If you’ve ever had a feeling in the pit of your stomach — that you’re meant to do something bigger, more meaningful, and all yours — you might have entrepreneurship in your future.

But do you have the entrepreneurial mindset to succeed?

There’s a major obstacle that stops many people from becoming successful business owners – and it’s not what you might think. 

It’s not the economy, failure, or bad ideas.

It’s doubt – in ourselves, our surroundings, and our abilities.

Self-doubt kills many dreams — long before any external factors can come into play.In 20 years of entrepreneurship, I’ve experienced plenty of doubt and uncertainty. I’ve also read countless business books by entrepreneurs and interviewed 483 of them. I’m fascinated by the inner game that empowers us to keep taking action on our ideas.

In this article, I’ve distilled the entrepreneurial mindset into five characteristics – and shared some effective ways to nourish and hone these qualities in yourself.

Originally published in 2017, this post was updated and republished on April 18th, 2024.

What Is an Entrepreneurial Mindset?

Every one of us has a mindset. It’s the attitude and approach you have toward yourself and your life: what you think, how you feel, and how you respond to the world around you. 

An entrepreneurial mindset is different. It’s characterized by tenacity, confidence, and resilience.  Entrepreneurs don’t settle for the status quo. They see problems as opportunities. They believe in continuous improvement. They cultivate the courage to step outside of their comfort zones and pursue what matters. 

These qualities fuel entrepreneurs to go beyond the ordinary, overcome obstacles as they arise, and achieve their goals. 

Entrepreneurial Mindset: 5 Qualities of Entrepreneurial Success

As humans, we are all unique. Some entrepreneurs want to change the world. Others want to make money online and provide a better life for themselves and their families. Some of us want to do both.

Yet, there are definite qualities and characteristics that define entrepreneurs – ways we tend to think and act.

No matter how different we are as individuals, we think like entrepreneurs. 

And no, I won’t tell you to hustle and have a positive attitude. This is about acquiring new habits of thought and action. My goal is to make this as action-oriented as possible. 

Here are the five characteristics of an entrepreneurial mindset.

1. Decisiveness

To succeed as an entrepreneur, you must learn 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 decision-making ability will make or break your future successes.

Just look at Jaimee Newberry, the founder and CEO of Picture This Clothing. In 2012, family hardship and corporate burnout left her feeling disconnected and disenchanted about her job. 

For a few months, she pondered leaving but wasn’t sure what her next step would be. Thankfully, some wise words from a friend ignited her into action. Those words? “It’s not about what’s next. It’s about what’s important.” 

That’s the thing. Even if you haven’t got your next step figured out, deciding what to do right now is much better than doing nothing. 

In fact, 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.

Like many other skills an entrepreneur needs, being decisive is a skill that can (and should) be practiced and strengthened in your day-to-day life — starting with the tiniest decisions. 

Take Action: Sandwich or Salad?
Try this in your own life: the next time you are out for lunch at a restaurant, scan the menu once and decide what to order. And do it confidently.

This can seem trivial or unnecessary, but it absolutely isn’t.

Being decisive takes practice to master, and it begins with small decisions in the business of daily life.

From here, you can build on your decisiveness and begin to use it in bigger and bigger ways.

2. Confidence

You must learn many skills to accomplish everything you want in life.

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

You learn to act with confidence, the second characteristic of the entrepreneurial mindset. And one of the most important qualities of an entrepreneur.

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

Whether it’s getting on stage to speak, launching your product, or learning how to start a blog and publishing your business ideas out to the world, we tend to see others doing it and incorrectly assume they’ve always been good at it.

They weren’t born knowing how to speak confidently, launch successful products, or write excellent books. They also weren’t born knowing how to become entrepreneurs.

They learned, and we can, too.

Now, as human beings, we are not naturally afraid of looking stupid or failing – we get educated into it.

But as Steli Efti, Founder of Close.io, put it, “When a baby is learning to walk, they constantly fall over, but that doesn’t make them want to stop trying. They don’t think, ‘That’s it, I’m done with walking. I look stupid, everybody is laughing at me. I will just crawl from now on.’”

The takeaway? Get comfortable with failing, being wrong, and stumbling along the way. After all, it’s only when we exit our comfort zones that we give ourselves the chance to learn new things and develop true, lasting confidence. 

