Adopting the Entrepreneurial Mindset for Success
What is an entrepreneurial mindset?
Think: scrappy, innovative, resilient and creative. When you possess an entrepreneurial mindset, you focus on creating new opportunities rather than filtering through existing alternatives. You think outside the box, challenge the status quo, and aren’t afraid to take risks. You don’t get too comfortable when things are working well but rather explore new possibilities for better outcomes. You don’t have to be a CEO to be a change-maker. After all, it was a design intern at Spotify who came up with “Wrapped.”
Companies have been steering away from traditional thinking in an ever-evolving world of emerging technologies and continuous innovation. The corporate thought process has been shifting from “it’s always worked this way” to “how can we make it work better,” and recruiters want to see new talent reflecting the ideals of an entrepreneurial mindset. According to a survey by the National Association of Colleges and Employers, or NACE, nearly 90% of employers look for problem-solving skills on a candidate’s resume, a.k.a. the heart of entrepreneurship. Effective problem-solving has become an increasingly important facet across the board, with top players like Google, Spotify, L’Oréal, and Nike encouraging innovation from all their members. Learning how to adapt to this cultural shift is essential, whether you want to start a business, take on an intrapreneurial role, or are still figuring things out.
Why are companies adopting this mindset?
Companies must maintain a competitive edge to stay ahead of the game as the business landscape rapidly evolves. Adopting this mindset allows companies to generate ideas with more agility and efficiency. It enables them to laser in on their consumers’ needs and develop more effective solutions. Companies can embrace growth orientation to explore untapped markets and stay on top of trends to drive success.
How does this impact you?
Being a college student gives you a competitive edge of your own, equipping you with knowledge of newer technologies, emerging trends and fresh perspectives. You can become a more valuable asset by embracing the entrepreneurial mindset that aligns with companies’ innovative spirits. When a company compares you to other candidates, a pattern of old-fashioned thinking compared to your peers’ original projects and perspectives may hold you back from getting your dream job.
What can you do about it?
Challenge the Status Quo
Start questioning the world around you. What are some of the biggest problems you face? How are they currently being solved? How can you solve them better? Train your mind to seek growth opportunities rather than complacently accepting the norm. You’ll soon learn that there is always room for improvement — making something faster, cheaper, more durable or sustainable. You never know what’ll hook you in and become your new passion.
Participate in Innovation Competitions
Entering innovation competitions is a great way to enhance your entrepreneurial thinking, whether you already have an idea going in or want an excuse to challenge yourself. You’ll learn how to effectively pitch your ideas, build an impressive business model, and gain respectable feedback on your project. From the general college level to industry-specialized competitions, there’s a great opportunity waiting for you. Even some of your favorite companies host their own innovation competitions that could lead to an internship, a great network, and even further developing your idea with them.
L’Oréal Brandstorm, for example, is a great way for beauty lovers to contribute to the industry and pitch their ideas, oftentimes blending cosmetics with technology. Just by participating, you get a certification that can boost your resume and a project you can discuss in interviews and at networking events. Your university most likely hosts its own competitions. At Rutgers, events like Scarlet Pitch provide a platform for all majors to present their ideas and potentially get selected to participate in larger competitions.
Enroll in Entrepreneurial Courses
You don’t have to be a business major to reap the benefits of an entrepreneurial course. For example, Rutgers University offers an entrepreneurship minor for non-business majors and consists of several immersive projects. You even get the chance to work with real clients to improve their companies’ initiatives! Taking workshop-based courses, such as the IDEA Incubator at Rutgers, provides you with the necessary guidance to build out your idea and understand all of its moving parts. These unique learning opportunities enhance critical thinking and problem-solving skills that will help you excel in your career.
No matter what your trajectory looks like, thinking like an entrepreneur will open up your mind and strengthen you as a young working professional. Whether it sets you on a different path or propels you in your current journey, adopting the entrepreneurial mindset may very well be your ticket to success.