Cultivating an Entrepreneurial Mindset
Dr. Jeff Cohu • March 4, 2022
Being an entrepreneur and developing an entrepreneurial mindset is no longer a choice—it is a necessity.
The world we live in today is characterized by rapid innovation and change and the business environment is best described by the acronym VUCA
(volatility, uncertainty, chaos, ambiguity). The best strategy to combat these challenges is to develop an entrepreneurial mindset.
What is an entrepreneurial mindset?
In academic terms, it is the ability to sense, act, and mobilize under conditions of uncertainty. This is what entrepreneurs have historically done in the process of creating new ventures. However, today all businesses, both startups and long-established organizations, need people who possess an entrepreneurial mindset. In fact, a recent survey of Fortune 500 companies identified an entrepreneurial mindset as their most desired employee skill. Being an entrepreneur and developing an entrepreneurial mindset is no longer a choice—it is a necessity.
In academic terms, it is the ability to sense, act, and mobilize under conditions of uncertainty. This is what entrepreneurs have historically done in the process of creating new ventures. However, today all businesses, both startups and long-established organizations, need people who possess an entrepreneurial mindset. In fact, a recent survey of Fortune 500 companies identified an entrepreneurial mindset as their most desired employee skill. Being an entrepreneur and developing an entrepreneurial mindset is no longer a choice—it is a necessity.
So how do we develop an entrepreneurial mindset? Here are a few suggestions:
- Be Proactive—People with an entrepreneurial mindset have a bias for action. They are not passive—they are proactive. They do not let perfection get in the way of doing something.
- Be Curious—Curiosity is a driving characteristic of a person with an entrepreneurial mindset. Creative people are always learning new things.
- Be Creative—Practicing creativity requires the constant consideration of new ways of doing things—and it is essential to problem solving and serving and satisfying customers.
- Be Empathetic—Individuals with an entrepreneurial mindset practice empathy. This allows them to understand other people’s problems and pain points and develop viable solutions that can be monetized.
- Experiment & Embrace Failure—Entrepreneurs are resilient which comes from embracing failure as a form of experimentation. People with an entrepreneurial mindset use failure as learning opportunities and build new ideas upon a pile of quick failures.
At the Lipscomb University Center for Entrepreneurship & Innovation, our top priority is to develop students who possess the entrepreneurial mindset. Along the way, we can also help you take your idea and launch a new business. We would love to work with you to accomplish these goals! Let us know how we can help!
Let’s talk!
Have a question or comment about the Center for Entrepreneurship and Innovation? Don't hesitate to reach out!
(615) 966-5390
Nashville, TN
entrepreneurship@lipscomb.edu
