Entrepreneurial Mindset

by Monique Campbell

How I think about being an entrepreneur

Am I an entrepreneur?

This is a question I often asked myself, bemused. Half committed; half straddled by fear at the prospect of whether I’d be able to answer the following question with conviction: “How are you an entrepreneur?” Could I simply reel off a list of businesses I had built from scratch and was successfully monetising to the degree of acquiring a multi-million quid status?

Nope.

Hence the bemusement. Yes, ‘success’ in and of itself is subjective. One man’s/woman’s success is another man’s/woman’s failure. It depends on an individual’s personal definition and/or values. And even then, definitions and values can change over time.

Certainly, over a lifetime.

In the end I got very uncomfortable with claiming a title for things I was in a verb-like state of independently creating and was uncertain whether the thing would be successful or not in monetary terms. I believe I was subconsciously doing what I’ve recently learnt in a book I read by Dr. Steven C. Hayes as ‘perspective taking’. In his book, A Liberated Mind, the chapter titled: The Second Pivot Self – The Art of Perspective Taking, Hayes walks readers through a psychological framework he developed called Relational Framework Theory (RFT) where he explores how individuals can shift their initial perspective across numerous perspectives to capture the hidden message in our transcendent selves. In essence, to put aside the bullshit, the multiple cunning voices draped in external expectations or perceived perceptions telling us who we are, and get to our true, unadulterated, selves.

Easier said than done.

For example, if I considered myself as dumb, I could challenge that perspective with alternative perspectives that include examples of me not being dumb, or only behaving dumb on occasions. Same with being drop dead gorgeous. I may consider myself as ‘drop dead’ gorgeous on occasions I wish to dress up and am oozing with confidence. Gorgeous when I smile at myself in the mirror loving the energy emanating. Not so gorgeous when I’m looked upon by some. A downright mess the morning after I’ve cried myself to sleep following a breakup. Damn!

All differing perspectives of equal value and truths. Removing the attachment to each of the perspectives is humbling in and of itself because it also puts the ego to bed. For that moment at least. It was this type of thinking that led me to believe being attached to the label entrepreneur, associated with my end goal and vision of some of the greatest entrepreneurs, seemed disingenuous and so far out of my reach. The label no longer served me. Instead of building me up and enabling me to think of myself as smart, creative, someone with initiative and ability to create value who could achieve entrepreneurship, I saw myself as lacking.

Cup half empty.

I could be in the top 10%, 1%, or even 0.1% of earners and still feel like a failure because I’m not a multi-millionaire or the images I associated with the entrepreneur label.

The label forged a close friendship with my ego.

The pivoted perspective I embodied focused on the journey. The verb. The doing. With ego aside and humility at the forefront, I could centre my energy on to the behaviours and characteristics required to get things done, which I could apply to my personal, creative, and business practices within the organisations I served. To persist in the face of challenges, to dust myself off and try again when at first I do not succeed, to learn and adapt, to be disciplined and honest with myself and others, to have self-belief, resilience and the pursuance of growth. The stuff that matters. Entrepreneurship is the identification of opportunity, innovation, risk-taking in terms of time and financial resources, and execution. However, to become an entrepreneur, one must first incorporate an entrepreneurial mindset.

The stuff that truly matters.

What is entrepreneurialism?

Entrepreneurialism refers to the broader mindset, behaviour, and culture associated with being entrepreneurial.

Yes, it encompasses the attitudes, skills, and practices that individuals or organisations adopt to identify opportunities, but it also includes a mindset that can innovate, create, and drive change, regardless of whether they start a new business. Entrepreneurialism is about thinking and acting like an entrepreneur in various contexts, which can include existing businesses, non-profit organisations, or even personal endeavours.

3 Key Areas of Entrepreneurialism:

1.    Mindset:

• Opportunity-Seeking: Entrepreneurialism involves a proactive approach to finding and capitalising on opportunities in various environments.
• Innovative Thinking: It emphasises creativity, problem-solving, and the ability to think outside the box.
• Resilience: Individuals with an entrepreneurial mindset are adaptable, persistent, and willing to be vulnerable.

