How to Develop an Entrepreneurial Mindset
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00:00 - 1 million in monthly recurring revenue
01:06 - What mindset do you need to have?
05:25 - There are no safety nets
08:26 - Preparing for the launch of your business
11:04 - Surprises along the way
16:58 - Learning from your challenges
20:50 - 7 signs that you have an entrepreneurial mindset
24:04 - How to develop an entrepreneurial mindset?
31:22 - How do you structure your personal day?
35:55 - Are you born with it?
38:40 - What's the bottom line
41:23 - Final thoughts?
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Starting a business is exciting. You’re passionate. You believe in your vision and you’re ready to put in the work to make it a reality.
But for every startup that makes it, nine others failed.
That’s because creating a successful startup is grueling work. Many successful founders aren’t successful on their first try. Hubstaff's founders had their share of failures, which gave them the experience they needed to create the successful company that exists today.
You need to cultivate a tough entrepreneurial mindset and a unique set of skills to survive launching, leading, and sometimes burying a startup.
People have different ideas about what it means to be an entrepreneur. People who have never started a business can have a wildly distorted view of the actual entrepreneur lifestyle.
Here are the most important things you need to realize about being an entrepreneur:
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What kind of mindset do you need to have going into this?
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There are no safety nets
Entrepreneurs do not have the luxury of being risk-averse. When you are part of someone else’s team, you have a clear direction, work boundaries, and some financial security.
Typically, employees will have a supervisor and maybe even someone above the supervisor to whom they can turn for help when facing challenges. Someone will always be there to tell a team member what to work on, for the most part.
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You need to learn quickly or fall on your face
Once you’ve got your startup going and growing, you’ll have to learn on the go, even if you know everything there is to know about your product.
There’s a lot to learn about running a company. For example, as your team expands, you must learn about talent management.
When your first customer complaint comes in, you learn about issue resolution.
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What is an entrepreneurial mindset?
An entrepreneurial mindset means you automatically think like a business owner. People with this mindset are highly optimistic and believe in their ability to succeed. They’re focused on their business and the opportunities that are available to them.
Entrepreneurs are solution-oriented and understand that there’s at least one solution to every problem. They either learn how to fix a problem themselves or hire someone who can do it.
Every entrepreneur is different, but successful founders still have a lot in common. If you can relate to these seven characteristics, you’re on the right track.
- Drive
- Focus
- Decisiveness
- Independence
- Genuineness
- Flexibility
- Product and market understanding
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