Where does entrepreneurial mindset fit?

Where does entrepreneurial mindset fit?

Entrepreneurial opportunities require the discovery of new relationships and interactions in the marketplace. Entrepreneurial mindset is vital to the discovery of new relationships and interactions in the marketplace that are uncertain and dynamic. Strong entrepreneurial mindset dramatically improves entrepreneurial success.

By exploring entrepreneurial mindset, you can understand why less than 5% of society become entrepreneurs. Entrepreneurs tend to be independent individuals, intensely committed to persevering in starting and growing a venture. They are typically optimists who strive for success in their for-profit, non-profit, or social venture. They often burn with the competitive desire to excel, and use failure not as a referendum, but as a learning tool.

To help build your entrepreneurial mindset, I’d like to share the one attribute present in all successful new ventures…

What is needed to successfully start a new business? Most people think it's all about the initial idea or the founding team. And while those don’t hurt, few great companies grew simply because of those elements.

There is one attribute, however, that is present in all successful new ventures and the entrepreneurs who launch them: NEED FOR ACHIEVEMENT.

Need for achievement is a preference for challenge coupled with an acceptance of personal responsibility for outcomes. A personal drive for accomplishment evidences one’s need for achievement. We may call it drive. We may call it hunger. We may call it being a self-starter, or being self-motivated. All of those would be accurate as we think about need for achievement in this context.

How could it be that one trait has such an impact on success? Let’s think about it.

1. It breaks down doors.

Starting a business is a venture into uncertainty. Predicting obstacles the startup will face and what the winning idea or strategy will be from the start is impossible. An investor needs to know whether or not the founding team has the tenacity to stick to its vision through all the ups and downs, and if they will learn from them.

2. It fuels hard work.

Starting a business may seem impossible at first. But those who win are not just those with the most power or money, but rather those who are willing to work the hardest and care the most. When faced with likely failure, the only ones left are those who care too much to give up. Success is the result of continued hard work in the face of what may seem to be incredible obstacles.

3. It demonstrates innovation.

Investors are not looking to invest primarily in a big idea or strategy as much as in the character of the entrepreneur. Starting a business is a venture into uncertainty. Predicting obstacles the startup will face and what the winning idea or strategy will be from the start is impossible. An investor needs to know whether or not the founding team has the tenacity to stick to its vision through all the ups and downs, and if they will learn from them. Need for achievement can lead to innovation and new, successful ideas. If entrepreneurs are too stubborn to give up, they will be forced to learn from their mistakes, adapt and advance in order to succeed.

4. It harnesses natural abilities.

Grit, tenacity and resilience are increasingly becoming part of our criteria for talent, and are often valued more than traditional predictors of success like academic performance. Talent and intelligence are not enough. Need for achievement is needed to focus and develop talents.