According to Michael Kerr, an international business speaker, author, and head of the Humor at Work organization, “It’s about understanding the broad picture and thinking like an owner. Being agile means never resting on one’s laurels, casting off the shroud of complacency, and looking for fresh possibilities to grow your business. It’s about taking ownership of and taking pleasure in your company or group.”
The CEO and creator of FlexJobs, Sara Sutton Fell, describes the entrepreneurial spirit as follows: “To me, an entrepreneurial spirit is a manner of handling circumstances in which you feel empowered, inspired, and capable of taking matters into your own hands. Companies that foster an entrepreneurial spirit inside their company encourage their workers to not only identify issues, solutions, and opportunities and come up with ideas on how to address those challenges and possibilities.”
Entrepreneurial businesses are more likely to adopt an innovative approach to thinking about their goods or services and new directions in which to take the firm or new methods of doing old duties. As a result, companies with a strong entrepreneurial spirit are more likely to thrive and change rather than become stagnant and stale.
What is the entrepreneurial spirit?
It is important to distinguish between entrepreneurs and firm founders or “risk-takers” in the business world. There are important distinctions between the two words, even though many in the business world use them as if they were interchangeable.
The entrepreneurial spirit and its importance to business executives — regardless of who started the company – are relevant characteristics. However, the question remains. What is meant by the term “entrepreneurial spirit?”
Various individuals may interpret this word differently, which is natural given that entrepreneurship is all about taking risks, being subjective, and recognizing chances that others may not notice. To assist us in understanding a concept that is so subjective, we will look into successful entrepreneurs for examples of how they describe entrepreneurial spirit.
Approaching circumstances with the entrepreneurial spirit means feeling empowered, driven, and able to take matters into your own hands. Here are some of the traits that indicate that a person has a strong entrepreneurial spirit inside them:
You Question the Status Quo
As someone who uniquely sees the world, do you often feel awkward? Do you doubt everything? Asking “Why?” is an excellent place to start. If we conducted things differently, wouldn’t it be more efficient? Ask yourself. “What is the purpose of this?”
Parents, professors, and employers may find challenging the current quo annoying, but questioning originates from curiosity, which is an indication that a person has an entrepreneurial spirit. Everyday issues may be solved in novel ways by entrepreneurs who constantly seek to learn about the world around them.
Uber is an excellent example of entrepreneurialism. Rather than accepting the current quo, Uber’s founders noticed flaws in the system: paying using cash is cumbersome and time-consuming; in the rain, hailing a taxi isn’t enjoyable; and it takes time to set up a pickup with a taxi company.
They then came up with a fresh idea: why not use an app to order taxis? This way, we can connect to thousands of drivers for speedier pickup, pay immediately to save any bother, and trace every trip for greater security.
You Have Hope for a Better Tomorrow
Do you have the impression that you’ll always be able to earn more money, discover new career paths, and achieve advancement somehow? Even when others tell you that something is “hopeless,” “pointless,” or “would never work,” are you still hopeful? The entrepreneurial spirit is characterized by an insatiable desire for success and a belief in plenty. Many entrepreneurs believe that they could alter anything if they had the time and resources.
They imagine a better future and then attempt to figure out how to make that vision a reality in the present. This means that entrepreneurs do not look at problems but at opportunities. People with a strong entrepreneurial spirit typically accept full responsibility for their situations, even if the issue is not their fault. They understand that when they take ownership of a problem or concern, they give themselves the capacity to make a difference.
The Fear of Failure Doesn’t Frighten You
Your business spirit will likely be powerful if you live by the mantra “Failure is just feedback.” Those with an entrepreneurial spirit don’t fear failure because they realize that failure is only a chance to start over again with a fresh perspective. Entrepreneurs recognize that even if a project fails, it doesn’t imply they’ve failed as a person. What has occurred is they have gained crucial information that will help them succeed in the future.
You Take Calculated Risks
Does your reputation as a risk-taker conflict with your perceptions of yourself as an overly cautious individual? Because they take such big risks, entrepreneurs are perceived as either irresponsible or daring. But when these hazards challenge them, they’ll generally have a well-thought-out rationale for making the jump.
