Change your mindset, change your life. How a change in mindset can set you up for success!
Being a young entrepreneur sounds amazing, right? You get to be your own boss, make your own rules, work where you want, take your career into your own hands and put the time and effort into something that you love. Then, the doubts start creeping in and your mind turns on you. ‘What if I’m not good enough?’, ‘What if I fail?’
Let’s be honest here, we’re young, we don’t have as much experience as others, we don’t have a lot of money, heck, some of you may even be paying off student loans; if we take the huge jump into entrepreneurship, how do we know we’re not just setting ourselves up for failure?
In this article we discuss how you can learn to be a better entrepreneur by changing your mindset which will hopefully help set you on your way to creating the business of your dreams.
Your mind is your most powerful asset you have, if you start by believing you’re not going to make it, well then you have already set yourself up for failure. If you think of yourself as not fitting the entrepreneurial archetype, you’re doing yourself a great disservice. Everybody has different approaches, different backgrounds, and different skills. What matters is your mindset.
What’s an Entrepreneurial Mindset? The entrepreneurial mindset encompasses a series of traits that entrepreneurs tend to have:
Entrepreneurs, by definition, have to take risks. That’s the whole point of an enterprise and one of the fundamentals of economics: more risk = more reward. Entrepreneurs need to have a great instinct for risk. There will be countless decisions that you will need to take, and your risk tolerance will help to inform them. You can hone your risk tolerance and practice your risk assessment ability, but a risk-taking attitude might be the hardest thing to learn about entrepreneurship. This goes back to biology – risk-taking is related to a special dopamine regulation phenotype that’s related to exploration. Consequently, some people naturally find risk difficult to stomach.
Tenacity and Resilience
Something else that you need as an entrepreneur is the strength to keep on pushing when everything feels like it is not working. When you start a business, you’ll soon realise that there are many hurdles you have to climb over, both big and small and having these hurdles in your path aren’t at all uncommon, in fact, they will help you learn and build your business. There will be countless times you will feel like you can’t go on. The entrepreneurial spirit of perseverance will keep you looking for solutions when other people might have given up.
When you’re a young entrepreneur who has made the choice to venture out and grow your own business, there are many changes to your routine to adapt to. You go from the relative structure of the day job with its set routine, to making the rules yourself and being entirely responsible for your own schedule. One of the main challenges is to set your own deadlines and create a productive strategy around what needs doing, which in turn, ensures progress towards your business goals. However, without proper self-discipline, it can be easy to lose track of time, have unproductive days or just fail to make progress on the most important and impactful tasks in your business. Self-discipline is important when you’re doing any project without the need to report to people above you. Roald Dahl famously said that that kind of independent work “is absolute hell”, the only compensation being “absolute freedom”. Self-discipline can be learnt, but it requires a powerful drive for self-improvement and entrepreneurship.
Of course, having an entrepreneurial mindset doesn’t mean that you’re immediately going to be successful, and everything will fall into place. Having an entrepreneurial spirit will drive you to learn as much as possible about running and growing a business; it will help you to read all the necessary books and slowly build up the experience you need to manage the day-to-day running of a business. You can do this on the job as you throw yourself into starting a company, but just be aware that even if this company doesn’t bring you the desired results, the real value you’ll get will be the fantastic learning experience. If that puts you off, you need to work more on your entrepreneurial mindset. Want to start your entrepreneurial journey off the right way? Become a Young Entrepreneur of England Member and get your business seen across the UK.