Always Learning

Being in business, and growing a business, is a continual learning process. You must discover new ideas and techniques to use, implement them and measure their success. Accounting as an industry is changing, your customers are changing, technology is changing. All of this means that you must be constantly learning and up skilling in order to stay competitive.

4. Bold. Not Afraid Of Failure

Fail fast and often. It is all part of the learning. You need to discover what works and what doesn’t. Often that can only do through failure. But Entrepreneurs don’t stay down, they immediately get back up and start again.

5. Open Minded

Every moment can possibly present a new opportunity, or challenge. An Entrepreneurial Mindset allows you to see everything and understand what is working, and what isn’t. It also means that you can adapt quickly to take advantage of changing circumstances.

6. Strong People Skills

Business is all about people. They might be clients, the employees serving your clients, other business owners you’ve met networking or peers and colleagues within the accounting industry. The people that you interact with, and your ability to communicate and inspire them, will determine your ability to successfully grow your firm.

7. Self-Starter

Entrepreneurs are the very epitome of self-starters. They see that something should or could be done, and they start it themselves. This makes them proactive, progressive and in control.

8. Listener

It is important to surround yourself with people that possess skills and talents that you don’t, and listen to what they have to say. Business growth and success is formed of many things, a few of which are collaboration and communication.

9. Competitive

You are in business because you know you are good at what you do. And most likely believe that you are better at it than others. And that’s good. Embrace your skills and talents and shout about your successes. You should be playing to win in your business.

10. Leadership

Not only are you skilled at leading yourself and determining your path, but you are skilled at leading others. An Entrepreneirual Mindset gives you an understanding of the importance of teamwork, as well as the need to appreciate others, support them and reward them accordingly.

These 10 attributes are all part of the larger Entrepreneurial Mindset. These qualities give entrepreneurs the edge that they need to successfully market and grow their businesses.

By cultivating these qualities you will be better able to take position yourself and your firm in the marketplace. You will grow further and faster than you would otherwise.

These are also qualities that you can encourage in your firm amongst your staff. By using the right training, incentives and by giving your employees permission to share and try ideas you will be fostering an entrepreneurial spirit throughout your firm.

This will only lead to greater involvement from all staff in growing your business.

Contributed by Aruna Turay, BSc Information Technology, University of Sierra Leone Ipam (2019)