An entrepreneurial mindset is a combination of skills and a way of thinking that is often drawn to challenges, opportunities, and innovations, which enables you to achieve your goals. It is a constant need to learn and improve oneself, take risks, look at things differently, and see opportunities no one else could. And here’s the thing: anyone can develop an entrepreneurial mindset as long as they are committed to embodying this way of thinking in everyday life.

Whether you’re venturing into entrepreneurship or planning to build a successful career, developing an entrepreneur’s way of thinking may help you achieve more in any aspect of your life. As a professional, having an entrepreneurial mindset is important for you to perform higher, thus achieving more in your work. So, what actually separates successful entrepreneurs from the rest?

Keep on reading as we’re unlocking five ways to develop an entrepreneurial mindset, so you can start shifting your thinking and success in life!

Reflect on failure

As a society, we see failure as a disaster and a situation best avoided. But failures in business should not be seen as the end of the world, because if anything else, failures make the best entrepreneurs. 

Many successful entrepreneurs failed at first before finding their success. And what makes them where they are now is that they see them as an opportunity to learn and grow. Even Steve Jobs, one of the greatest figures in the tech industry, started with a rocky start but went on to become a great success.

In 1985, Steve Jobs was fired from Apple, the company he had co-founded with Steve Wozniak nine years earlier. It was a devastating moment for him as he lost what had been the focus of his adult life. But instead of running away, he started another computer company called NeXT and invested $5 million in Pixar during his time away from Apple.

Although NeXT wasn’t such a successful business, Pixar turned out to be the venture that made him a billionaire from the release of its big break, Toy Story, in 1995. In a commencement speech at Stanford University in 2005, Jobs shared that being turned down by Apple was one of the best things that could ever happen to him, as Apple ended up buying NeXT, which also brought Jobs back to the company and eventually took over as CEO. 

Embrace change

Innovative entrepreneurs always embrace changes and find ways to improve their businesses. In life, and in any business environment, changes are inevitable. Being able to adapt to changes is a survival skill with the prime example being how the pandemic has changed business. 

The pandemic has wreaked havoc on the restaurant industry as governments close down restaurants and bars to slow the spread of COVID-19. This situation has led restaurants to adjust their business model by adapting to online ordering, embracing advanced technologies, and offering creative business practices. According to an Upserve customers report, there’s nearly a 783% increase in online order sales volume growth by July 2020. And as the habit of online ordering has accelerated, Upserve stated that most restaurants have adjusted their approach with 66% of restaurants now becoming more engaged with their customers on social media, 20% of restaurants started their own delivery service, and 6% of restaurants offering menu subscriptions.

Practice persistence

Building a successful business is no easy feat. Any dream that is big and anything that is worth attaining will require a lot of hard work and persistence, the necessary part for you to create success. 

As we have stated in the first point mentioned, business does not always lead to immediate success and entrepreneurs may face failures time and time again. You may face money struggles, client loss, or increased competition. But an entrepreneur who is persistent in their visions and dreams will be able to sustain their business through the many challenges of entrepreneurship.

Imagine if Steve Jobs gave up after being ousted by Apple, then we wouldn’t have some of the greatest inventions that changed the landscape of the tech industry today.

Build authentic relationships

Building solid and authentic relationships is a pathway to success both in business and life. But when it comes to growing a company, establishing connections with others will be your most valuable asset. This strong network of business relationships you make will depend on your business, but most of the time it will look like this: you start with a healthy work relationship with your employees, then build trust and establish credibility with business partners and clients, then last but not least, and build lasting relationships with your customers. 

You may be wondering why relationships are important for business, and the answer is simple, unlike money, business relationships can only multiply. When you establish and maintain solid and authentic business relationships, you’re not only retaining and gaining customers, but you’re also improving teamwork and keeping your business moving.

Research from Workhuman and IBM Smarter Workforce Institute shows that positive workplace experiences help employees to feel a higher level of humanity at work, which results in better work performance. While PwC’s customer experience survey reports that speed, convenience, knowledgeable help and friendly service are the key elements of a great customer experience according to nearly 80% of American consumers.

Remain curious

Curiosity is one of the most important traits an entrepreneur can have because most remarkable inventions out there are the results of curiosity. This sense of curiosity allows you to understand your environment and the challenges you face better.

As an entrepreneur, you want everyone involved to feel invested and come up with new ideas. In order to achieve this, you need to create a culture of curiosity where there is a safe space for the team to embrace new ideas. This idea is supported by a study stated in the Harvard Business Review. This study led by Spencer Harrison and colleagues from INSEAD revealed that employees' sense of curiosity helped boost their creativity in addressing customers’ concerns. So, it is safe to say that asking questions and looking for the best solutions will become a habit that drives innovations for years to come.