How to obtain the Entrepreneurial Mindset


Entrepreneurial-Mindset

Do you have an Entrepreneurial Mindset?

Last time I talked about “How to Retire Early” and the idea was very basic, create your own cash flow.

Wouldn’t it be great if all we had to do was snap our fingers every time we needed cash flow.

Sadly it is not that easy.

Back to my question.

Do you have an Entrepreneurial Mindset?

This may be a tough question for those who have been working all of their lives and are just starting to think about owning their own business.

Some of you may be shouting out “Yes I am an Entrepreneur” without realize what that really means.

Others may say that they could never be an entrepreneur.

Guess what, anyone can be an entrepreneur if they just have the right mindset.

So what is this mindset?

Are you ready?

  • You realize that you will fail more than you succeed.
  • You know that failure is a chance to learn from your mistakes, not to quit.
  • You are not afraid of failure.
  • You see opportunity everywhere.
  • You do not need 100% certainty to act.
  • You know that it takes work to be successful and it will not happen overnight.
  • You have a long term outlook.
  • You are ready to do the uncomfortable.

It is not enough to just read the above, you have to live it.

Entrepreneurs are not afraid to fail.

That does not mean they like to fail, it just means that they know it is a bumpy road.

The future is uncertain for everyone, but entrepreneurs thrive in uncertain environments.

People fail because they are afraid  to fail, they freeze and end up doing nothing.

People fail because they need 100% certainty, which is impossible, so they freeze and end up doing nothing.

You see, doing nothing leads to failure, but this type of failure leads to quitting; it is the worst kind of failure.

The best kind of failure is one where you took action because you can learn from it.

I bet if I asked you what are the most uncomfortable things about operating your own business you would say the “money making” activities.

  • Making the cold call.
  • Sharing your opportunity with someone.
  • Asking for payment.
  • Doing a presentation.

Right?

But these are the money making activities.

The entrepreneur knows that they must do these uncomfortable activities to be successful.

And with time these uncomfortable activities will become comfortable and second nature to do.

Notice that I did not mention that to have an Entrepreneurial Mindset means being a risk taker.

The reason is that I consider it more risky to do nothing than to take action to create your own cash flow.

Take a look at the poor fellow in the picture above.

He passed my house one day as I was heading out.

His reality, day to day reality,  is hardship because he wasn’t willing to do what was necessary to take control of his cash flow.

I chatted with him for a few minutes and I asked him point blank how he ended up on the street.

He had a litany of excuses, blaming others and uncontrollable circumstances.

Essentially it was not his fault.

But you and I know it was his fault.

Do you now have the Entrepreneurial Mindset?

Peter Fuller MBA CA
Peter Fuller MBA CA
905-566-1927

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  3. Are You Making This Mistake When Setting Your Goals?
  1. #1 by website designing company on May 15, 2012 - 6:25 am

    Entrepreneur mindset is required for come out from failure and get success in any field. Here, we concentrate on earning money so, must be positive to start business and do hard work for success. Thanks Peter for concept of entrepreneur mindset.
    website designing company’s latest post HTML5-Something About The Latest Tags

  2. #2 by drills for dribbling on April 25, 2012 - 10:44 am

    Failure is a chance of learning from your mistakes because theirs a lot of failure rather than success. You should also not to be afraid of failing because its part of our lives, this is the one makes us a better person.
    drills for dribbling’s latest post Coaching Principles from Coach Wooden

  3. #3 by andy goldstein on April 25, 2012 - 9:25 am

    Thanks for this article it´s very inspirational. Fear of failure is something that has held me back so many times in life, not only in the entrepeneurial arena but in all parts of life.

    The difference between the homeless man you encountered and a self made rich man is the mindset. To be able to become a success in life and business you need to take full responsibility for everything that is happening to you. Only then can you move towards your goals!
    andy goldstein’s latest post Cheapest MBA – Looking for the cheapest MBA? Then you have come to the right place!

  4. #4 by Dean on April 20, 2012 - 2:00 am

    Hi this Entrepreneurial Mindset very awesom, it can motivate me
    Thanks for sharing
    Dean’s latest post Learning What Is Advantages of CNA Online Classes

  5. #5 by Jacob on April 17, 2012 - 10:23 pm

    Success is a state of mind and being. We have to acknowledge the challenges that come with it. Something that is worth achieving will never be easy.
    Jacob’s latest post Plexus Slim Third Party Review – What You Should Know

  6. #6 by Raena Lynn on April 4, 2012 - 9:49 pm

    Hi Peter,

    I’ve always considered myself entrepreneurial, but for a long time, I would not embrace the belief. Once I reached the point of complete acceptance, that is when I started to see changes.