For example, after completing their education, most individuals immediately begin looking for work. After all, why take a chance? Most individuals are more inclined to weigh their alternatives when they have an entrepreneurial mindset. Perhaps they’ll go on a trip, work in a different field, or start a side company.
Entrepreneurs are aware that the greatest risk is missing out on chances.
Importance of having an entrepreneurial spirit
Entrepreneurship offers several advantages to those who choose it as a career path. Even though the job might be taxing on many occasions, entrepreneurs are in charge of determining their workload. That is to say that the functions have greater room to operate.
Additionally, the entrepreneur acquires a wide range of abilities since he is expected to be an expert in various subjects. We’ve collected a list of the many benefits of having a can-do attitude to share with you that you can teach to your children.
As an individual
Having an entrepreneurial spirit means that you are willing to take risks and be creative to create your job or business. This can be a gratifying experience, both financially and emotionally. Ideally, these are principles that your children will nurture as they grow.
Perceived propensity to follow your desires
As a rule, the possibilities of development increase when you identify with what you do. Anyone with a can-do attitude and a keen eye for business chances has an entrepreneurial spirit. On the other hand, the entrepreneur always goes farther because he gets better results and is more likely to get it right when he works on something he knows and enjoys.
Increasing the number of possibilities for achieving your goals
If you don’t have the bravery and the drive to succeed, you won’t go very far in life. When we talk about starting a business, entrepreneurs are prepared to take a chance on something that others would consider impossible or at the very least unpromising. He can achieve his aims and goals, no matter how difficult they seem to be since he has a solid drive to do so. The entrepreneur is willing to put in the time and effort required to carry their concept through to fulfillment.
Source of learning from mistakes
To become an entrepreneur, you must not be afraid to make mistakes and learn from them. Only by making mistakes can one progress and rectify their defect; it may be a harbinger of greatness. In addition, they help you better understand your strengths and weaknesses to avoid taking unnecessary risks.
An electric shock may teach a toddler to keep his hands away from the socket or cable so he doesn’t put himself in greater danger in the future. No human on earth doesn’t commit any mistake, as we all know. An essential thing is to not continue down the wrong path after becoming aware of the dangers it poses.
Values transmission and the prospect of leaving a legacy
Acting as a role model for others, especially children and workers, is another advantage of having an entrepreneurial spirit. Excellent experiences and skilled lessons are the hallmarks of someone good at passing on their ideals.
Along with that, the successful entrepreneur is someone who creates income and cultivates and gives on qualities of higher worth like bravery, tenacity, inventiveness, good fortune, and camaraderie. As well as the possibility of leaving a tangible legacy, entrepreneurs often leave an enormous, globally applicable immaterial heritage.
Additionally, the entrepreneur has the benefit of being able to operate more independently without relying on people or funds. Because he can take the initiative and risk, his capacity to act eases the burden on others. So, even when things don’t go as planned, he perseveres and manages to turn things around despite the hurdles.
In the office
An entrepreneurial spirit is contagious, and if you are a carrier, you can spread it across your office to transform your workplace environment and make it even more productive. Now, what are some other benefits of having an entrepreneurial spirit in your office? Here are some examples:
Your team is more likely to take ownership of a project if you nurture and support an entrepreneurial mindset. Instilling a strong sense of responsibility and self-achievement will ultimately establish ownership.
If the ability to think creatively isn’t already on your wish list for the perfect employee, put it there right now. Many people who work in human resources stress the need to be inventive. If you don’t allow your team to be creative and allow people to express themselves and their ideas, you’ll end up with a group that doesn’t progress. That’s hardly something anybody wants to deal with at work, right?
Assigning projects that your team has launched allows them to gain experience in leadership roles. This could mean that you have more people to gain recommendations and suggestions to elevate the business. This could also mean that you have a responsible and trustworthy right-hand that can handle their role.
The ability to communicate in a non-verbal manner
Every professional should have the ability to communicate effectively and empathize. 57% of the CEOs questioned by LinkedIn said that “soft skills” are the talents they want their staff to possess and apply.
