5 Entrepreneurial Mindsets for Wealth Creation & Management

Definition of an Entrepreneurial Mindset

Typically, an entrepreneurial mindset is a kind of thinking that improves your ability to confound challenges, become assertive, take certain risks, and accept responsibility for decisions.

How Does Developing an Entrepreneurial Mindset Relate to Wealth Creation?

For most people, the thought of running a business or having a credible investment can be scary and uncomfortable. The reason for this is because — the majority of the populace is still socially programmed to ‘consume’, i.e, consuming goods and services, consuming content in form of education or entertainment, chasing after jobs, and trying to get employed by big companies (established by entrepreneurs).

5 Entrepreneurial Mindsets to Adopt & Sustain

Repealing the consumer mindset is simply the inception of the entrepreneurial ‘mindset shift’. There are five key steps to adopt and nurture to complete the process.

1. Adopting a Mindset of Abundance

There are two common mindsets to have- a mindset of ‘scarcity’ and a mindset of ‘abundance’. The former is a devaluation of self and observation, while the latter is an appreciation of self and observation. People with a scarcity mindset always believe that: there are never enough resources or opportunities for them, or they are not strong and confident enough to take on certain tasks, challenges, or activities. Because of this kind of mentality, they become stagnated in one position, neither moving forward or backward. They become comfortable with ‘consumerism’ in this context.

2. Polish Your Creative Mindset

Retaining a creative process is a critical part of developing an entrepreneurial mindset, and it is one of the secret sauces to wealth creation. Co-Founder of Pixar and former Disney president-Edwin Catmull once said;

3. An Open-Mind Combined with Knowledge

An old business coach of mine, Kenny Nwokoye, introduced me to the dangers of what he called the ‘fixed mindset’. He said that individuals with a fixed mindset are proud and arrogant about what they already know or believe in, that they are not willing to learn anything else, believe in anything else, or invest their effort and resources in anything else. And people with such a mindset cannot create wealth or grow to be financially stable because they are not open-minded and are not willing to expand their knowledge on what’s possible.

4. Building Consistency

An entrepreneurial mindset demands consistency just like every other important thing in life. If you wish to create substantial wealth you have to be mentally disciplined in staying consistent with your plans and objectives. Don’t allow the myriad of choices and distractions to sway you from achieving your target. To learn more about how to stay consistent in a world full of choices see this.

5. Evaluating Risk

The mental ability to evaluate risks while making decisions on; monetary savings, financial investments, or simply designing a new business model, is what distinguishes a successful and wealthy individual from a broke and clueless individual.

This is Noteworthy

Wealth creation requires a mindset that reduces consumerism and embraces entrepreneurship. The entrepreneurial mindset discussed in this post is not to nudge you towards the painstaking process of starting a business, but to help you understand the integral connection between mind and wealth.

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