All the Values and Skills You Need to Become a Successful Entrepreneur

Princess Anaviso

Princess Anaviso

Last updated September 19, 2022

Entrepreneurship is not an exclusive club reserved for only the elite few. You don’t need degrees and diplomas to get in—it’s a vocation that welcomes anyone who’s bold enough to try. 

But that isn’t to say that everyone who sets out to be an entrepreneur finds success. In fact, 20% of small businesses fail in their first year—and that rate only increases with time. By the 10th year, 70% of small businesses inevitably go under.[1]

What separates the remaining 30% from the rest of the pack? Many argue that cultivating an entrepreneurial mindset is the key. There’s no secret recipe or magic formula to success, but there are common values and skill sets shared by entrepreneurs that allow them to thrive in a dynamic business landscape. 

What is an Entrepreneurial Mindset?

An entrepreneurial mindset is a mode of thinking that allows you to push forward against all odds, maximize your growth, and improve your chances of success by navigating risks, uncertainties, and failures.

In a competitive business space, an entrepreneurial mindset is a must-have if you wish to elude obscurity and remain perpetually relevant. This way of thinking will enable you to evolve constantly and meet the ever-changing demands of consumers. 

With an entrepreneurial mindset, you can deliver value because the way you think allows you to see solutions others overlook.[2]

How to Cultivate an Entrepreneurial Mindset to Be Successful in Business

entrepreneurial mindset - how to cultivate entrepreneurial mindset

There are many tips on how to be a successful entrepreneur—but none are as fundamental as developing an entrepreneurial mindset. The following guide will help you condition your mind and prepare you to become a successful entrepreneur.

1. Keep Your Why Front and Center

It’s easy to lose sight of what truly matters when you get caught up in the everyday. Look beyond the daily grind to remember why you’re doing what you’re doing in the first place.

Take it from Marvin Germo, a reputable Filipino finance expert who gave us tips on business success when we got to interview him here at Moneymax. 

Marvin said that being an entrepreneur is a decision. He ventured into business after realizing he had ambitious goals he could never fulfill as an employee.

Marvin also reiterated that “money isn’t everything,” and it shouldn’t be the reason you try to be an entrepreneur. “Money is not the end goal. It’s just a tool,” he said.

You need to figure out your true intentions and your real purpose for wanting to run a business. Is it to learn new skills? Meet different people? Unlock financial freedom so you can get the most out of life?

Whatever your “why” is, keep it burned into your mind and bring it to the forefront of everything you do.

2. Focus on Things You Can Control

This is another one of the more useful tips to be successful in business. Instead of worrying about events you can’t influence, focus on carving your own path and moving at your own pace.

Overthinking leads to nowhere—it just drains your energy without giving you any positive return. Keep your eyes on the attainable goals you’ve set for yourself. And before you compete with anyone else, try to beat your own record.

3. Master Your Own Mind

To cultivate an entrepreneurial mindset, you need to be able to control your thoughts. Know what ticks you off and what motivates you. Don’t be a slave to your emotions.

A good entrepreneur knows how to turn the light switch inside their head on and off. They know how to be optimistic even during the direst of situations and how to be realistic even when all signs point to a positive outcome. 

Read more: Best Personal Loans to Apply For in the Philippines 2022

4. Change How You React to Setbacks

An important thing to remember if you’re determined to learn how to be successful in business is to not fear failure.

No one is immune to making mistakes—it’s a natural part of growth. Business failure isn’t a cause for shame or embarrassment, so you should mentally reframe your response to every challenge you encounter along the way. Turn mistakes into opportunities for learning.

Marvin Germo shared a lesson he learned after his father failed in business late in his career. Not wanting to end up like his father, who had to clean up after a major fiasco when he was in his fifties, Marvin pushed himself to seek and embrace failure earlier in life. 

He said, “If I’m going to make a mistake, I’d rather make it in my twenties or when I’m still young.” That way, he’d have plenty of time to learn from his mistakes and use them to grow as a person and as an entrepreneur.

5. Personify Positivity and Be a Morale Booster

This piece of advice is one of the most common tips to be a successful entrepreneur, especially if you’re doing business in the Philippines. It can really benefit you in the long run, especially if you create a ripple effect that positively impacts the people around you.

