The Entrepreneurial Journey Part 1 – Are You Ready – The Entrepreneurial Mindset

The Entrepreneurial Journey

Part 1 – Are You Ready – The Entrepreneurial Mindset

Tuesday, June 1, 2021, by Dr. Frederick Crane

Many people aspire to be an entrepreneur. But most do not really know what it takes to be a successful entrepreneur. Before you embark on the entrepreneurial journey you will need to seriously reflect on whether or not the journey is right for you and whether or not you are ready for the journey. Many experts suggest there are distinctive personal characteristics that are required to be a successful entrepreneur. Some have described this as the “entrepreneurial mindset.” There has been an age old debate as to whether an entrepreneur is born or is made. My research shows it is a bit of both – the classic nature and nurture phenomena. One thing is for sure, the entrepreneur is different from the non-entrepreneur. Less than 10 percent of our population are entrepreneurs, so they make up a unique niche within the population. So, what makes them different? And, do you have what it takes to become part of this special group of people?

 

My research shows that successful entrepreneurs share several key personal attributes that are necessary for the entrepreneurial journey. What I want you to do now is to be honest with yourself and reflect on whether you possess these key attributes and/or would be willing to acquire them? These attributes are: (1) dispositional optimism – the most important attribute – (2) persistence, (3) resilience, (4) work ethic, and (5) adaptive.

 

Dispositional optimism is a mindset that focuses on abundance not scarcity; that good things can and will happen; that one can achieve his/her objectives; and the glass is half-full and not half-empty. All successful entrepreneurs I have studied are extremely optimistic in life and in business. And, I suggest it is the most important attribute an entrepreneur can possess. In fact, it is an antecedent as to why entrepreneurs are persistent, resilient and work so hard. They did so because they believe positive outcomes can be achieved. Why would an entrepreneur work 100 hours a week to start and to grow an enterprise if they thought they would fail? Well, they don’t believe they will fail. And, contrary to belief successful entrepreneurs do not throw caution to the wind, they do not take excessive risk and they do not adhere to the fate, chance, luck or magic model of business. Successful entrepreneurs engage in calculated risk-taking using information to recognize, discover or create new business opportunities. And, entrepreneurs are adaptive. They flex and pivot given evolving conditions and situations around them. Sometimes best laid plans have to change!

 

Before you start the entrepreneurial journey you are going to have to do a head, heart and gut check – an honest check. If you get positive confirmation from all three realms of your being, then you probably ready for the entrepreneurial journey. It will be difficult and challenging but, more importantly, very rewarding and satisfying. But, this is just the beginning of your journey! In the articles that follow this one I will discuss the importance of the right opportunity, the right business model, the right brand and the right go-to-market strategy. This are all key elements that must be mastered on your own entrepreneurial journey.

Author

Frederick Crane serves as a Senior Project Manager for the International Council for Small Business (ICSB).

 

Dr. Crane is an Executive Professor of Entrepreneurship & Innovation at the College of Business at Northeastern University; Former Editor of the Journal of the Academy of Business Education; and co-founder of Ceilidh Insights LLC – an innovation management training, intellectual property consulting and consumer insight company. He was formerly a professor of marketing and entrepreneurship at the University of New Hampshire and a Chair and Full professor at Dalhousie University.

 

At Northeastern, he developed the graduate new venture creation course; the undergraduate innovation course – which is now taught campus-wide; and developed the online MBA course on innovation and enterprise growth. He also serves as the Faculty Advisor for the Private Equity and Venture Capital Club. Every semester at least one of his teams from his new venture creation course goes on to commercialize a business.

Citation of Article:

Crane, F. (2021, June 1). The Entrepreneurial Journey Part 1 – Are You Ready – The Entrepreneurial Mindset. The International Council for Small Business, Small Business Gazette. https://icsb.org/the-entrepreneurial-mindset/

SUPPORT TO MICRO, SMALL AND MEDIUM-SIZED ENTERPRISES

SUPPORT TO MICRO, SMALL AND MEDIUM-SIZED ENTERPRISES

SUPPORT TO MICRO, SMALL, AND MEDIUM-SIZED ENTERPRISES April 1, 2019 Micro, small and medium-sized enterprises (MSMEs) are the backbone of the Canadian economy, accounting for 90 percent of the private sector workforce (10.7 million workers) and nearly 40 percent of...

FROM LUXOR TO CAIRO AND BEYOND: THE GREAT AWAKENING

FROM LUXOR TO CAIRO AND BEYOND: THE GREAT AWAKENING

The Egypt Entrepreneurship Summit 2018 (EES2018) that took place in November 2019 was five months ago but it has taken a while to digest what actually took place in the city of Luxor, Egypt. To many, Luxor is known for the Valley of the Kings and LuxorTemple. For the...

Social Entrepreneurship on the SDGs

Social Entrepreneurship on the SDGs

According to estimates, the total combined consumption by all the human activity around the world is greater than the resources generated by the planet. In other words, every year, the Earth Overshoot Day is being reached earlier, and this overtakes the planet´s...

YOU CAN’T ALWAYS GET WHAT YOU WANT… OR WHAT YOU NEED

YOU CAN’T ALWAYS GET WHAT YOU WANT… OR WHAT YOU NEED

Over the last ten years, Mexican competitiveness and income inequality have remained at a long impasse. Currently, the nation ranks number 51 among 138 indexed nations. YOU CAN’T ALWAYS GET WHAT YOU WANT... OR WHAT YOU NEEDFebruary 25, 2019 Over the last ten years,...

PLANET OMNI: THE NEW YIN YANG OF BUSINESS

PLANET OMNI: THE NEW YIN YANG OF BUSINESS

The world is changing. And there are many terms and phrases we hear to describe the dynamic world around us; I like to use VUCA – a term coined to describe the post-Cold War world – Volatile, Uncertain, Complex and, Ambiguous. PLANET OMNI: THE NEW YIN YANG OF...

SCHUMPETERIAN ENTREPRENEURSHIP AS CAPITALIST DIALECTICS

SCHUMPETERIAN ENTREPRENEURSHIP AS CAPITALIST DIALECTICS

In trying to paintbrush background and scientific "environs" when Schumpeter`s visionary "Theory of Economic Development" (1912) came out, classical and neoclassical thought as well as Marx’ "Capital" (in all its volumes) had been exposed already for some time to...