sachin mittal
sachin mittal

Cleary, the most important aspects for an entrepreneur is his clear vision, mission, willingness to make a difference and his fulfilment in value creation. Sheer determination and persistence are also extremely crucial for entrepreneurship. For all these there has to be a specific mindset that a person should have. Certain thought processes, traits or mentality bring the desired action which eventually lead to success. A common question to me has always been about the list of pre-requisites for successful entrepreneurial mindset. Here are the ones which I feel are the most crucial:

Anticipating failure

It is rare for an entrepreneur to succeed on the very first attempt. It is also not unusual for a person to not achieve what was expected from him. What I mean to say here is that failures or potholes are bound to come. So one should always anticipate failures.

You may not win immediately but eventually you will. So what is the ultimate point in expecting failure? Learning! You need to learn as much as you can from these failures. About 549 eminent company founders have stated that one of the main reasons for their success has been learning from their own mistakes. So my advice is: learn from your failures and stop repeating them again. You may fail again, but that will teach you some new lesson and make you stronger in your journey towards your goal.

Trusting your team and delegating work

As your business grows, it becomes difficult to manage it entirely by yourself. You may have the bandwidth to supervise others, but at the operational level your involvement would not be possible all the time. For this reason, you need to hire the right people at the right time for the right position. You have to make a team out of those efficient and intelligent people.

Finally you have to trust them and delegate work fairly. Your apprehension for their work won’t work here and you definitely need to stop micromanaging. You must be confident about them, as you are about yourself. Once such an outstanding team is in place, your business will flourish. Hence trust is one of the important mindsets of a successful entrepreneur.

Thirsty for knowledge and new skills

The moment you think that you have known everything on earth is the moment when your business will cease to exist. This mentality is dangerous. You should be eager to learn more, know more even if that is in no-way related to your enterprise. I believe a knowledge acquired never goes wasted. You can apply it sometime in future for some value addition. New skills, technology, techniques are always worth learning for an entrepreneur.

Going by your instincts

Since you are an entrepreneur, your path will be comparatively less travelled, less tested or less crowded. There may come a situation when no one is there to suggest you something, advice you or help you take a decision. Then it is only your instincts that will guide you. Never lose hope on your ‘gut-feeling’. This will only drive you when you have no second help. Hence there should be a risk-taking mindset. Never step back considering the uncertainties. Have the courage and optimism to handle the consequences.

Always remember one thing; your action is driven by your thoughts which in turn depends on your mindset. If you already have these four elements in you, you have what it takes to make it big!