The Entrepreneurial Mindset

The Federal Government of Nigeria since (sometime around) 2013 began to push entrepreneurship into our Universities and made it a compulsory part of the National Youth Service Corps. However, not everyone can develop an entrepreneurial mindset well enough to become an entrepreneur.

So that begs the question, what is the entrepreneurial mindset? In very simple terms, the entrepreneurial mindset refers to the thought processes, belief systems, and worldview that a person has. It is a set of skills that help people identify and make the most of opportunities. It also helps them recover from setbacks and failures. This is very crucial in who becomes an entrepreneur and who doesn’t.

Funnily enough, not many entrepreneurs understand or can even verbalize this concept but it is a real thing.

Let’s use this simple analogy, two young men were sent to a remote higher institution of learning in the North for their NYSC. While there, they both realized that there were no cafés or printing stores in the vicinity. This meant that whenever they needed to print documents, they had to go to the nearest town about 10 minutes away to do so. Soon, one of these men spotted an opportunity. He took a loan, bought a laptop, a printer, and a photocopier, and sought out a small store space in a strategic area.

Before long, everyone came to him to not just print but to type and design documents as well. In addition, with a laptop and an internet connection, he began offering internet services such as JAMB registration, School Fee payment, etc. When his NYSC ended, the institution moved to retain him on a contract basis to keep his business there to ease the lives of their students. He did not only do that, but he also created jobs as he had to hire students to help him handle his numerous customers.

What about the other man? Yeah good question, what about him? He began to patronize his fellow Corp member. This is what we mean by the entrepreneurial mindset. It is a thought process, a belief system, and a worldview different from what most people see. This is why some people are entrepreneurs and others are not. It also strongly differentiates between successful entrepreneurs and the ones that do not make it.

Key components of the entrepreneurial mindset

Most entrepreneurs usually do most, if not all of the following. They have:

  • Keen observation
  • Problem spotting and solving
  • Recognizing opportunity
  • Creative and adaptable
  • Critical thinking
  • Risk-takin
  • Independent/self-reliant
  • Focus
  • Key decision making
  • Brave and bold
  • The ability to pick themselves up again after a failed venture

Entrepreneurial mindset

Someone with the mindset of an entrepreneur is, very often, a keen observer. They are critical thinkers who are very much in tune with their environment, thus they understand it well. Because of this, they have very good eyes for spotting problems and a good nose for smelling opportunities.

Question: If there is no electricity in an area, what would someone with an entrepreneurial mindset do?

People with an entrepreneurial mindset have a problem-solving mentality. When they spot a problem, they take an active role in solving them. This usually requires a certain degree of proactivity and independent thought. Solving a lot of these problems and offering these solutions to the general public does come with a lot of risk which we will be discussing in our next post.

Why is there a risk?

This is because the general public may or may not want your solution due to certain cultural, environmental, or religious factors, etc. Let’s not even mention the fact that solving these problems costs money, time, and resources. This is where a lot of people back out of the entrepreneurial race.

Entrepreneurs need to be brave and bold. They must not waver in their decision making but they must also be smart enough to make quick adjustments when a decision is not moving according to plan.

Are you an entrepreneur? Which of these key components do you have or have demonstrated in your life so far? Hit me up in the comments.

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