    When I reflect upon my life, most of it was spent trying and failing…trying and failing in too many pursuits to list from offline businesses, and online businesses. I’ve always felt that something wasn’t right about the path to “go to school” and “get a job.” I did that. During that time, the actual day to day living of it validated my feelings. I was always looking for opportunities and thought of myself as an “alternative thinker” because a lot of the things I tried were not the norm.

    I never quit and I’m finally seeing signs of what I consider success. I really liked this quote, “You see, doing nothing leads to failure, but this type of failure leads to quitting; it is the worst kind of failure.” My failures never came about from doing nothing. I’ve learned from all of them and l can see each one contributed to the changes that are happening right now. In other words, the puzzle pieces are coming together.

    As usual Peter, this is an excellent post! Thank you for giving us an in depth look at the entrepreneurial mindset instead of the usual definition of being a risk taker.

    Raena Lynn

    Entrepreneur-a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.
    Raena Lynn’s latest post What’s Your Money Attitude?

  7. #7 by Michael on February 26, 2012 - 5:48 pm

    I really like this thought “Entrepreneurs see opportunity everywhere” I know for a fact that many people see nothing when they look around. or maybe they see things as they are afraid they are going to stay forever, but entrepreneurs see opportunity.

    Don’t get me wrong, i loved reading your entire post, but that phrase caught me the minute I read it. Thank you.
    Michael’s latest post Standing On The Scale

  8. #8 by Theuns on February 23, 2012 - 1:30 pm

    Hi Peter

    I just love your post, Well I will say entrepreneurs need to have a “never give up “Attitude.

    as the old saying go ” it does not matter how many times you fall but how many times you stand up after you fall?”

    That is one of the key’s to success.

    Regards
    Theuns
    Theuns’s latest post Most People Are Followers – Introduce Them To A Leader and They Will Thank You

  9. #9 by Yorinda on February 16, 2012 - 8:04 pm

    Hi Peter,

    great points about the entrepreneurial mindset.

    One that stands out for me is not having a fear of failure. All the great inventors and other successful people had to face failure.

    And yes we are one hundred percent responsible, consciously or unconsciously for our lives. Living unconsciously and blaming others is very sad.

    Thank you for the food for thought.
    Yorinda’s latest post How to create your own Vision Board Poster

  10. #10 by Nile on February 8, 2012 - 12:48 pm

    lol… love it when you said “Entrepreneurs are not afraid to fail.”

    A fail means a challenge to try again, overcome it, and succeed. You cannot be fearful or your business will not go anywhere.
    Nile’s latest post Has Blogging Become A Chore to You?

    • #11 by johnavery on March 10, 2012 - 5:27 am

      “know that failure is a chance to learn from your mistakes, not to quit” – great quote there. Agree with you Nile.
      johnavery’s latest post Auto Auction

  11. #12 by Crescele on October 14, 2011 - 4:03 am

    I think I need to work on my entrepreneurial mindset! Its failing that I really hate to happen everytime I start something new. And I value what other people think to the point that it made me want to stop my business because of bad feedback. and its really bad. as you have said its a bumpy road out there.

    Its time to take action. Thank you.
    Crescele’s latest post Cheating – When The Punishment Fits The Crime

  12. #13 by Willena Flewelling on September 21, 2011 - 10:10 am

    Well thought out and designed to make ME think!

    Yes, I have an entrepreneurial mindset, but I have to admit it is a real challenge for me to take action before I feel I have all my ducks in a row. I don’t like to make mistakes. :) But that in itself is a major mistake. It’s not so obvious, or visible, but it’s a big reason for not moving ahead consistently in business.

    I’ve learned to take action anyway.

    Willena Flewelling
    Willena Flewelling’s latest post A New Race is About to be Run

    • #14 by Peter Fuller on September 24, 2011 - 10:13 am

      Good for you Willena. Never let the fear of mistakes hold you back.

