How to think like an Entrepreneur

You might be saying: “I’m not an entrepreneur – so how can I think like one?”

But in reality, entrepreneurs aren’t superhuman. They’re just people like you who have worked hard to turn their ideas into reality. Read more about what an entrepreneur is.

Everyone has ideas, creativity and skills. These can be used to develop what’s sometimes called an ‘entrepreneurial mindset’ – which simply means thinking like a successful business person when looking for opportunities or facing business challenges.  

For instance, it might involve looking at tricky situations in a positive way or refusing to let problems stop you when the going gets tough. It could mean thinking how to create a winning brand or knowing which products to stock so you can sell to many customers.   

So, how do YOU start thinking like an entrepreneur?

Be positive 

Being willing to see the upside in tricky situations is a useful skill in business. Ask any successful entrepreneur and they’ll tell you there will be obstacles and setbacks along the way. It’s how you deal with them that counts. 

So, rather than being stopped in your tracks when problems arise, look for solutions. Always try to find ways to improve the situation, no matter how tough. Having a problem-solving attitude can help drive you forward and build a highly successful business.

Learn new things

Entrepreneurs are typically open to new ideas and different ways of doing things. They are eager to learn. So, why not try something new like a different hobby or volunteer to take on extra responsibility at school or work?  Could you sign up to an internship at a local company so you can increase your knowledge? 

Experiencing new things can be a great way to come up with new ideas or you might spot a new way of doing something. Either way, you’ll gain experience, learn things you didn’t know and add to your skills. 

Be nosy

Understanding why people buy certain products or services will give you a huge leg up when it comes to starting and running your business. After all, if you can fine-tune your business to exactly what your customers want, you’ll be in a strong position to succeed. Ask friends and family about their buying habits. Think about why you like certain products or brands. You could spot a gap in the market or even come up with a new idea on how to bring two different services or products together.

Set goals

Setting out your business goals into bite-sized chunks is a great way of keeping your ideas on track. Tasks could include coming up with a business name or logo, creating a business website or finding suppliers. Keep a record of what you achieve and you’ll be able to look back and learn lessons from everything you’ve done.

Bounce back

Even the most successful entrepreneurs have been through times when their ideas didn’t work out or they lost money. What really counts is how you react when things are tougher than you expected. Successful business people have the will to bounce back when things go wrong. They remain determined and are willing to learn from their mistakes as well as their successes. Winners never give up.

Read our Real Start Up Stories

How entrepreneurial are you? Find out using the Enterprise Catalyst on the Big Ideas Wales Website