The Entrepreneurial Mind-Set

Why This Lesson

Some people believe that the entrepreneurial mindset is something a person is born with. In some
ways, it might be true. To be an entrepreneur, a person must have a passion and a set of core values
that are in line with the business. These two characteristics give entrepreneurs the drive and
dedication to create a new venture. Even though some entrepreneurial characteristics (for example,
risk-taking, innovation, creativity) can be only developed over a period of time, basic essential
business skills can be learned by anyone interested in doing so. Self-awareness and knowing how to
improve or learn the required skills that you need is the most important part of any entrepreneurial
journey. As a result, in this lesson, we are going to look into general characteristics, aspects of
personality and required business/soft skills that a successful entrepreneur needs.

The Entrepreneurial Mind-Set

The decision (and the reason behind this decision) to start a business varies from one person to
another. Some people see an opportunity, a need that is not being filled, and work to create a
business that fills that need. Others have different objectives. They are interested in starting a
business, so they look for opportunities that fit their life and work styles. Another individual may see
a consumer need that is not being met and find a way to address that. Yet another individual may
have a personal hobby that inspires him or her to create a venture. Someone else may discover an
opportunity as a result of previous employment. Another person may want to create an organization
that is a mechanism for social change. Someone else may choose to start a new venture because of a
desire for a certain lifestyle or level of wealth.