The Five Must-Have Core Competencies Entrepreneurs Possess

Let’s talk about something critical: mindset. Why? In my experience, it is the determining factor of an entrepreneur’s success or failure.

Throw luck and timing out the window. Because even those hinge on mindset.

The entrepreneurial mindset is unique, to say the least. Quite frankly, not everyone has it. To give up the security of a steady 9-to-5, you’ve got to check your mindset regularly. Doing so consistently will help overcome the everyday obstacles. And it will keep you focused.

Do you possess the entrepreneurial mindset core competencies?

Take a look at what I consider to be the five most important core competencies of an entrepreneur. It’s okay if you don’t stack up now, but think about the areas where you can improve.

Positive mental attitude: 

This is paramount and must be pervasive in everything you do. Because dwelling on the negatives will sap you of the vital energy to produce results. If you’re surrounded by naysayers, then it’s best to kick them out. If the naysayer is you, then go back to your basics to refresh your memory as to why you can achieve your goals.

Creativity:

The ability to solve problems (fast!) and respond to opportunities can help you shortcut success. Lift your head up, take a walk, breathe, meditate, listen to music . . . and you can find the answers you need.

Persuasive communication: 

Look, no one’s going to buy into what you’re pitching if you can’t not only communicate your vision but ALSO persuade people to buy into what you’re doing. Expertise, combined with passion, can win over practically any audience. If you’re lacking here, there are mountains of sales programs available to help polish your persuasiveness.

The “It Factor”:

Here I’m talking about your talent and work ethic. Think of athletes, for example. How often do we see someone with raw talent that goes wasted because there was no DRIVE to be great? The same goes for entrepreneurs. You must imbue your days with absolute commitment to achieve your goals. It is a simple equation, and I highly encourage you to write it down somewhere:

Talent + Work Ethic = It Factor

(I hate to say it, but if you lack either ingredient, you might need to do some soul-searching.)

Resiliency:

So the venture capitalists rejected you again, huh? Ouch.

That new product launch was a flop? Bummer.

No one else cares. But you sure do. The question here is, how do you react to setbacks?

If you’re a warrior entrepreneur, you learn from failures and capitalize on them. There’s a saying in entrepreneurial circles, and it’s “fail fast.” Get your failures out of the way quickly, learn from them, and move forward.

Now’s a good time to re-read the list and think.

Be honest with yourself. Odds are good that you already possess the core competencies of the entrepreneurial mindset. I mean, you’re reading this email, right?

And if you don’t have them? You start to build them. You invest in your SELF every single day. That means an honest self-assessment, then active research on how to shore up possible weak spots. You may reach a point where you realize the most expeditious route is to join a support group or even take on a partner or two who DO have the core competencies you need.

Here’s what I know:

Everything you want in life will require you to go through periods of struggle. It’s unavoidable. It’s going to happen if you pursue anything worth anything.

The key now is to sharpen your mindset tools every day because you are going to need them.

This site has a few good resources to help you out with your entrepreneur journey.