Entrepreneurial Spirit: The Mindset That Business Owners Need

Entrepreneurs work long hours. It’s an approach that is likely to burn out an employee, as well as lead them to take major financial risks and practically beat themselves up trying to build a business from the ground up and keep it afloat.

When you look at this scenario, you would think that pursuing a career at Tesla or some other big company is better than going through this downright harrowing ordeal. You may be wondering why any sane person would want to go through the hard and sometimes unforgiving path to becoming an entrepreneur.

Despite the hardships of the experience, there are nuggets of satisfaction and joy that business owners can derive from it. What’s more, those who are committed enough can look forward to substantial rewards at the end of the tunnel.

If you’re going to pursue the path of entrepreneurship, take heed of this business advice: have an entrepreneurial spirit — and keep that fire alive.

What is Entrepreneurial Spirit?

Individuals possessing an entrepreneurial spirit don’t want for change to come — they seek out and bring change. Photo by Alexas Fotos from Pexels

The term “entrepreneurial spirit” is a mindset. It’s an approach and attitude to thinking that seeks out change actively instead of waiting to adapt to change.

This mindset also embraces continuous improvement, innovation and critical questioning. Entrepreneurial spirit is about looking at the big picture. When you have this mindset, you’re agile. This means that you constantly seek out new opportunities and shake off the cloak of complacency.

On top of being a mindset, entrepreneurial spirit is related to taking calculated risks. This typically means that individuals working with corporate guidelines and within a budget are encouraged or allowed to look for innovative ways of completing a job.

Entrepreneurial spirit can also refer to a way of approaching a situation where you feel capable, motivated and empowered to take things into your own hands.

Businesses that nurture an entrepreneurial spirit encourage their workers to see issues and problems, as well as come up with ideas to do something about them. An example of a company with an entrepreneurial spirit is one that takes a more innovative approach in creating and launching its products and services.  

What are the Signs a Person Has an Entrepreneurial Spirit?

You might get tons of excellent ideas every day like a serial entrepreneur, but do you ever want to take these ideas further and turn them into a thriving business?

If you show one or more of these signs, you may have the entrepreneurial spirit required to take the plunge into entrepreneurship:

You Look for Ways on How Things Can Be Done Better

Some people prefer to stick to the status quo. They don’t want to spend their time improving established processes.

If you have an entrepreneurial spirit, you can’t help but question why people continue to do a process in a specific way when they can change things for the better. You’re the type of person who’s eager to come up with new ideas on how to improve existing processes, products or services.

You Take Risks

Risk-taking is a common trait of individuals with an entrepreneurial spirit. You’re not afraid to take a leap of faith, as you believe in your ability to succeed.

You Bounce Back Quickly

Nobody’s perfect. Even smart and passionate entrepreneurs trip up from time to time. Individuals with an entrepreneurial spirit, however, don’t allow failures to get in the way of their goals. They push through difficult times and bounce back when they fumble.

You’re Motivated by Challenges

Challenges don’t scare or intimidate you. Instead, you look at them as a motivation for becoming an entrepreneur. Having an entrepreneurial spirit means that you are willing to put in the work to grow your business, surpass your goals and succeed in life.

You are a Natural Leader

Taking charge of a difficult comes naturally to you. You’re ready to help when people need you the most and act when something unpredictable happens.

How Do You Keep Your Entrepreneurial Spirit Alive?

Questions fuel the entrepreneurial spirit. So make sure to allow your employees to raise questions and concerns about the business. Photo by Andrea Piacquadio from Pexels

Possessing an entrepreneurial spirit is just half of the piece of the puzzle. You have to make sure to keep the flame alive as time passes.

Here’s how you can make this happen:

Create an Inquisitive Culture

Questions fuel the entrepreneurial spirit and the creative process. Consider opening every meeting with a thought-provoking question. Alternatively, you can make a board where everyone in the company can write down their questions and concerns.

Come up with a Recognition Program for Employees with an Entrepreneurial Mindset

Reward workers who are constantly sharing ideas that are simple, but deliver significant difference to the company’s bottom line or the customer experience.

Champion All Ideas

When an employee presents an idea to the organization, let them finish their presentation. Don’t allow anyone to shoot down this idea right away. Encourage everyone to raise questions about the presented idea. Doing these will increase engagement, which will ultimately fuel productivity and creativity.

Consider the entrepreneurial spirit as a success mindset. Business owners who don’t have this will likely fail, as they’re not passionate enough to build something great from nothing and push themselves to the limits to reach big goals.

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