Take Action: Pretend you know what you’re doing
Here’s how to become more confident right now …

Looking confident, practiced, and skilled is what we admire in others. But looking confident and being confident are two different things. Seriously.

Acting confident while getting on stage to give a speech to a packed room, even when your hands are violently shaking, is essential to learn the art of public speaking.

This works with everything. Here’s what I mean.

Pretending you are good at something will enable you to do it confidently enough times until you become good at it.

The more you do this, the better you will become. It’s counterintuitive, but it works every time. And if you aren’t quite ready to take this leap, here are some motivational quotes to kick you in the ass.

3. Accountability

The entrepreneurial mindset comes from taking responsibility for your own business, 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 for it. 

That’s exactly what Austen Allred, the founder of Lambda School, does. When he came on the podcast, he explained his grit-laden mindset: 

“Something either worked because it worked out, or it failed because I wasn’t good enough. I have to be okay with the possibility that everything could fall apart, even if I do everything I can to make this company happen. If it fails, it’s probably because I suck.”
Austen Allred, Founder of Lambda School

Taking ownership of your failures in this way can seem radical and harsh, but it’s a surefire way to bolster personal accountability. So, no more excuses, passing the buck, and blaming others.

All that matters is what you are doing RIGHT NOW to find your success.

Hold yourself accountable – even when you aren’t to blame – so you can take action to fix the problem.

4. Resilience

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

If every misstep plummets you into self-doubt, you must change your perception of being wrong.

This mindset shift takes resilience and is foundational to the entrepreneurial mindset. 

For inspiration, consider the life and work of Dame Stephanie Shirley, a pioneering female computer programmer and founder of several companies. 

As a young woman in the 1950s, Shirley was frustrated that men were paid more than women simply because of their gender rather than their contributions. 

However, rather than being deterred, Shirley channeled resilience, believed in herself, and took a bold leap: founding a progressive, all-female software company in the 1960s. 

Even then, success didn’t happen in a straight line, and Shirley notes that she didn’t receive a dividend for almost 25 years. 

Despite this, she remained steadfast, understanding that wrong turns and making mistakes is something that happens to everyone.

“The only people who don’t make mistakes are the ones who don’t do anything.”
– My Dad to me a hundred times as a kid.

Resilience isn’t only helpful when dealing with catastrophic mistakes. It’s a way to handle the small, simple decisions you’ve made that didn’t turn out right.

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

Take Action: The wind-blown pilot
Imagine you are the pilot of a plane taking off from Miami and heading north to Boston.

With the Atlantic Ocean on the right, there’s bound to be a strong wind pushing it westward (or to the left).

As the pilot, you set a trajectory north to Boston upon departure. Yet you are beginning to get slightly off course with the wind blowing.

Do you keep plowing ahead as planned and end up in Chicago instead?

Or do you continually and incrementally correct your course against the wind and turbulence?

The answer is obvious. You must constantly fight against external forces or never reach your destination.

You need to be resilient to change and keep pushing ahead no matter what may try and knock you off course.

There is no straight line to where you are going.

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 progressing through failure, mistakes, and upsets.

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. 

To do big things, you need to grow. To grow, you need to learn.

No matter what you are trying to accomplish, someone has already done it before you. That’s why the CEO of Saddleback, Dave Munson, embraces learning from others. 

When he spoke with me on the podcast, he shared: “I listen to wisdom from people who know more than I do. I use coaches–really wise guys that have made a whole bunch of mistakes in their past. So, they won’t do them again, and they will coach me against [those mistakes].” 

As David’s humble approach shows, thinking like an entrepreneur means knowing you don’t know everything, and seeking out mentors and coaches who have been where you are trying to go — and having the humility to accept their guidance. 

How to Develop an Entrepreneurial Mindset

You can work toward starting a business without quitting your job, without knowing how to code, and without a million-dollar idea. Having a proven online business model helps, too.

But to create a successful business, you’ll have to learn to control your inner game.

Most people are afraid to start. Or if they do start, they turn back at the first signs of struggle, convinced they don’t have what it takes.

