Do you think you have an entrepreneurial mindset?
Maybe you do. Maybe you don’t.
I didn’t even know what an entrepreneur was five years ago. Now, I can tell within a few minutes if someone has an entrepreneurial mindset.
If you want to make money online, start a side hustle business, or quit your full time job (like I did), you have to start with having the right mindset. The entrepreneurial mindset is what you need to be successful at any of these things.
If you want to listen instead of read, here’s the podcast episode that goes along with this post — What It Takes To Be An Entrepreneur.
Before I jump into what exactly an entrepreneurial mindset is, let’s get clear on what an entrepreneur is…
What Is An Entrepreneur?
When I say “entrepreneur,” I’m talking about someone who owns a business.
In my world, this means an online entrepreneur, like a blogger, podcaster, coach, virtual assistant, etc. But really, it can be any business owner.
To be successful as an entrepreneur, you have to make money (enough money that you’re profitable).
To do that, you need to have the right mindset.
So, what is an entrepreneurial mindset? And how do you know if you have it?
Here’s a look…
7 Signs You Have An Entrepreneurial Mindset
Here are the 7 signs that you have an entrepreneurial mindset…
1. The Belief That You Will Succeed
The first sign that you have an entrepreneurial mindset is that you have a strong belief you will succeed.
This is the biggest determining factor in whether you are a successful as an entrepreneur.
This means you create your future from your future. You don’t create from your past. You have a vision about where you are going.
I know for sure I’m going to have a seven figure business. My beliefs are solid. There’s no wavering. I don’t need anyone else to believe it with me, either. I just believe it so strongly in my head and body. I know it’s happening.
Do you believe you’ll be a successful entrepreneur? This is the first and most important entrepreneurial mindset that everything else flows from.
If you’re not sure about your mindset, check out these mindset posts to learn how to shift your beliefs:
- Possibility Thinking: How I Created A Six Figure Online Business Out Of My Imagination
- The 5 Step Framework To Master Your Mindset And Design Your Dream Life
- How To Improve Your Mindset (7 Steps To Take Right Now)
2. Commitment To Succeeding
The second entrepreneurial mindset is that you are committed to succeeding no matter what.
This means you are committed to taking massive action until you get the result you want.
All the failures and obstacles that come up don’t stop you. They don’t mean anything.
The path to success as an online entrepreneur is through failure.
You have to be willing to fail often. You can’t let obstacles or setbacks mean anything about your likelihood of success.
You have to be willing to be uncomfortable.
This means you don’t give up, slow down, or stop.
Giving up feels good. It relieves you of the doubt.
The way to success is to move through the discomfort—to embrace it.
You are responsible for your success.
You own that it’s up to YOU to be successful.
You take the action it takes because you know it’s up to you.
Once you start doing this, it gets easier. So, start small and keep going.
Now, obstacles and failures mean nothing to me. Literally, they don’t mean a thing. No matter what, I’m committed to getting the result I want, so I keep going.
Hint: if you feel like crap, you’re doing it right. It means you’re moving outside your comfort zone, stretching yourself, fumbling, getting back up, and moving forward. This is how you win as an entrepreneur.
3. An Obsession With Marketing + Business
The third entrepreneurial mindset is that you are obsessed with business and marketing.
Marketing – specifically direct response marketing – is how you actually make money.
As an entrepreneur, you make money in your business by providing something in the marketplace that someone else buys. There is a product (or service) to market match.
Since there is so much competition out there, to be successful at business, you have to be obsessed with marketing and business.
If you don’t love marketing, you’ll have a very hard time making money.
This means you’re obsessed with who you’re serving. You’re obsessed with contributing to the world. You’re obsessed with your business.
You’re obsessed with business podcasts and books. You love learning about it. You’re literally obsessed.
It’s not just learning though. You actually implement everything you learn.
I talk about this in my constraint podcast, where I give the “learn one, implement one” rule—you take one course and implement everything in it before taking another one.
After taking Six Figure Blogger, I spent an entire year implementing everything I learned in that course before I took another course.
This takes hustle but it’s 1000% worth it.
4. Thinking You’re Worthy Of Making, Having, And Charging Money
The fourth entrepreneurial mindset is that you have your money mindset in check.
If your money mindset is a mess, you’re going to have a very hard time being a successful entrepreneur.
If you don’t think you’re worthy of receiving a lot of money, you won’t make a lot of money.
You also have to be comfortable charging money.
I see this a lot with new entrepreneurs—they’re very hesitant to charge money.
Until you get comfortable with charging money, you’re leaving money on the table.
What I like to tell my students and clients is that your customers are going to spend their money anyways on other things. Don’t you want them to spend it on what you’re selling? If you believe in what you’re selling, the answer will be a big hell yes.
If you aren’t sure if your money mindset is where it needs to be, check out these resources:
5. Being Okay With B- Work
The fifth entrepreneurial mindset is that you’re okay with producing B- work.
This one is a trip for newbies! But pro entrepreneurs know this is how it’s done.
To be successful in the marketplace, you have to produce 10x what you think you have to produce because there’s no way to really tell what works until you try it.
All that matters is whether people buy. If they don’t buy, you have a dud.
You can expect 1 out of every 10 things you produce to be successful. So, if you take an entire year to produce 1 product, it’s likely going to fail. You need to produce 10 in that year and hope 1 is a success.
This means you can’t be a perfectionist.
You can always go back later and update or edit whatever sells, but you shouldn’t let it being perfect stop you from getting it out to the market.
6. Measure Based On Results
The sixth entrepreneurial mindset is measuring based on results.
This means that at every point in the business, you’re keeping track of key performance indicators (KPIs). These will be different for everyone, but successful entrepreneurs are clear about what they’re measuring and where they’re going.
Revenue, expenses, and net profit are some of the most important results to measure on a regular basis.
Something I teach in Blog With A Full Time Job is to create a score card for your business where you consistently measure the most important KPIs.
I measure revenue, net profit, email subscribers, traffic, and a couple other numbers every couple of days. It helps me stay focused on what’s important.
You can spend a lot of time doing an activity without getting results. I hear people say, “I’ve been blogging for 5 years” but when I learn what their revenue numbers are, it’s not impressive.
Successful entrepreneurs know exactly what success means to them and they measure the results they’re getting regularly.
7. Invest In Yourself
The final entrepreneurial mindset is investing in yourself.
Successful entrepreneurs spend money on investments—opportunities that will provide a return, such as courses, coaching, books, etc.
It’s not just taking the course or the coaching session, but it’s actually implementing everything you learn even if you’re doubting the process.
Successful entrepreneurs find people who are doing what they want to be doing and they learn from them. They follow their advice exactly.
This seems obvious, but I see people dabbling a lot in this area without following through.
If you want to be successful, find someone who has the results you want, learn how they do what you want to do, then implement everything.
The Result Of Having An Entrepreneurial Mindset
If you adopt the 7 entrepreneurial mindsets above, you will succeed.
You will build a business.
You will make money.
You will grow in ways you can’t even imagine.
You will be so proud of yourself.
It will be amazing.
I know this because it’s true for me.
I am living my dream. Every single day. It’s fantastic.
It doesn’t mean I don’t have problems. I know I’ll always have obstacles and failures. But it does mean that I’m creating my future from my future.
It was worth all the hustle in the beginning, and I couldn’t have done it without these 7 entrepreneurial mindsets.
A Final Note!
If you read this and you’re not sure if you have an entrepreneurial mindset, think about what you want to create. Think about whether you really want to have a business.
If you do, then you have work to do.
Start applying these lessons in your life.