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Aug 15
2016

An Entrepreneurial Mindset

Posted by: Steve Marr

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At times a businessperson will come to me for advice on whether to start a new business venture. If I listen to a point by point review of all the things that could go wrong, I understand that they seem more concerned with potential failure than building a successful business. I believe this is the wrong mindset for an entrepreneur.

 

The correct entrepreneurial mindset asks how can I make this succeed, not how could I fail. They want to know how much money and time it will take to make the new venture succeed.  In other words the entrepreneur considers the positives while the non- entrepreneur tends to look at the negative.

In my own life I’ve learned that not every new project or business venture will be successful. This doesn’t mean that we shouldn’t try new ventures. By trying a number of different ideas, we are most likely to hit on one that will be highly successful. One important consideration is not to waste time on projects unless they have the potential to be successful. I try to spend time on projects that help people and serve customers.

Fear of failing is a major holdback that keeps many from starting a new business. New ventures don’t offer the comfort of regular employment. If an individual needs a regular salary, they should seek steady employment and not dabble in a new business venture.

King Solomon wrote, “Cast your bread on the surface of the waters, for you will find it after many days. Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.” (Ecclesiastes 11:2-3, NIV) When I read this scripture, I take it as encouragement to try more than one initiative and to divide investments in a diversified manner.  If fear grips us as we make our first investment decision, we won’t follow through with the additional investment decisions in the future.

I’m not suggesting the entrepreneur should move ahead without valid research and good planning.  Enthusiasm for a new venture is not enough. The key is to combine enthusiasm and the right entrepreneurial mindset with effective planning, organizing and diligent follow-through. This is the mindset that will lead to success for the largest number of projects in businesses.

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