Entrepreneurs you have an important job to do. Ā If you are going to build a sustainable business, you need the right tools.Ā The most important one in my opinion is the entrepreneurial mindset.Ā If you desire to be or want to see success in your business endeavors no matter if it is online or brick and mortar, you must develop a strong entrepreneurial mindset. Ā If you aren’t sure what that means, I got you covered and will share the five most important domains and how they impact business success.
What Makes Up The Domains Of Entrepreneurial Mindset?
The tenants of an entrepreneurial mindset really come down to five essential domains. Ā Now remember, this is all about mindset! Ā This means that your ability to be a great entrepreneur is all in your thoughts and the actions that result. Ā You are in control of all of these domains!Ā This is great news because you can create your own success simply by acting on the right ideas at the right time.
Let’s start discovering how you can develop into the entrepreneur of your dreams by mastering these five essential domains and crushing your business goals.
Ā Domain #1: Self-Direction and Initiative
If you’ve always wanted to be an entrepreneur, what have you done to make that dream come true?Ā Your answers define this domain.Ā Action…this is really what the self-direction and initiative domain is at its core. Ā Nothing will happen with inaction, so you need the ability to act on your business idea. Ā If you struggle to stay organized or on-task then developing those abilities will really help you in this domain.
Most entrepreneurs want to be their own boss. Ā This requires initiative because you are doing the work to make that your reality! Ā You’ll need to direct that initiative and get things done. Ā You’ve got to develop the ability to stay on task, move forward towards you goal, and use your time wisely. Ā If you need a little boost in the area of self-direction, consider taking a class that focuses on prioritization and organization of tasks.Ā Use tools that can keep you productive and focused on your end game.Ā It will pay big dividends as you move forward in your entrepreneurial journey.
Domain #2: Innovation and Ability To Create
Do you have a business idea? Ā Just as Thomas Edison invented the light bulb or Mark Zuckerburg created Facebook, you can’t start a business without first having an idea of what you are going to pursue. Ā This idea has to solve problem that people are willing to pay for! Ā Creating a solution to a problem is pretty much the definition of innovation.
After you have an idea to pursue, do you have the means to create it? Ā Can the idea become a reality? Ā Entrepreneurs do what it takes to see their dreams and ideas come to life. Ā
Some of the best ideas come from a personal struggle or passion that the entrepreneur holds close to their heart. Ā If you are passionate about your innovative product or service, it is much more likely you’ll do what it takes to create it and make it grow into a thriving business.
Ā Domain #3: Problem Solving And Thinking Critically
We talked a little about problem solving already, but this is truly one of the most critical parts of the entrepreneurial mindset.Ā It is the flagship that keeps your business afloat. Ā If you aren’t providing a product/service that is either solving a problem or enriching a person’s experience it is unlikely to be desired by customers/clients.Ā If you lack customers/clients you don’t have a business.
Problem solving extends past the business idea as well. Ā It is also the ability to analyze what is or isn’t going well in business and make necessary adjustments. Ā It can often show up as fortitude and willingness to keep looking for solutions in the face of adversity. Ā
Additionally, critical thinking skills are required to problem solve and this skill is an must have executive function. Ā It can take a long time to develop critical thinking skills specific to the business world. Ā Many start-ups have a single entrepreneur/owner and they are the ONLY person working to bring the business to life.Ā That said, these entrepreneurs need to be resourceful and in touch with what the ideal client or customer wants from the product, and how to introduce it in a way that encourages sales. Ā With so much to master, market research is definitely a very important part of business success.
Ā Domain #4: Willingness To Take Risks
Are you a risk taker?Ā In the interest of disclosure, I’d like to admit that I hesitate to take large risks.Ā I’ve always taken calculated risks and usually smaller ones.Ā I’ve always admired those who blindly make very large sacrifices to make their dreams come true. Ā Often there is no security, no guarantee that things will work out. Ā However, another thing that seems readily apparent is those that risk everything often seem to be overwhelmingly successful and rise-up beyond their wildest dreams.
I’m not saying you should risk everything to be successful in business online or a storefront somewhere, but the fact remains that some risk is necessary to achieve success. Ā Often entrepreneurs can get stuck here. Ā Taking risks is uncomfortable. Ā Putting yourself out there when you may fail is not easy and it is easy to become paralyzed by fear. Ā
Fear could show up in so many ways. Ā It could be the fear of losing possessions, a lifestyle, or personal comfort. Ā It can also be purely psychological. Ā The fear of humiliation, damage to self-esteem if failure happens, or irrational thoughts that everyone around you will judge you for your lack of business success.
At times, when you start a business fear of risks can also prevent you from growing and seizing opportunities because it is always more comfortable to stick to the absolutes rather than dive into the unknown.Ā I encourage you to let a little of the unknown become you reality.Ā Beautiful things can come from the most unexpected places.
Ā Domain #5: Adaptability And Flexibility
Do you bounce back after a setback? Ā Are you willing to adjust your trajectory in order to achieve success? Ā Those are the questions you need to ask to determine your ability to adapt and be flexible. Ā If you can’t bounce back after a setback you have some work to do. Ā Entrepreneurs need to be consistently flexible and adapt to changes in the market place.
One of the most poignant things I’ve learned as an entrepreneur is it is your job to give the customers and clients what THEY want and not necessarily what you ENVISION. Ā Therefore, learning to be flexible is pretty much non-negotiable. Ā If you are only willing to do things your way or produce exactly what you’ve envisioned your viewpoint is too narrow. Ā That makes it impossible to provide good customer service.
Additionally, if you fail in one area of business or if an idea tanks, do you give up or find a way to move forward? Ā Adjusting your ideas and your plans and moving forward is the essence of adaption and you need this skill to thrive as an entrepreneur.
In Conclusion
Do you have what it takes to develop a strong entrepreneurial mindset? Ā If you are self-directed, take initiative, think critically, innovate, solve problems, take some risks, adapt and remain flexible, you are good to go. Ā For the rest of us, if you need a little development in one area or another it doesn’t resign you to failing as an entrepreneur. Ā Rather, you need to work on developing these skills. Ā
If you need to work a little on your mindset, I recommend joining communities online that focus on this area or attending a mastermind group in your chosen market.Ā Additionally, you might want to check outĀ The Business Lounge. Ā In this online learning community, you have a chance not only to develop your business savvy, become proficient in essential skills, but also further your mindset in ways that will lead to success in the future.
If you are interest in theĀ The Business LoungeĀ (affiliate link), use my link to check it out. Ā You get one week for just a $1. Ā That is a small investment to make to find out if this community will help you further your entrepreneurial efforts.
Do you have a story about mindset?Ā Have these tips helped you?Ā If so, drop a comment on the post below.
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