8 Key Components of Entrepreneurial Spirit

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Entrepreneurial spirit — meaning the desire to grow and build something in the workplace — is more than an attitude. It’s an all-over mindset, a process of thinking that doesn’t come naturally to everyone, although it can be learned. The entrepreneurial spirit is driven by a passion to lead, the feeling of empowerment, the motivation to make changes and take risks and good critical thinking skills that drive innovation and engagement.

Entrepreneurial Spirit and Mindset

This entrepreneurial mindset is infectious in workplaces where employees feel empowered to make choices and are dedicated to the company’s success. Whether you’re considering an entrepreneurial business launch, evaluating your team or looking to make changes in a larger workplace, here are eight key components of the entrepreneurial spirit that you should embody to drive your company to success.

1. Passion and Drive

Having an entrepreneurial spirit at work is critical. People with this personality line up their work with their passion. They have consistent drive and motivation to push forward. They are invested in the work and the company on both professional and personal levels.

2. Having Natural Leadership

Entrepreneurs naturally take charge in situations without having to think about it; they have that instinct that lets them stand up and put themselves in that role. They’re comfortable being at the front of a team and are able to suggest direction and provide guidance.

3. Questioning the Status Quo

These leaders are always thinking of ways that things could improve and be better. They’ve likely put a lot of thought into ways they would change a business or workplace. The phrase we’ve always done it that way is an enemy to the entrepreneurial spirit.

4. Comfortable With Risk-Taking

Entrepreneurial spirits are not afraid to take risks. Part of starting a business is taking a chance on yourself and your ideas. With entrepreneurs, the risks are carefully calculated, but there’s an underlying understanding that not everything will be a success, which makes a certain level of risk absolutely acceptable.

5. Able to Accept Failure

Setbacks are part of every business’s life. Those with entrepreneurial spirit acknowledge when risks don’t pan out and are able to quickly bounce back with counter ideas. The flexibility and agility required to accept a roadblock and move on are at the heart of the entrepreneurial spirit.

6. Empowerment for Decision-Making

The entrepreneurial spirit is all about feeling empowered to make decisions about the business. It combines having the confidence in your own decision-making process, leadership abilities, and the understanding and acceptance of risks. This applies to all employees in a small startup; everyone should feel like they can make decisions at their level.

7. Having Deliberate Execution

Entrepreneurs take action. They understand that even the best idea isn’t worth anything until it’s put into place and made real. When it’s time to make a choice, they’ll do so decisively and move forward to execute their plan when it’s time.

8. Being Challenge-Motivated

Entrepreneurial spirits see problems to solve and think, I want to take that down. They’re optimistically motivated by challenges and roadblocks, immediately engaging to critically analyze and attack the challenges in their path. They enjoy the process of deconstructing problems.

Promoting Entrepreneurial Mindsets

To promote the entrepreneurial spirit in your workplace, it’s important to first start by building a level of trust that lets employees know it’s okay to try new approaches. Show this in action as well of words: discuss taking risks, lead critical analysis on the status quo and acknowledge how failures can become learning opportunities. Management and leadership have to embody the entrepreneurial drive — and walk the walk — in order to lead by example. Use these eight components to look for employees who embody this drive and confidence, and encourage your team to pick up these ideals and use them in their daily work.

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About the Author

Danielle Smyth is a writer and content marketer from upstate New York. She has been writing on business-related topics for nearly 10 years. She owns her own content marketing agency, Wordsmyth Creative Content Marketing (www.wordsmythcontent.com) and she works with a number of small businesses to develop B2B content for their websites, social media accounts, and marketing materials. In addition to this content, she has written business-related articles for sites like Sweet Frivolity, Alliance Worldwide Investigative Group, Bloom Co and Spent.