{"id":58406,"date":"2022-10-05T23:59:13","date_gmt":"2022-10-05T23:59:13","guid":{"rendered":"https:\/\/we-bc.ca\/?p=58406"},"modified":"2022-10-05T23:59:17","modified_gmt":"2022-10-05T23:59:17","slug":"how-to-develop-entrepreneurial-mindset","status":"publish","type":"post","link":"https:\/\/blogs.we-bc.ca\/en\/how-to-develop-entrepreneurial-mindset\/","title":{"rendered":"How to Develop Entrepreneurial Mindset: Be Cautiously Bold"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>The Cautious-Bold Continuum<\/strong><\/h2>\n\n\n\n<p>When it comes to entrepreneurial mindset, I\u2019ve noticed that many early entrepreneurs fall into a continuum. On one end is the <em>bold <\/em>entrepreneur. This person signs a business lease before they have the money to pay the rent, shells out $50,000 to manufacture a prototype for a (hopefully) revolutionary product, and shouts about their product from the rooftops (even if it\u2019s not quite ready\u2026). This person is in business!<\/p>\n\n\n\n<p>On the other side is the <em>cautious <\/em>entrepreneur. This person has a business idea, and they\u2019ve spent countless hours working on their logo, crafting a perfect <a href=\"https:\/\/we-bc.ca\/online_resources\/how-to-write-an-effective-business-plan\/\" target=\"_blank\" rel=\"noreferrer noopener\">business plan<\/a>, and <a href=\"https:\/\/we-bc.ca\/online_resources\/what-is-market-research-what-can-it-do-for-you\/\" target=\"_blank\" rel=\"noreferrer noopener\">researching the market<\/a>. If they can do something sitting comfortably behind their desk, they\u2019ve probably done it. They might tell a few friends about their idea, but they keep it pretty quiet in case it doesn\u2019t work out. And, critically, they often struggle to execute their idea.&nbsp;<\/p>\n\n\n\n<p>Do either of these sound familiar? Maybe too familiar? The good news is, there\u2019s no right way or wrong way to be an entrepreneur. With a bit of work, you can adjust your mindset to become a better entrepreneur.&nbsp;<\/p>\n\n\n\n<p>If you\u2019re naturally cautious, how can you become more bold to drive your business forward? And if your boldness is becoming a liability, what tactics can help you become more cautious and balanced?&nbsp;<\/p>\n\n\n\n<p>As a <a href=\"https:\/\/we-bc.ca\/what-we-offer\/advisory-services\/\" target=\"_blank\" rel=\"noreferrer noopener\">Business Advisor<\/a>, I\u2019m also a Certified Entrepreneurial Mindset Profile\u00ae Practitioner. In this post, I will explore some of the characteristics of successful entrepreneurs (based on the EMP framework) and some tips on how to take action.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Balancing Your Entrepreneurial Mindset<\/strong><\/h2>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Entrepreneurial Mindset: Risk Acceptance<\/h3>\n\n\n\n<p>Entrepreneurship involves risk\u2014there\u2019s no getting around that. Some people are scared to take any risks, and some people bet the farm to less-than-ideal results. But the good news is, anyone can shift their mindset to become more risk astute. Here are some actions you can take.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><em>Tips for Becoming Bold:<\/em><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>No risk, no business:<\/strong> Think about shifting your mindset to see risk as a necessary part of building a business. You know what they say\u2014<em>No risk, no reward!<\/em> Many successful entrepreneurs will say that the real risk comes from missed opportunities. So instead of thinking of risk as a potential loss, think about it instead as a potential gain, and an unavoidable part of doing business.<\/li><li><strong>Be logical about your fears:<\/strong> An inability to take risks often comes from a place of fear. Next time you have to make a big decision, think through the worst case scenario. What is really the worst that could go wrong? How could that be mitigated?<\/li><li><strong>Practice risk and experimentation:<\/strong> Try taking small risks in your day-to-day life. Order something new at a restaurant, or (gasp!) let Netflix pick the TV show for you. Then apply this mindset to your business, and start small! Change the colour on your website or try a new promotion. You will see that risk-taking can be beneficial, and not as scary as you thought.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><em>Tips for Becoming Cautious:<\/em><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Use a Risk Matrix:<\/strong> If you tend to take risks without always thinking it through, then maybe you need some tools in your toolbox. One approach is to use a risk matrix.\u00a0<br><br>To put together a risk matrix, write down all of the risks you could face when starting your business or embarking on a new project. Then, rate each risk based on 1) the probability of it happening, and 2) the level of harm it would result in (there are lots of examples online!). You will soon see that some risks are \u2018riskier\u2019 than others, which will guide your decision making.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Learn about Risk Control:<\/strong> Risk control helps you to treat risk in certain ways to lessen their impact. You can use tactics to avoid the risk, transfer the risk to someone else, mitigate the impact of the risk by taking some pre-emptive action, or accept the risk and plan for contingency. Using risk control and a risk matrix together is a winning combination!