Mindset entrepreneurship

Entrepreneurship is a function of the entrepreneur. Mindset is what separates the best from the rest. Entrepreneurship is primarily a function of mindset. An idea may be brilliant, but it takes the right mindset to recognise an opportunity, solve a problem and turn an idea into something valuable. If you are an aspiring entrepreneur, cultivate an entrepreneurial mindset deliberately by moving with and understudying entrepreneurs and innovators in their own right.

Dr Anton Howes, a historian of innovation, through his research into a list of just under 1,500 individuals from the mid-sixteenth century through to the mid-nineteenth century, discovered that 83 per cent of the innovators in his research knew another innovator before becoming innovators themselves. The implication is that innovation is a skill that can be developed through exposure, association and collaboration. We learn by working with, inspiring and being inspired by the people around us. Our associations influence the questions we ask, the problems we notice and the possibilities we pursue.

Mindset and mirror neurons

Biologists have studied the brain and its functions, identifying certain neurons, commonly known as mirror neurons, that are associated with observing and reflecting the actions of people around us. Watching others perform certain actions can activate corresponding responses in our brains, helping us understand and learn from their behaviour.

Imagine living and working among great entrepreneurs and innovators like Aliko Dangote and Elon Musk. Imagine the inspiration, conversations, worldview and mindset such an environment might encourage. Exposure to people who think boldly can stretch your imagination and challenge your assumptions. Their approach to problems may influence you to look beyond complaints and begin exploring possibilities. A problem becomes more than something to worry about; it becomes a responsibility to find a solution.

Association influences how we think, and how we think influences what we attempt. While proximity alone does not guarantee success, the right environment can stimulate ambition, encourage learning and inspire action. Mindset is the beginning of entrepreneurship.

Mindset and the knowledge economy

What creativity is to innovation is what the knowledge economy is to societal transformation. In this age and time, entrepreneurship is no longer something we practise in isolation. Creative and knowledge workers across various industries are significant contributors to innovation and societal transformation. Their ideas, skills and collaborations continue to shape the products, services and systems that influence our everyday lives.

Access to information is now democratised. Information is readily accessible and can be processed into something of value by anyone willing to learn and apply knowledge innovatively. However, access to information alone does not create value. What matters is our ability to interpret, question and apply what we know to solve problems.

Innovation is a response to an identified problem. It is applied creativity or knowledge to create value. It might surprise you to know that at least 33 per cent of the innovators in Dr Howes’ research were improving areas in which they had absolutely no expertise. For at least a third of these innovators, identifying a problem became the starting point for learning something new. Some educated themselves to find solutions, while others collaborated with skilled people to develop their ideas.

This demonstrates that an entrepreneur does not necessarily need to know everything. What matters is the willingness to learn, the ability to recognise knowledge gaps and the wisdom to collaborate with people who possess the required expertise. Sometimes, the most important entrepreneurial skill is knowing what you do not know and being intentional about finding out.

Mindset and leadership

Innovators like Jack Ma, founder of Alibaba, demonstrate that entrepreneurial leadership is not restricted to technical experts. Although not primarily known as a technology specialist, Ma recognised the potential of modern technology and built a business around it. While technological skills are essential in this age and time, technical expertise alone does not guarantee entrepreneurial success. Everything rises and falls on visionary leadership.

There are individuals who may know very little about technology yet demonstrate exceptional entrepreneurial and innovative capabilities. They understand people, identify needs, recognise opportunities, make decisions and bring the right people together to achieve a common vision. Consider Steve Jobs, whose contributions went beyond technology to include design, user experience and the vision of how technology could improve everyday life.

Dr Howes’ research also reminds us that innovation is not exclusively the territory of specialists. People can make meaningful contributions outside their original areas of expertise when they are curious, resourceful and willing to learn.

Innovation is a mindset. Innovative minds can be empowered. The energy of innovation is from one to infinity because ideas can be shared, adapted, improved and multiplied through collaboration. However, it is very rare to be an inventor. Fewer than 10 per cent of the innovations Dr Howes studied were completely new ideas. It is rare to invent something entirely new. Much of what we celebrate as innovation involves improving existing ideas, combining different concepts or applying existing knowledge in new ways. While invention introduces something entirely new, innovation creates opportunities to make existing things better, more accessible and more valuable. The energy of invention may begin with one, but the energy of innovation can multiply through many.

The entrepreneurial mindset

Simply put, the mindset of an entrepreneur is the lens for problem-solving, innovation and value creation. Dr Howes’ research suggests that association with innovators can help develop innovative capacity. The entrepreneurial mindset is perhaps the most tangible asset in entrepreneurship because it shapes how individuals perceive opportunities, respond to uncertainty and approach challenges.

It is a primary raw material for entrepreneurial success. Success in business or entrepreneurship is not necessarily a function of nationality or geographical location; it is often a product of intentionality. That is a mindset! It is the intentional pursuit of a worthy entrepreneurial vision and the commitment to providing everything it needs to become a reality.

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An entrepreneurial mindset does not mean ignoring profit. A business must be sustainable to survive and grow. However, profit should not become the only reason for its existence. The entrepreneurial mindset focuses on impact and not profit alone, contribution and not recognition, value creation and not consumption. It asks not only what can be gained but also what problems can be solved, whose lives can be improved and what meaningful contribution can be made to society.

Ultimately, entrepreneurship begins in the mind before it becomes visible in the marketplace. The way we think shapes what we see; what we see influences our ideas; and the ideas we act upon can transform communities. Cultivate the right mindset, learn from others, remain curious beyond your expertise and turn knowledge into action.

As an entrepreneurial leader in my own right, I believe that innovative minds must not only be inspired but also empowered to create meaningful impact. This is the philosophy that drives us at ThinkUP Innovation Hub. We are committed to nurturing entrepreneurial thinking, developing innovative capabilities and improving quality of life through Digital Innovation and Entrepreneurship programmes, career counselling and business consultancy.

We invite aspiring entrepreneurs, creative thinkers, professionals and organisations to join us in exploring possibilities, developing ideas, solving problems and creating value. At ThinkUP, we believe every innovative mind holds the potential to make a difference, and every great possibility deserves the opportunity to become a reality.

ThinkUP Innovation Services: Empowering Innovative Minds. Improving Quality of Life.