Entrepreneurial Management

THE ENTREPRENEURIAL MINDSET

What is an entrepreneurial mindset?

 a way of thinking that enables you to overcome challenges, be decisive, and

accept responsibility for your outcomes. It is a constant need to improve your
skills, learn from your mistakes, and take continuous action on your ideas.
Anyone willing to do the work can develop an entrepreneurial mindset.

Entrepreneurial mindset

 Yes, as humans we are all unique. Yet, there are definite qualities of an
entrepreneur – ways we tend to think and act.

 Although there is no entrepreneurial genes, we are either born with or not. I

know for a fact that successful entrepreneurs think and act in similar ways —
no matter how different we are as individuals – they think like entrepreneurs.

Here are the characteristics of entrepreneurship:

1. Decisiveness

 To succeed as an entrepreneur, you must gain the ability to look at a problem or

situation, digest all available data (at that point in time), and make a confident
decision to move forward.

 Your ability as a decision-maker will make or break your future successes.

Here is the key.. indecision is one of the greatest causes of business failure.

 When you can’t decide what to do, you delay taking action. In other words, you
do nothing. Think about how many dreams (and businesses) failing to take
action has killed.

2. Confidence

 There are many skills you will need to learn to accomplish everything you want in
life.

 But how do you act confidently when you don’t know what you are doing?

 It is essential that you get used to the uncomfortable feeling of knowing that you
don't know what you’re doing.

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3. Accountability

 The entrepreneurial mindset comes from taking responsibility for your actions
and outcomes.

You need to internalize and accept that:

 Everything that happens at work – YOU are responsible for.

 Everything that happens to your business – YOU are responsible for.
 Whether you succeed or fail, it is YOUR responsibility.

From this moment forward, you must accept responsibility for everything in your life
and hold yourself accountable to it.

There are no more excuses. Accountability is required of entrepreneurs as well as

successful employees. Stop passing the buck and blaming others.

4. Resilience

 As an entrepreneur, you will need to learn to deal with making mistakes and
failing. They are inevitable and a part of your growth.

 Success rarely happens in a straight line. Taking wrong turns and making
mistakes is something that happens to everyone.

 Resilience enables you to think, act, and move iteratively — making small,
incremental corrections along the way.

5. Humility

 Humility is freedom from pride or arrogance, and it ties all of the characteristics of
entrepreneurship.

 From decisiveness to confidence, humility will keep you focused and centered.

From accountability to resilience, you will continue to move forward through

failure, mistakes, and upsets.

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This is accomplished with humility.

“If you are the smartest person in the room, you are in the wrong room.”

– Someone smarter than me.

 Along with humility comes coachability — the ability to be coached.

 If you want to accomplish big things in life, you need to be willing to learn from
others and nourish a growth mindset.

6. Flexibility

 When you're an entrepreneur, the 9-to-5 workday doesn't exist. You must put in
the work your business requires whenever it's needed.

7. Salesmanship
 Entrepreneurs must be comfortable selling their product. You will not get
business if you simply expect money to come in the door. Post advertisements.
Talk about your business.

8. Willingness to ask for help and accept help

 You will not be able to do it all on your own. In fact, asking for help and receiving
help can lead you to be more successful in running your own business.

MANAGERIAL VS ENTREPRENEURIAL DECISION MAKING

 Entrepreneurial decisions are more focused on periodic use of resources.

Managerial decisions focus on ownership of resources. Entrepreneurial
decisions are quick since the organizational structure is flat. Managerial
decisions are slow since the organizational structure is hierarchical.

Are most entrepreneurs male or female?

 More entrepreneurs are MALE. This is not because females are less

innovative, less imaginative or less capable. In fact, according
to research conducted by Ethan Mollick, a management professor at the
University of Pennsylvania Wharton School of Business, men are more likely to
start a business or become an entrepreneur because of overconfidence.

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Mollick said this is possibly the largest psychological predictor of someone's

decision to pursue a career in entrepreneurship.

11 Characteristics of Entrepreneurial Leaders in a Corporation

1. Confidence

Entrepreneurial leaders are in a situation where they are trying something new and
they’re not sure of success.  They’re constantly stretching themselves and that
requires confidence.  Confidence is equal to or even more important than competence
to succeed as a leader.

2. Self-Awareness

Self-Awareness is essential for Entrepreneurial Leadership. Leaders who have

an understanding of their own emotions, personality, strengths and weaknesses
can better engage with employees and clients

Oprah Winfrey says you need a level of self-awareness that only comes from
connecting with your inner voice.  She calls it your emotional GPS system.

3. Understanding and Committing to Life Goals

Entrepreneurial leaders allow their strong sense of passion and purpose to drive
themselves and inspire those around them. This helps them stay focused and
motivates employees and partners to produce their best efforts to help make it a reality.

4. Integrity

Integrity is one of the most important qualities of entrepreneurial leadership.   It is about

remaining true to one’s own values and vision and standing up for what they believe
in, even in the face of opposition.

5. Managing and Motivating Subordinates

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Managing and motivating people is probably one of the

most important entrepreneurial leadership skills.  It directly influences productivity
because of its impact on staff morale.

6. Developing Subordinates

Entrepreneurial leaders are committed to developing the people who work for them.
They help employees develop their own talents and skills. They know it’s essential to
help employees grow so that the business can flourish into the future

7. Team Management/Development

The cornerstone of a successful enterprise is strong and effective teams. 

Entrepreneurial leaders ensure that team morale remains high.

8. Execution and Operational Management

Execution and Operational Management play a vital role in the success of a company.  
Entrepreneurial leaders need strategies that maximize productivity and effectively
respond to fluctuations in demand.

9. Innovation, Creativity and Entrepreneurship

Entrepreneurial leaders are constantly being creative and innovative to get better.

Steve Jobs built one of the world’s most lucrative companies out of his garage and
introduced the world to technology it never knew it needed.  7 years after his death, he
still has a lot to offer.  When he returned to Apple after a 12-year absence, Apple was
close to bankruptcy.  That didn’t stop him from launching one innovative product after
another.  He made the bold statement “The cure for Apple is not cost-cutting.  The cure
for Apple is to innovate its way out of its current predicament.”

10. Functional Knowledge

Entrepreneurial leaders need to have some basic functional knowledge.

Bill Gates frequently works with inventors and industry disrupters and reads books
about the future of humanity. He concludes that people with knowledge of science,
engineering and economics will be the future agents of change.  He says “It’s not
necessarily that you’ll be writing code, but you need to know what engineers can and

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can’t do”.

11. Gathering Information and Insight

Before an entrepreneurial leader is able to take action they need good information. It is
vitally important to have information from different perspectives.  It is equally important
to quickly draw insights and make decisions.

Mark Zuckerberg’s love of data has got him into a bit of trouble recently.  But he knows
the power of information.  And it’s how he’s grown Facebook to its current success.

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