At Ten Key, Inc., we work with a lot of entrepreneurs, helping them manage their bookkeeping and accounting needs. Over the years, we’ve seen a lot of successes and we’re proud to be a part of them. It’s made us think a lot about what makes up the entrepreneurial mindset. There is no “typical” entrepreneur, but we think the most successful entrepreneurs share the following qualities.
The 5 D’s of an Entrepreneurial Mindset:
Development: Entrepreneurs are continually developing their minds and abilities. They are willing to say “I don’t know…” but it’s always followed up with “But I’m going to find out.” Whether it’s taking courses and adding to their education, asking experts in the industry, or conducting their own research, entrepreneurs consume information to increase their knowledge and hone their skills.
Diversification: People often think of diversification as it applies of their investment portfolio, but it’s more than that. Diversification on paper is important, of course. But a true entrepreneur is diversified on paper and in life. They have several streams of income and they are alert to any other income opportunities that may come their way.
Dynamic energy: The successful entrepreneurs we know are always excited about something. They literally sputter with excitement as they talk about all the good stuff they’re doing and all the great stuff they’re thinking of doing. When they have a goal, it lights a fire in them that infuses everything they do with positive energy and inspires others to get on board.
Determination: The entrepreneurial life isn’t always easy. There will be times when entrepreneurs will sacrifice time, security, or material wealth to meet their goals. There will be times when things look scary or messy. But an entrepreneur has the determination and will to succeed, and powers through those times. They have faith that things will work out, and they stick to it.
Discernment: Entrepreneurs listen to their gut; they know when to stay and when to walk away. Even when they’re excited about an opportunity, they put their emotions aside and think carefully when they make a deal. They weigh costs and they are always ready to walk away if the deal isn’t right. This enables them to move on to the one that is.
As we said, there is no typical entrepreneur. You, too, can cultivate the qualities that make entrepreneurs successful. In this blog series on developing entrepreneurial mindset, we’ll share information about these qualities, the entrepreneurs who exemplify them, and how you can develop entrepreneurial mindset to succeed in your business and your life.