  13. #15 by Grant on September 20, 2011 - 1:46 pm

    Hi Peter

    I will be 50 in just over a year and its taken me this long to understand the points you have made. Life is about getting up again after being knocked down. Its easy not to go forward because you fear failure- but as many a great person has said- you are only a failure if you fail to try.
    Grant’s latest post Event photography

  14. #17 by menchiegirl on September 9, 2011 - 1:54 am

    I agree with you,entrepreneurs are not afraid to fail. They do everything to succeed. That should be the character of a true entrepreneur.
    menchiegirl’s latest post - FIRST DATE ADVICE

  15. #19 by Chadrack@SEO Blogging Tips on September 8, 2011 - 11:52 am

    I’ve just made a comment on another blog where I said, failure is truly a friend if you want to succeed. And I’m glad that you’ve made this point here also. it is important to note that it is the fear of failure that keep many at their day jobs. If only they will bring away from this mentality and know that you can embrace failure and use it for your greatness there will be more entrepreneur in our world.

    • #20 by Peter Fuller on September 12, 2011 - 6:20 pm

      I agree Chadrack, fear of failure is one of the worst fears to have

  16. #21 by Jupiter Jim on September 6, 2011 - 11:30 pm

    Peter,
    Excellent pyschological profile of an entrepreneur. I like how you said:”Notice that I did not mention that to have an Entrepreneurial Mindset means being a risk taker.” As I am sure you will agree and know that you are implying, you just cannot avoid risk. Trying to avoid risk in today’s economic environment is folly. When you commit to a job or a career, you risk being unemployed for two or more years if you get laid off. They are saying they may lay off tens of thousands of Post Office Employees! I thought that was supposed to be a secure job. I’ve seen teachers, teachers’ aides, firemen and policemen laid off in this environment. I’ve seen too many people waste two years of their lives “looking for work” instead of starting their own small business, online business or networking marketing business. The biggest risk is in NOT starting some type of part-time or spare time business!
    Thanks,
    Jupiter Jim
    Jupiter Jim’s latest post WordPress Tutorial: How to Create a “Better WordPress Google XML Sitemap” to improve blog SEO

    • #22 by Peter Fuller on September 12, 2011 - 6:26 pm

      Jim

      I agree, if you want to start your own business they you cannot avoid risk. But an entrepreneur definitely knows how to manage risk.

  17. #23 by Theresa Torres on September 6, 2011 - 10:32 pm

    Hi Peter,
    I asked myself the questions and I’m quite happy to realize that at least I have one or two qualities of an entrepreneurial mindset. I see opportunity everywhere and I know and accept that it takes time and hard work to succeed.
    I am afraid of failure but still I keep on going and do my best to always keep the goal in mind.
    Now all I have to do is to work on those other qualities especially the willingness to do the uncomfortable.
    Thanks for sharing these great tips. Have a nice day!
    Theresa Torres’s latest post Higher Education: Economic Boon or Bubble?

    • #24 by Peter Fuller on September 12, 2011 - 6:28 pm

      Thanks for your comment Theresa. The trick to mindsets is just to accept them. Just accept it and do it.

  18. #25 by Paul Reimers on September 6, 2011 - 8:34 pm

    Thanks for this excellent post and list,

    I especially like the “Seeing Opportunity Everywhere” and “Not Needing 100% Certainty to Act” I think that entrepreneurs may have high standards but don’t insist on things starting out perfect.

    The “hands in the clay” mindset of always testing and improving always helps me when I am hesitating to act because I don’t want to make too big of a mess starting out.

    Ready, Fire, Aim :)
    Paul Reimers’s latest post How to Ride a Purple Cow and Stand Out from the Competition

    • #26 by Peter Fuller on September 12, 2011 - 6:31 pm

      Hey Paul.

      Just the other day I had a conversation with someone who was looking for 100% guarantee. Based on the conversation I could tell that they could never act on anything.

  19. #27 by Rachel Lavern on September 3, 2011 - 12:53 am

    I think that one of the hidden reasons that so many small and solo businesses flounder is because of the limited thinking of the owner. If you have a conversation with a struggling business owner and listen to the language they use, you will probably quickly see if they are thinking small and keeping themselves in a tight little box.
    Rachel Lavern’s latest post Ready for a Challenge?

    • #28 by Peter Fuller on September 12, 2011 - 6:47 pm

      I agree, I have spoken with many small business owners and I notice that they tend to tell my why things won’t work.