How to instill an entrepreneurial spirit in your children
Parents can play an essential role in helping their children develop an entrepreneurial spirit. Fundamental knowledge is learned at an early age, so it’s important to include entrepreneurial and financial literacy as fundamentals as well.
Here are a few ways how to instill an entrepreneurial spirit in your children:
Teaching them about money
When teaching kids about money, the easiest way is to place a transparent money jar for your children. This will get them to visualize how much money they have. Also, it will teach them the value of consistency as they see how their $5 bill today will become $6 and 3 dimes tomorrow.
If you want to level up their knowledge, you share the business with them. You show them around the business and explain how things work, especially in their teens. Of course, touring around isn’t enough, so have them help you with the business to grasp what is actually running on a regular business day.
Setting an example
Without a doubt, children always look up and follow their parent’s actions. It’s crucial as parents to be ideal examples for your children, so applying an entrepreneurial spirit to yourself will encourage them to do the same.
If you always order food or bring a paper bag of clothes when you arrive home, they will copy that attitude too. Place your coin jar somewhere they can see and show them that you’re putting coins every day whenever you arrive.
Encouraging critical thinking
A great way to encourage critical thinking is by actually letting them handle their own money.
If your child asks for a $5 toy, let them get $5 on their money jar and show them how empty their money jar will look if they spend that $5 on a toy. You can also have them hand the money to the cashier so they can actually feel what it’s like to buy. Most of the time, they will pause and think. Whenever they do this, it’s important to explain it to them as well.
When they are already teenagers, let them have the responsibility of managing their bank account. This will be a giant leap from a piggy bank to an actual bank that they can access through their atm cards or online banking.
Introduce them to loans and credit cards as well. They must have a good grasp of these to avoid scams, impulse buying, and debt. You can also encourage them to come up with their budget. A good example would be showing them the budget for your home, so they know how to do it, and have them contribute suggestions if they have ideas in mind.
Encouraging creativity and divergent thinking
Decision-making skills is a skill that even adults find difficult to master. As parents, it’s our responsibility to hone this skill even at a young age. One example to execute this is letting them understand how opportunity cost works.
A way to do that would be telling them, “If you buy this watch, you won’t be able to afford a ticket to Disneyland.” You can also instill practical buys like buying a painting set to earn money by painting for their relatives. This will help your children practice weighing decisions.
Additionally, encouraging them to find different solutions to everyday problems will help them develop their thinking skills. Let them explore and step out of their comfort zone too. They must learn to have things done independently without asking you every step of the way.
As they grow, help them find skills they’re innately good at. For example, have you noticed that your son is great at fixing things, or does your daughter have a green thumb? Recommend them to enhance these skills sharp enough that they could potentially use to build a side hustle when they grow up. Of course, it will still be up to them if they want to make it a career.
You can also encourage them to try new things and have diverse work experience. This will expose them to many things, open opportunities, and widen their options in their journey to adulthood.
Helping them accept failures
Entrepreneurship almost invariably implies failure on many occasions. It’s a high-risk industry where things could go down any second or succeed to the top. Letting them understand how failure and success go hand-in-hand is vital for their development as well.
The most common failure in our terms could mean financial regrets. As for children, it might be impulsively buying an Iron Man stuffed toy, but when they walk by an Iron Man figurine, they want it more than the stuffed toy they just bought. It would be best to let them understand that some better things cost more and be more careful next time.
Using positive reinforcement
Positive reinforcement has been the traditional way for children to learn and get recognized for their behavior. This is because positive reinforcement can increase confidence in the child’s perspective of life. Also, it can boost self-esteem for the child’s conscious self.
For example, whenever your children did household chores, did errands, or spent money wisely, always recognize and praise them for a job well done. You can let them keep the change or add a few dollars as a reward for their behavior.
When it’s time for you to give their allowance, ask them how things are going for their savings or have they bought that laptop they’ve been eyeing for a while. Being gentle and rewarding to good behavior will ultimately affect their growth.
