From an aspiration to pursue one’s passion to someone wanting to become his or her own boss, various reasons drive people to start businesses. However, not every business startup ends up being successful; a significant percentage of them collapse even before seeing the second year. The 2017 Economic Report by the National Association of Small Business shows that 20% of small businesses started in the United States in the year 2014 didn’t make to 2016. Nevertheless, that’s not to mean that you’ll be part of the failure percentage if you go ahead and pursue your business dream.
What Defines an Entrepreneurial Mindset?
Pitt’s Big Idea Center and Innovation Institute have produced many successful businesses led by skilled graduates, whose initial business idea may have failed but they still eventually succeeded. Success is success. The entrepreneurial skills acquired are transferable in any personal or professional arena. The students developed the skill and the mindset needed to start, manage and scale their current and future business.
An entrepreneurial mindset is the nucleus to a successful business venture. Students who have this mindset believe that if it’s to be, it’s up to me! They understand that they must be enterprising in every area of their lives. That means they must be a strategic thinker, work independently, be innovative, communicate well, make good decisions, learn to resolve conflict, take counsel, and fail fast.
Let’s take a deeper dive into these traits.
A strategic thinker makes many decisions about what actions the company should take to ensure success. Business leaders must pay attention to the marketplace and adjust and adapt their strategy as needed.
All business owners may be forced to work independently. It’s your business and you must show up for work, It is also important that you empower your team to work on their own. The owner will not have time to be saddled with day-to-day decisions and empowering employees to make decisions makes them feel valued.
Don’t compete; innovate! This is the only way to stay ahead of the competition.
Every competition brings conflict. Communicating in a respectful and professional way builds a constructive atmosphere, helps people get to know each other better and builds morale. The perfect combination for a big win.
It is easier to resolve conflict if there is open communication.
Decisions. Decisions. Decisions. Every business owner must make tough decisions. You can make better decisions by focusing on what matters and taking counsel when warranted.
Success is never final; failure is never fatal.
Fact, most of the students are still mastering these traits, but they have been exposed to many circumstances where they had to demonstrate what they have learned.
With the right entrepreneurial mindset and business skills chances of success are high. Although there’s no specific scientifically-proven trait set that guarantee success in business, most successful entrepreneurs share these characteristics which seem to define a true entrepreneurial mindset and spirit.
-Jeanine McCreary
Jeanine is the President of the McCreary Group, a company which helps large and small organizations with project analysis, development, implementation, and management. Jeanine has extensive experience in program & curriculum development in the areas of entrepreneurship, financial literacy, life skills training, and real estate. Jeanine served on the board of directors of the Erie School District and has been nominated to be seated on the National School Board of Directors. Previously she served on the Pennsylvania State Board of Education. Jeanine holds a BS degree from Penn State University.