<\/li><\/ul>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><em>Be clear about what you need input on. Instead of asking, \u201cWhat should we do?\u201d try saying, \u201cHere\u2019s what I\u2019d like to do, and here\u2019s why.\u201d<\/em><\/p><\/blockquote>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Entrepreneurial Mindset: Action Orientation<\/h3>\n\n\n\n<p>Entrepreneurs often have high Action Orientation, which means they like to take quick and decisive action. This is usually good, but not if you\u2019re acting based on incomplete information. On the other hand, people with low Action Orientation are more likely to hold back on taking action, usually because they want more information before they make a decision. They may also be procrastinating\u2014driven by perfectionism or a fear of failure.&nbsp;<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><em>Tips for Becoming Bold:<\/em><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Map your decisions: <\/strong>If you\u2019re an analytical person, it can be hard to make decisions. I call this \u201cAnalysis Paralysis.\u201d But, you can also put those skills to good use to become more Action Oriented. When you\u2019re getting stuck on a decision, take the time to map things out at a really high level.\u00a0<br><br><em>What is the decision you need to make?\u00a0What is your deadline to make the decision?\u00a0What information do you need before you can make the decision?\u00a0<br><\/em><br>This map can serve as a touchpoint when you find yourself going down rabbit holes (It\u2019s funny what you will spend your time on when avoiding making a decision!)<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Practice taking action: <\/strong>Much like risk taking, it takes practice to develop action orientation. Try breaking down a task into small pieces and set timelines for each piece (e.g. take four hours to price production costs or research potential suppliers).\u00a0<br><br>Allow yourself that set amount of time for the task, then walk away and take a break. Then, revisit your decision map. What does your gut tell you based on your analysis? Still need more information? That\u2019s ok, but limit the time, and always check back on your map.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Change your mindset: <\/strong>Entrepreneurs must move quickly to adapt to changes in the market\u2014that\u2019s just the way it is. Try treating this as a core competency or value that you can work on, rather than a shortcoming. For example, you could name this in your business strategy as part of your mission or values\u2014<em>\u201cWe make thoughtful, expedient decisions to stay ahead of trends and maximize profit.\u201d<\/em>&nbsp;<\/li><\/ul>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><em>Tips for Becoming Cautious:<\/em><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Build\u00a0 a circle of advisors: <\/strong>Action-oriented people tend to make decisions independently but, as they say,<em> \u201cIf you want to go fast, go alone; if you want to go far, go together.\u201d\u00a0<\/em><br><br>So set up a structure that works for you to <a href=\"https:\/\/we-bc.ca\/what-we-offer\/mentoring\/peer-groups\/\" target=\"_blank\" rel=\"noreferrer noopener\">consult with people you trust<\/a>, but don\u2019t get bogged down in consensus building or bureaucracy. Be clear about what you need input on. Instead of asking, <em>\u201cWhat should we do?\u201d<\/em> try saying,<em> \u201cHere\u2019s what I\u2019d like to do, and here\u2019s why.\u201d<\/em><\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Back up your gut feelings: <\/strong>You don\u2019t want to get analysis paralysis, but you need more than your gut to make decisions. Use the mapping exercise outlined above under \u201cBecoming Bold,\u201d Allow yourself the time to dig into your question, and don\u2019t be afraid to delegate the research if it\u2019s not your skill set\u2014just be sure to listen once you get the results!<\/li><\/ul>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><em>Engage with other entrepreneurs to learn about their challenges and successes. You will quickly see that no one knows everything, and\u00a0even the most successful entrepreneurs question their abilities sometimes.\u00a0<\/em><\/p><\/blockquote>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Entrepreneurial Mindset: Self-Confidence<\/h3>\n\n\n\n<p>Finally, let\u2019s discuss self-confidence. Many entrepreneurs have high self-confidence\u2014they believe they have the skills and talents needed to reach their goals. This can help them get others to rally behind their mission, but also can come across as arrogant.&nbsp;<\/p>\n\n\n\n<p>What if you lack confidence? Well, this can make it hard to gain trust, and second-guessing yourself is sure to slow down decision-making.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><em>Tips for Becoming Bold:<\/em><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Remind\u00a0yourself of your awesomeness<\/strong>: It\u2019s normal to feel overwhelmed and like you don\u2019t have what it takes. No one knows everything about everything.