2.    Behaviour and Practices:

• Initiative: Entrepreneurialism encourages taking the initiative, being self-starters, and driving projects forward.
• Continuous Learning: It involves a commitment to learning, self-improvement, and staying current with trends and developments.
• Collaboration: Entrepreneurial individuals often work well in teams, leveraging diverse perspectives to innovate and solve problems.

3.    Application across Contexts:

• Corporate Settings: Entrepreneurialism can be applied within organisations to foster innovation and drive business growth (often referred to as intrapreneurship).
• Non-Profits and Social Causes: It can also be seen in efforts to address social issues, where innovation and opportunity-seeking are used to create positive change.
• Lifestyle: And even in the context of a Personal Brand where entrepreneurialism can be applied by aligning business creation with personal passions and lifestyles, often prioritising personal satisfaction and work-life balance over aggressive growth.

Am I entrepreneurial?

Maybe.

A better question might be, ‘Do I want to be entrepreneurial?’

And to answer both of those questions it’s worth looking at the work of Saras D. Sarasvathy, an American entrepreneurship professor at the University of Virginia. Her research published in 2015 aptly titled, What Makes Entrepreneurs Entrepreneurial? explores the characteristics, habits and behaviours of entrepreneurs.

What could nineties and noughties tech entrepreneurs like Rob Glaser, founder of RealNetworks, pioneers in streaming media, and Jeff Bezos, founder of Amazon, pioneers in online bookstores, global e-commerce and cloud computing, learn from old stalwarts like Josiah Wedgwood, founder of Wedgwood Co. revered for their modern marketing in the 18th century (1730-1795) and Leonard Shoen, founder of U-Haul, pioneers in revolutionising moving storage industry in the 20th century (1916-1999)?

The common thread is ‘effectual reasoning’, one of three reasonings summarised below. Predicated on the extent of creativity induced in this mindset. See Figures 1.0 – 3.0, sourced from Sarasvathy S. D. (2015) What Makes Entrepreneurs Entrepreneurial?.

The first is Managerial Thinking. Figure 1.0 visualises where Causal Reasoning primarily takes place. The idea of Causal Reasoning first starts with a goal that has been predetermined, and then an evaluation of the means available or required to achieve that goal. The focus then becomes on how to achieve that goal, with the available means, in the most cost-effective and efficient way with minimised risk and maximum return.

Figure 1.0

An extension to Managerial Thinking where, as aforementioned, Causal Reasoning resides, is Strategic Thinking. This makes home to the Creative Causal reasoning. The creativity comes into effect in the ‘creation’ of new means, however, as figure 2.0 shows, the causal remains strong in its role through the requirement to achieve goals that are predetermined. It appears to be questionable as to whether Causal Reasoning includes creative thinking, whereas Effectual Reasoning is inherently creative.

Figure 2.0.

Entrepreneurial Thinking is Effectual Reasoning. As figure 3.0 indicates, Effectual Reasoning is a creative discovery of imagination. The ability to imagine possible new ends using a given set of means accessible to the entrepreneur who is dynamic enough to evolve with the given means. The imagined ends, the possibility of where things might go, is endless. What seems to be consistent, is the opportunistic way of thinking, the idea of ‘doing’, the actual execution over and above planning for execution; leveraging the means at one’s disposal versus a means that is looming. Effectual Reasoning allows for flexibility to change pending environment.

Figure 3.0.

How do I become entrepreneurial?

We roll up our sleeves and get shit done.

We put theories, ideas, and even dreams, into practice. We may not fully know what we’re doing. We may get shit wrong, since there’s a knowledge gap and we’re figuring shit out along the way. But it’s the doing, the learning, the progressing that counts. It’s what Marie Forleo coined as making challenges “figureoutable” in her book Everything is Figureoutable where she outlines a philosophy that encourages a proactive, resilient, and optimistic approach to challenges, and problem-solving a way forward. That’s where we start, for me at least, and how we grow.

Reference source:
Dr Steven C Hayes (2019), A Liberated Mind. Penguin House Publishing, US;
Sarasvathy, S. D. (2015) What Makes Entrepreneurs Entrepreneurial? Darden Business Publishing University of Virginia;
Marie Forleo, (2020) Everything is Figureoutable. Penguin House Publishing, US.