Whether you’re an employee looking to level up your career, a 9-to-5 worker exploring how to become a freelancer, or founder and CEO of your own company – when you adopt the entrepreneur mindset, you’ll begin to accomplish more goals than you ever imagined.

Embrace Continuous Learning and Curiosity

All successful entrepreneurs are lifelong students. They know that with time, dedication, and practice, they can expand their capabilities and acquire new skills. 

This is known as a growth mindset. It’s a stark contrast to a fixed mindset, where you believe your skills and knowledge are unchangeable. 

If you have a fixed mindset, you’ll never push yourself to reach your full potential. 

Luckily, anyone can nurture a growth mindset and shake themselves out of a fixed one. Here’s some tips to get started: 

Regularly take part in activities that push you outside of your comfort zone.

Realize there’s always more to learn, whether it’s business hacks, leadership, or any area you want to develop! It’s okay not to know the answer. Be curious and enjoy the process of expanding your point of view. 

Focus on progress rather than results. The greatest reward is in the journey, not the finish line.

Be mindful of how you speak to yourself. Replace self-limiting beliefs with healthy, encouraging ones. 

Cultivate Resilience Through Failure

People with an entrepreneurial mindset view failure through a unique lens. Instead of seeing it as a sign that ‘things aren’t meant to be,’ they realize that failing is an inevitable stepping stone that gets them closer to success. 

Don’t get me wrong. Failure hurts, and it can often fuel the fires of self-doubt.

The trick is to remember that everyone – even the most successful entrepreneurs – has failed. 

The difference between them and others is that when they stumble, they get back up and find the inner strength to keep charging toward their goals. 

Set Visionary Goals and Break Them Down

Anyone can have a great idea, but few people turn great ideas into reality. That’s another critical aspect of fostering an entrepreneurial mindset: breaking down your visionary goal into achievable, linear steps. 

Doing this is crucial for a couple of reasons. 

Firstly, breaking down your goals keeps you motivated. As you progress through each goal you’ve set for yourself, you’ll feel a sense of accomplishment that will drive you forward. 

Secondly, big, audacious goals can become overwhelming without a solid plan. Creating a structure will keep you on the right path, while also offering critical points for reflection and adjustment. 

Build a Supportive Network

I’m sure you’ve heard that you’re the sum of the five people you spend the most time with. If your friends and family are negative, pessimistic, and unsupportive, it can harm your attempts to build an entrepreneurial mindset. 

That’s why it’s imperative to nurture a network of like-minded individuals also trying to unleash their potential. 

Whether connecting with fellow entrepreneurs on LinkedIn, taking an entrepreneurship course, or joining a digital community, make an effort to surround yourself with people who match your energy. 

Entrepreneurial Mindset Examples in Real Life

In addition to seeking out mentors and coaches, you can also learn from reading and listening to the stories of other successful entrepreneurs. 

I’ve had the pleasure of interviewing hundreds of exceptional entrepreneurs on the Hack the Entrepreneur podcast. Here are a couple of recent episodes where we deep dive into the mindset of an entrepreneur: 

David Asprey is a biohacker, author, nutritionist, Bulletproof executive, and entrepreneur. In this episode, he shares his insights on several hallmarks of the entrepreneurial mindset, including the importance of gratitude and learning something new every day. 

Guy Kawasaki is the chief evangelist of the popular graphic design app, Canva. He’s also written 13 business books that are used by universities world wide. Find out how cultivating a growth mindset and working a little harder than everyone else got him to where he is today. 

Take the Next Step Toward Developing Your Entrepreneurial Mindset

There are so many misconceptions about entrepreneurship and starting a business – it’s no wonder there’s so much doubt (and so little confidence).

A few common misconceptions that need to be dispelled are:

Entrepreneurs are born hustlers

You need a unique (and revolutionary) idea to be successful

Starting an online business requires technical skills

You can’t succeed without full-time effort

There are hundreds of examples from my podcast alone that prove these ideas wrong.

To be clear, mastering your entrepreneurial mindset isn’t easy. Nobody said it was. 

But if you have an unshakeable feeling that entrepreneurship is for you, don’t let it become an unfulfilled dream. 

I encourage you to use what you learned in this article to start thinking differently. Go into this journey knowing you can get past any obstacle that comes up — because you can and will.