Entrepreneurial Mindset Definition
When people first think about the entrepreneurial mindset, of course they assume that this is something exclusively related to entrepreneurs. However, you don't need to be running your own business to gain the benefits of the entrepreneurial mindset. Entrepreneurs enjoy success in life because of the way they think and act. Anyone can learn to mimic these behaviours and use them to achieve their own career & life goals.
Entrepreneurial Mindset versus Growth Mindset
There are similarities between the entrepreneurial mindset and other concepts like the 'growth mindset'. Both have a focus on learning and personal development. The entrepreneurial mindset goes much further than the growth mindset, by including innovation, ethical behaviour, risk taking, selling and productivity.
A common sense and practical defintion
The Network has created an easy to understand, common sense and practical definition of the entrepreneurial mindset. By undertaking a systematic analysis of published research and professional practice we have identified 7 essential entrepreneurial behaviours. As an aid to memory and learning, one essential entrepreneurial behaviour is allocated to each of the letters in the word MINDSET e.g. the letter M in MINDSET stands for Meet real needs.
Meet real needs
Entrepreneurs are successful because they provide a product or service that people really want or need. You can learn from their success, and copy this entrepreneurial behaviour, by asking yourself "Do I meet a real need?"
Entrepreneurs innovate. They use creativity to find new solutions to problems. They seek out different perspectives and a wide range of views. Innovation is a process that can be learned. Like an entrepreneur you need to innovate.
Never act unethically
In some cultures, entrepreneurs are seen as successful innovators. In others, they are viewed negatively as people who exploit others for their own gain. Our definition of the mindset rejects unethical behaviour.
Dare to take risks
What could be more characteristic of entrepreneurs than risk taking? You need to know how to take calculated risks because this will put new opportunities within your reach. And if things go wrong, you will learn from failure.
Entrepreneurs convince us to buy products and services. They also persuade us that change is necessary. You too can pitch ideas and convince people to collaborate. Working together we can scale up and make a bigger impact.
Exercise for productivity
How do you get everything done within the time available? Greater productivity doesn't just happen; you have to work at it, like going to the gym to get fit. You need to strive for a good work/life balance.
Take the initiative
The entrepreneurial mindset is not just a way thinking. Above all it is about taking action, turning ideas into reality.You don't wait, you take the initiative, and you act first. You are determined to live your best life
Foreword to the Third Edition by Paul Coyle
I first wrote and published this book in 2019. My goal was to help readers to develop their entrepreneurial mindset with a step-by-step practical guide. I want anybody to be able to pick up the book and feel inspired to develop their mindset.
Of course an entrepreneurial mindset is essential when you are starting, running or growing a company in any business sector. The good news is that it is just as useful if you are an employee in a private company, in the public sector or in a not-for-profit organisation. That's because the mindset empowers you to learn how to become the best version of yourself, so that you can go on to achieve all your career and life goals.
Anyone can use the power of the entrepreneurial mindset for personal, organisational and societal change. Therefore, this book has been written to help employees and entrepreneurs, educators and students, leaders and activists, innovators and intrapreneurs.
The book is packed with advice, examples and useful exercises. I myself return to the book again and again to find inspiration in its many ideas and lessons. I hope you will also be inspired and use the entrepreneurial mindset to make your unique contribution to the world.
Paul Coyle, Director, Entrepreneurial Mindset Network, June 2022
A well-written, hands-on book on how the mind shapes behavior and particularly, how training an entrepreneurial way of thinking helps individuals to think about new solutions to address the problems they like to solve. The book encourages people to specifically focus on seven points to move from thinking toward practice. The reflective questions at the end of each chapter are an excellent guide to help people to think more ‘business like’, prompting the reader to stimulate, and change, their way of thinking. A great book for anyone new to the world of entrepreneurship. Bob Bastian, Postdoctoral Researcher, Università di Pavia, October 2022
This clear, engaging book has made me look at my work with fresh eyes, and has injected a new sense of purpose into what I do. It tackles what is the heart of the work condition for many of us, when we are feeling that our job is ok but has become a slight drag, a bit dull or routine, nothing too awful but we don't know how to go about tackling it. It has given me a much-needed career energy boost. Highly recommended. Carolyn Howitt, Executive Search Researcher and Careers Counsellor, London, July 2020