Letting them work
Instead of giving out allowance freehandedly, have your children work for it. Once they’ve done their chores for the day, you can let them have their allowance and maybe add a tip if they went the extra mile. This instills the value of “money is hard-earned,” a meaningful life principle they will keep when they grow up.
The idea of earning money and empowering kids to make it happen is valuable for children entrepreneurs. This way, you are holding them accountable for their money and choices.
Not giving them everything
Setting a straightforward budget for your children will help teach them to manage their own money. This will help them stick to the budget and avoid wasteful spending.
Whenever they ask for extra money, you can suggest letting them work extra chores or at their relative’s place. Maybe Uncle John needs help cleaning the yard, or Aunt Mary needs someone to look after her cats while she goes out for lunch with her friends. It will be much more rewarding for them to have money they earned themselves, rather than asking from you.
Teaching them to speak up
Speaking up is essential for running a business, especially for negotiation. As adults, we all know the wonders of negotiation does to adulthood. While they’re still young, you can practice their negotiation skills by allowing them to increase their rate or setting the freedom to ask for a bonus.
However, this is on a case-to-case basis. For instance, an 8-year-old would be happy to get an additional $5, but a 15-year-old teen, saving up for a laptop, will most likely ask for more. It’s important to compromise and negotiate with terms that are present in real life, such as asking for the minimum salary of a part-timer at a local store so they can compromise their asking rates.
Besides negotiation, teaching your children to speak in front of a group will be a helpful skill that will definitely get them to places, especially in business. Children are susceptible to stage-fright, so as young as they are now, train them to speak publicly and confidently as young as they are now.
Teaching them generosity and gratitude
In entrepreneurship, fixed and abundant mindsets are two worlds you can find in our society. Some adults who are in their journey to financial literacy have struggled to learn how to have an abundant mindset. With this, children instill the law of abundance by looking up to you and observing at home.
A simple yet effective way to do this is having a poster put up at home with sayings such as “There is plenty for everyone” or “The world has a wide range of possibilities available to me.” Children need to determine the difference between fixed mindset and abundance mindset and why abundant mindset is fundamental in entrepreneurship.
Lastly, teach them the essence of giving. It could be as simple as giving out toys that they no longer use to orphans or sharing his meal with a classmate who forgot his lunch. Let them join you in your charity work to see how generosity affects the receiver and giver. When the time comes, you can also ask them which people they want to help.
“Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma – which is living with the results of other people’s thinking. Don’t let the noise of other’s opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.” – Steve Jobs of Apple Inc
“My biggest motivation? Just to keep challenging myself. I see life almost like one long University education that I never had — everyday I’m learning something new.” – Richard Branson of Virgin Group
“It’s fine to celebrate success but it is more important to heed the lessons of failure.” – Bill Gates of Bill & Melinda Gates Foundation
“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” – Warren Buffett of Berkshire Hathaway
“There’s a silly notion that failure’s not an option at NASA. Failure is an option here. If things are not failing, you are not innovating enough.” – Elon Musk of Tesla and SpaceX
An entrepreneur thinks beyond the box when it comes to solving difficulties. Entrepreneurs take risks to create new businesses, produce new commodities, and provide new services. They go about their business with a great deal of zeal and inventive ideas. Even though entrepreneurs come from various backgrounds, they share several traits: inventiveness, good communication skills, an independent spirit, and a passion for problem-solving.
Entrepreneurship is characterized by its emphasis on innovation, creativity, and risk-taking. Embracing the entrepreneurial spirit allows people and companies to benefit from higher productivity, improved problem-solving skills, and the generation of new ideas. Entrepreneurship is complicated and fraught with numerous difficulties.
There is a significant risk of failure, which is one of the reasons why many people are reluctant to challenge the status quo. However, along with the dangers, there is the possibility of significant financial gain.
Entrepreneurship encourages society to seek out new and better solutions to long-standing issues. It is beneficial to the economy since it creates additional goods, services, and employment. At the same time, it is posing a critical force in advancing social change.
Poverty is a complex and broad problem that requires creative solutions. When a spirit of innovation and a willingness to take risks come together, society has the potential to tear down boundaries and move forward towards a more promising future.