  20. #29 by Kristina L. on September 1, 2011 - 7:16 pm

    Hello, Peter!
    After reading your ideas of how should an entrepreneurial mindset look like, I am not sure I can fully cope with it, but with more than 50 percent of it, I could, yes. I read here in the comment section someone saying that it all just matters of how much we want to expand our minds in entrepreneurship. I guess that is it-we never fully have entrepreneurial mindsets as long as we want to develop. And there is always place for development.
    Kristina L.’s latest post Bradford Exchange Checks Coupon Code

  21. #31 by Maria Pavel on September 1, 2011 - 1:12 pm

    From my experience, the thing that matters most is to keep going, no matter what.
    You can’t give up just because you’ve lost some money or things get tough. Keep the goal in mind and go for it. That’s my mindset.
    Maria Pavel’s latest post CNA Practice Test

  22. #33 by Andrew Walker on September 1, 2011 - 4:33 am

    Hi Peter. Thanks for sharing this. I believe that everyone actually have their own mindset of entrepreneurial. It’s just that whether they can expand it or not.
    Andrew Walker’s latest post CellularFactory Promotion Code

    • #34 by Peter Fuller on September 12, 2011 - 6:49 pm

      For me it is not so much as expanding as it is just to accept.

      I wonder if that makes sense :)

  23. #35 by Theuns on August 31, 2011 - 1:41 pm

    Hi Peter

    You alway have great posts .

    I love this one to bits and agree with yoiu.

    I can see my self 100% as you talking about an entrepreneur that is me.

    They say the biggest regret on a death bet is Regrets : “Why didn’t I” of if i Only….. ”

    I want to live my live to the full and whant to say one day thank good Good i did do or Try :-)

    Regard
    Theuns
    Theuns’s latest post No Posts Were Found!

  24. #37 by Hans Schoff@ residual income business on August 31, 2011 - 4:20 am

    Hey Peter, I like your outlook on risk. Not doing the things that create the income would certainly put you in a riskier position than just doing the work that would create the income. Spot on!
    Hans Schoff@ residual income business’s latest post Money Making Secrets – 13 Reasons NOT to Start A Residual Income Business

    • #38 by Peter Fuller on September 12, 2011 - 6:50 pm

      Yes, and it is too bad more do not see it that way before it is too late.

  25. #39 by Jeffrey Sooey on August 30, 2011 - 9:05 pm

    I feel as though one of the important and most often overlooked yet simple points of being successful in business is the simple act of developing an entrepreneurial mindset. It will help you achieve freedom from your business while at the same time making it grow and develop yourself multiple incomes.

    Jeff
    Jeffrey Sooey’s latest post How to Become A Certified Relationship Coach and Fill a Real Need

  26. #41 by Richard Goutal on August 30, 2011 - 10:59 am

    What I like best is the focus on the mindset of “Take action, fail, learn, and keep moving. Don’t repeat the same thing over and over if it isn’t working but modify. Don’t be afraid of taking action and don’t be afraid to fail.”

    However, I notice that other readers latched on to the small piece about the homeless man blaming others. This was basically one line in your piece and not necessarily the main point. I believe in balance and I fear some take an extreme view about those who play the victim. There ARE victims on this planet. Surely those who are raped and those who die in so-called ethnic cleansing are not “100% responsible for what happens” in their lives. Surely there are many such examples where individuals (yes victims) are close to 0% responsible. Such generalizations by your readers really disturb me. Like so many things, a continuum makes better sense than “black and white.” Responsibility for what happens to you is more of a continuum and the reality depends on many factors, both genetic and environmental. At the 2 ends of the continuum would be “I alone am 100% responsible” and “I have 0% responsibility for what happened to me.” The truth actually lies somewhere along that continuum. And so it is with the homeless man. He is neither 100% responsible nor 0% responsible.

    I think the real lesson about the homeless man (and you are the only one here who spoke with him, so what I say and the rest of us say can be way off the mark) … the real lesson is that while some of his excuses may be legitimate and in fact “not be his fault”– it doesn’t matter. What matters now is- does he have the courage to learn and take uncomfortable actions that can change his circumstances. I think that is the real message of your post. Of course, the more he says “no” to implementing some small changes, small uncomfortable actions, the more he becomes responsible. The more he slides along the scale toward the 100% personally responsible end of the scale. I just find it hard to accept that any of us are either 100% responsible or 0% responsible.
    Richard Goutal’s latest post Entrepreneurial Traits Are In My Blood

    • #42 by Peter Fuller on September 12, 2011 - 6:45 pm

      Richard, it is not so much about who is responsible for their circumstances, it is more about how you respond to those circumstances.

