Article by Marcela Fang, Senior Lecturer, William Angliss Institute, Australia.
Keywords: Entrepreneurial mindset, entrepreneurial attributes, creativity, productivity, leadership, strategy.
An entrepreneurial mindset is essential for every business in uncertain times
One of the misconceptions about entrepreneurship is that it is mostly about starting your own business. However, the concept is much wider than that. Entrepreneurship is more of a way of life, especially in the post-pandemic era. An entrepreneurial mindset is needed to rethink the survival of a company in rapidly changing, uncertain and ambiguous environments. Regardless of whether you are a profit-driven, not-for-profit organization or even a government department.
What is an entrepreneurial mindset?
An entrepreneurial mindset is a way of thinking and acting in a changing business context. An overview of the state-of-the-art in research found no commonly shared concept of the entrepreneurial mindset. Nevertheless, a range of entrepreneurial attributes are often suggested as indicative of the mindset, such as entrepreneurial desire, resilience, self-control, innovation, diligence and so on.
Picture Credit: Pixabay
Why is an entrepreneurial mindset important to all businesses?
These days, people with an entrepreneurial mindset are seen as better able to adapt to changes and uncertainties. Also, able to rapidly spot or identify new opportunities in what others may see as chaos and complexity.
Particularly as younger generations look for meaning in work, and as businesses need to be profitable as well as fulfil the pressures of social responsibilities, managers, business and start-up owners, and senior leaders should empower everyone to engage in creativity and the search for innovations. It is essential to attract and retain valuable staff, better meet today’s challenges, and increase productivity and efficiencies.
The good news is that an entrepreneurial mindset can be developed. At the personal level, this can be done through entrepreneurial programs and real-life experiences. Workplaces that provide the right conditioning and support creativity and experimentation can also enhance the needed attributes.
Entrepreneurship alone will not ensure success
However, focusing solely on an entrepreneurial mindset may not be sufficient as it is linked to other important aspects, including leadership and strategy. If you cannot lead yourself, you won’t be able to lead others effectively. Entrepreneurship involves working with people, and no matter how small or large is your team, good leadership, not just any leadership, is needed for survival and growth. For example, good leaders can inspire, motivate, and engage people for a sense of belonging and achievement.
The success of entrepreneurship is also closely linked to one’s ability to scan and assess the environment to come up with a strategic vision. People with an entrepreneurial mindset need to constantly refine their strategic directions while moving through uncertainty and ambiguity. There is a need for a proactive approach to doing everything.
The time is now for all managers, business and start-up owners and all employees to work more collectively and in an agile manner to come up with possible solutions and encourage people to learn through trial and error (calculated risk-taking).