You may agree that a positive entrepreneurial mindset is essential to business success online including affiliate marketing. Furthermore, a negative mindset can lead to negative, self-defeating thoughts.
Do you think you have an entrepreneurial mindset that will help you succeed?
Today, I am going to describe characteristics that will hold you back. Being aware will help you overcome limitations and succeed with your endeavors.
Several definitions are needed to put this discussion in perspective.
What Is an Entrepreneur?
The U.S. Small Business Administration defines an entrepreneur as "a person who organizes and manages a business undertaking, assuming the risk for the sake of profit."
Entrepreneurs are usually associated with start-up businesses. However, people start new businesses every day and are not considered entrepreneurs.
The critical element of success is the entrepreneurial mindset.
What Is an Entrepreneurial Mindset?
Glad you asked!
Entrepreneurial mindset refers to a specific state of mind. The state of mind that orientates conduct entrepreneurial activities and outcomes. Individuals with entrepreneurial mindsets gravitate to opportunities, innovation, and new value creation.
Network for Teaching Entrepreneurship defines the entrepreneurial mindset as
the set of attitudes, skills, and behaviors that students need to succeed academically, personally and professionally. These include initiative and self-direction, risk-taking, flexibility and adaptability, creativity and innovation, critical thinking and problem-solving. Other definitions include the ability to see opportunities, marshal resources and create value.
Do You Have an Entrepreneurial Mindset?
Let's find out.
The Entrepreneurial Mindset Network created a mindset tool. It helps you test your mindset. The tool asks questions that guide you through your entrepreneurial behavior analysis.
I find the test easy as each question provided a choice of two answers. Learn more about the EMN mindset tool here.
There is good news.
If you don't feel you have an entrepreneurial mindset, you can change it.
Dr. Carol Dweck coined the terms fixed mindset and growth mindset. The terms "describe the underlying beliefs people have about learning and intelligence. When students believe they can get smarter, they understand that effort makes them stronger. So they put in extra time and effort, and that leads to higher achievement."
Her and other research efforts shows us that we can change our mindsets.
In the following TED video, Dr. Angela Lee Duckworth, Founder and CEO of Character Lab, talks about grit and growth mindset.
What You Can Do to Change Your Mindset
There are two critical changes necessary.
1. Do not limit your thinking. Think big without limiting your goals or dreams. Along with negative thoughts, limited thinking will limit your achievements stunting your growth and results.
2. Develop a routine. A routine creates habits and actions. Developing goals and plans are great. However, it takes deliberate effort to complete them.
Negative Factors to Understand and Eliminate
- Unwilling or Unable to Leave Your Comfort Zone. I get it. People are afraid of leaving their comfort zone. Change does not occur until new habits and actions arise and the old ones discarded. An adjustment may include finding new friends because you know the old saying, "birds of a feather flock together." If 9 of your friends are broke, good chances you are as well. Many low-income earners only associate with other people of a similar economic position. Most people who become high-income earners do the opposite. They come out of their comfort zone, and befriend and learn from others who are doing better than them. In the process, many are surprised to discover just how willing the people they considered "snobs" are to help them.
- Unwilling to Work Hard. A characteristic common to most successful people is the willingness to do what it takes to succeed. If a task appears too difficult, they break it down into smaller actionable steps. This "no-fear" trait can result in advances at virtually every level, from minimum wage workers to self-employed individuals. The simple fact is, if you want to make great strides in life, you need to be willing to roll up your sleeves and work long, hard hours. Les Brown's lesson of the Chinese Bamboo Tree reflects an effort to remain persistent and patient.
- Self-doubts About Ability. Successful people believe they can do anything. You will see them accomplish what appear to be impossible goals because they have massive dreams. They consider goals as dreams with deadlines. Ever optimistic, they maintain positive outlooks most of the time. Also, they believe failures as learning experiences, not a reason to quit.
- Talking About Success Instead of Taking Action. "They talk the talk, but don't walk the walk." I am sure you have run into people who talk about what they are GOING to do, but you never see them do it. Successful entrepreneurs are willing to take acceptable levels of risk and take action. Successful people usually have a solid work ethic and routines to get goals done as planned.
- Unorganized Leading to Procrastination. Most successful people recognize that their time is one of their most valuable resources. Being disorganized leads to wasted time or unproductive efforts. I have heard more than once from people who say, "I will get started as soon as I get organized." Being unorganized is an excuse to procrastinate. However, procrastination is usually the result of fear. Fear could be fear of failure, fear of the unknown, fear of being outside the comfort zone among others. Fear is why having a positive mindset is so important.
Fear of Giving Up Control
Entrepreneurs who achieve their goals and are successful sometimes run into the problem of outsourcing work. At some point, the business may grow so large that the entrepreneur can no longer do all the work. Yet, the business owner is reluctant to let anyone else do the work. Work that could be performed by virtual assistants, new employees, or contracted out.
Until fear of giving up control is overcome, the business owner will have problems scaling up the business. Growth will be stunted until ways to leverage time and resources are found.
Entrepreneurial Mindset Conclusion
Success in business as well as in life requires the ability to solve problems, be self-motivated, be creative, be positive among other things.
The informal slogan of the U.S. Marine Corps sums it up nicely,
“Improvise, Adapt, Overcome”