  27. #43 by Holly on August 29, 2011 - 6:02 pm

    I must say I am working on my entrepreneurial mindset! I however have some work to do and the conviction and belief that I can do it!! You know believe it and it will happen. The hard work involved I can handle it is being ok with making mistakes and making sure I don’t feel bad cause I am different than the rest… I am getting there. Great post!
    Holly’s latest post Bet You Have Never Had a Light Bulb Moment!

    • #44 by Peter Fuller on September 12, 2011 - 6:53 pm

      Thanks Holly

      The real trick is to just accept the mindset.

      Once you accept it then you can live it.

  28. #45 by Perry A Davis Jr @Network Marketing Nut and Bolts that make building your business Fun, Simple, Magical and Profitable.s on August 29, 2011 - 5:25 pm

    Hello Peter

    The mindset that you describe is more than just an Entrepreneurial Mindset. When one analyzes each item that you have listed, they will discover these are also need to live a full life. In this changing economy these are the characteristic needed to enable people to navigate through the changes. We must learn that we cannot blame external causes, we must examine ourselves become responsible for ourselves. peter great post.

    Thanks

    Perry A Davis Jr
    Music City
    Perry A Davis Jr @Network Marketing Nut and Bolts that make building your business Fun, Simple, Magical and Profitable.s’s latest post What might be the most important idea of the “now” and “next” of network marketing ?

  29. #47 by Lynn Jones on August 28, 2011 - 9:38 pm

    Hi Peter,
    Great thought provoking article. As far as the man in the pic, there are many like him with a victim mentality. But we are not like those. We know we have a tremendous influence on our future! As far as answering the question is I am an entrepreneurial……..I have had a few small businesses over the years, but I don’t consider myself Strong in that area. Maybe I better change my mindset, huh? I have the power to do that as well. I will confirm that my future looks brighter than it ever has before!
    Live in abundance!
    Lynn
    Lynn Jones’s latest post Valuable Keys to Prevent Any Dark Clouds in Your Network Marketing Career

  30. #49 by Janet @ The Natural Networker on August 25, 2011 - 10:29 pm

    Peter, aloha. Great post topic. Peter, not only do I have an entrepreneurial mindset, I would say I am probably totally unemployable. Giving control of my life over to someone else has no appeal for me.

    Peter, I have owned many different businesses in diverse fields over the years. The good and the bad news, is that I was in charge of what did or didn’t happen.

    What that gentleman did not realize, Peter, is that he is 100% responsible for what happens in his life. Failing to take an action is just as much an action as choosing to take one. YOU are the only one in charge of YOU.

    Peter, I often think that if people would ask themselves questions like “what would happen if I did or didn’t do ________” they would find the impetus to take the action, to make the change.

    Thx so much, Peter, for this compelling post. Until next time, aloha. Janet
    Janet @ The Natural Networker’s latest post 5 Tips for Effective Networking by The Natural Networker

  31. #51 by Steve-Personal Success Factors on August 25, 2011 - 9:30 pm

    Peter this is one of the best pieces on entrepreneurs I have read in a long time. I was listening to the Internet Business Mastery Podcast last night, and I heard that failure is feedback for successful entrepreneurs. And those who fail fast and often, learning from their failures, keeping the long term picture in mind, are the ones who succeed. In addition, entrepreneurs have to be willing to pay the price to get the coaching they need from those ahead of them in order to learn more quickly and avoid big mistakes that will cost more than the coaching ever will.
    Steve-Personal Success Factors’s latest post Live Like A Marathon Runner!

  32. #53 by Kevin DeRoo on August 25, 2011 - 7:47 pm

    Hey Peter,

    The poor fellow in your picture above obviously hasn’t heard or understand the famous quote by Emerson,

    “Nothing external to you has any power over you.”

    He blames other people, circumstances and situations for his own misfortune.

    He refused and continues to refuse to take responsibility for his own destiny.

    If you study leadership, personal growth, or of course the entrepreneurial mindset who will have heard the same basic principles over and over again. Why, because they work … without fail if you embrace them!

    As you stated in your article; It is not enough to just read the above, you have to live it. Your job and mine is to find others who want to “live it” or “embrace” the entrepreneurial mindset too!

    Thanks so much for sharing this Peter.

    Kevin
    Kevin DeRoo’s latest post The 95/5 Rule – Leadership Refined

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