One way to adopt a positive outlook is to love what you do. For Moritz Gastl, former Moneymax Country Manager, it’s important to figure out what you want in life after getting out of school. You can ask yourself questions like, “Where does my passion lie? Where do I want to be in the next three or five years?” 

Moritz further claimed, “It’s extremely important that you know what you enjoy doing because if you apply that to your job or your business, you’ll be a lot more successful.” 

If you genuinely enjoy what you’re doing, it’ll be easier for you to be optimistic about your business and inspire people.

6. Know Where You Can Deliver Value

This is one of the most important negosyo tips for beginners that successful entrepreneurs in the Philippines would advise you to follow. It doesn’t matter how new or innovative your ideas are if you don’t translate them into real value for consumers.

After all, the whole point of having an entrepreneurial mindset is to understand where you’re needed and move fast enough to serve customers before others beat you to it.

7. Be Agile in Filling Market Gaps

The answer to the age-old question of how to be successful as an entrepreneur varies. But one thing is certain: you need to be agile in responding to customer needs.

You can’t be rigid and inflexible as an entrepreneur. You need to adjust your sails depending on where the wind blows. Prepare to reset and restart when something doesn’t work anymore. Listen closely to what consumers want and cater to their needs accordingly.[3]

8. Manage Your Finances Strategically

entrepreneurial mindset - manage finances strategically

Once your business starts to rake in profits, focus on how you can grow your money, not on how to spend it. What’s the best move you can make given your current funds? Develop a new product? Hire more staff? Open a new branch?

You can also look up different money-saving tips for entrepreneurs to learn how you can optimize operations to reduce expenses. There are plenty of resources out there to help you budget, invest, and generally maximize your money’s value.

9. Indulge Your Creative Side

Creativity is a core part of an entrepreneurial mindset. The ability to think outside the box, approach problems from all sides, and devise larger-than-life solutions can help you become an effective entrepreneur. 

Creative thinking comes in especially handy when you’re starting a small business in the Philippines. Pinoys are drawn to unique things, so you’ll stand out more if you have something creative to offer.

10. Embrace the Unknown and the Difficult

This will set you up for success in the long run. Accept that things won’t always go your way and experiment to maintain your competitive advantage. Embrace challenges, no matter how difficult they get.

There’s nothing comfortable about being an entrepreneur, especially when you’re still starting out. You’ll encounter a lot of firsts. Many times, you’ll get backed into a corner. The only way to escape is to get out of your comfort zone and face your fears head-on.

When there’s something you want to achieve, explore all avenues and use all available resources to make it happen. Want to develop a certain product, but afraid of the costs involved? Or maybe you want to try out an unconventional business idea but have no idea where to get funds? 

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11. Seek New Ways to Learn

Mastering how to be an entrepreneur in the Philippines is easier said than done. Business success doesn’t happen overnight. You need to work hard for it by constantly pursuing growth and striving to become an expert in your field.

Carve out time for enriching activities like reading books, practicing new skills, engaging with mentors, and looking for new ways to expand your knowledge and broaden your experience in business.

12. Connect with Other Entrepreneurs

communicate

Where else can you get legit tips on how to be a successful entrepreneur? You can always learn a lesson or two from people who’ve already gone down the road you’re still preparing to traverse.

Expand your network to include fellow entrepreneurs who have solid business experience and helpful insights. Learn from their failures and successes. Try to inspire them as well by sharing your own tips on business success.

Final Thoughts

Becoming an entrepreneur can be the most rewarding and exciting decision you’ll ever make. The journey to business success may be riddled with risks, challenges, and uncertainties, but none of those can faze those who possess an entrepreneurial mindset.

Work on cultivating key characteristics and skill sets that can help you thrive as an entrepreneur. Once you’re armed to the teeth with everything you need to master the art of entrepreneurship, you can triumph over anything that comes your way.

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Princess is a seasoned writer with over seven years of experience in digital marketing and corporate communications. She took master's degree units in Creative Writing at the University of the Philippines Diliman and graduated with a bachelor's degree in English Language and Literature from Saint Louis University. Beyond writing, she enjoys reading novels, watching series, and crocheting. Follow Princess on LinkedIn.