\u00a0<br><br>Write down a few things that you recently succeeded at doing. When you\u2019re lacking confidence, look at this list to remind yourself you\u2019re capable of success.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Act as if:<\/strong> Sometimes it helps to \u201cact as if\u201d you are already a successful business person, even if you feel like you\u2019re pretending. Ask yourself what a successful business person would do, and then do it! Confidence breeds confidence.\u00a0<br><\/li><li><strong>Connect with a community:<\/strong> Engage with other entrepreneurs to learn about their challenges and successes. You will quickly see that no one knows everything, and\u00a0even the most successful entrepreneurs question their abilities sometimes.\u00a0<br><\/li><li><strong>Be the best:<\/strong> Want to build your confidence? Offer the best product or service you can. Build your skills and knowledge by <a href=\"https:\/\/we-bc.ca\/what-we-offer\/skills-development\/\" target=\"_blank\" rel=\"noreferrer noopener\">taking courses<\/a>, joining industry associations, and keeping up with the latest developments. When your business is successful, your confidence will grow.\u00a0<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><em>Tips for Becoming Cautious:<\/em><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Look at the source: <\/strong>Sometimes high self-confidence is actually low self-esteem in disguise. Do you find yourself constantly trying to prove yourself? You might want to adopt the mantra <em>\u201cShow, don\u2019t tell.\u201d<\/em> Let your actions and results speak for themselves.<br><\/li><li><strong>Ask questions: <\/strong>Here\u2019s another saying: <em>\u201cYou have two ears and one mouth for a reason.\u201d<\/em> If you\u2019re prone to talking a lot, make an active effort to listen more and speak less. When you do speak, <a href=\"https:\/\/we-bc.ca\/5-key-questions-to-ask-your-business-mentor\/\" target=\"_blank\" rel=\"noreferrer noopener\">try asking more questions<\/a>.<\/li><\/ul>\n\n\n\n<p>Wherever you sit on the bold-cautious continuum, I hope these tips give you some tangible ideas for how to adjust your entrepreneurial mindset and get your business to the next level!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Cautious-Bold Continuum When it comes to entrepreneurial mindset, I\u2019ve noticed that many early entrepreneurs fall into a continuum. On one end is the bold entrepreneur. This person signs a [&hellip;]<\/p>\n","protected":false},"author":271,"featured_media":58642,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[637],"tags":[983,436,521,579,550],"location":[],"class_list":["post-58406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-leadership-wellness","tag-entrepreneurship","tag-leadership","tag-mentoring","tag-women-entrepreneurs","tag-women-in-business"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Entrepreneurial Mindset: How to Develop Yours - WeBC<\/title>\n<meta name=\"description\" content=\"Explore some of the characteristics of successful entrepreneurs, and learn some tips on how to develop an entrepreneurial mindset.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/we-bc.ca\/how-to-develop-entrepreneurial-mindset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Entrepreneurial Mindset: How to Develop Yours - WeBC\" \/>\n<meta property=\"og:description\" content=\"Explore some of the characteristics of successful entrepreneurs, and learn some tips on how to develop an entrepreneurial mindset.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/we-bc.ca\/how-to-develop-entrepreneurial-mindset\/\" \/>\n<meta property=\"og:site_name\" content=\"WeBC\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-05T23:59:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-05T23:59:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/we-bc.ca\/wp-content\/uploads\/2022\/10\/iStock-1351107558.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1254\" \/>\n\t<meta property=\"og:image:height\" content=\"836\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Kelly Masson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kelly Masson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/we-bc.ca\\\/how-to-develop-entrepreneurial-mindset\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/we-bc.ca\\\/how-to-develop-entrepreneurial-mindset\\\/\"},\"author\":{\"name\":\"Kelly Masson\",\"@id\":\"https:\\\/\\\/we-bc.ca\\\/#\\\/schema\\\/person\\\/7acbc92514bfee0cdd2c88072c8aeac6\"},\"headline\":\"How to Develop Entrepreneurial Mindset: Be Cautiously Bold\",\"datePublished\":\"2022-10-05T23:59:13+00:00\",\"dateModified\":\"2022-10-05T23:59:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/we-bc.ca\\\/how-to-develop-entrepreneurial-mindset\\\/\"},\"wordCount\":1615,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/we-bc.ca\\\/how-to-develop-entrepreneurial-mindset\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/blogs.we-bc.ca\\\/wp-content\\\/uploads\\\/2022\\\/10\\\/iStock-1351107558.jpg\",\"keywords\":[\"entrepreneurship\",\"leadership\",\"mentoring\",\"women entrepreneurs\",\"women in business\"],\"articleSection\":[\"Leadership &amp; 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