4 Ways to Foster an Entrepreneurial Environment

As the internet makes it easier to become our own boss, society is witnessing a seismic shift: entrepreneurship is becoming more viable for more people in more forms.

People want a stake in their work, whether they are freelancers or small-business owners, now more than ever. As a result, the self-starter qualities that we see in entrepreneurs are more important than ever.

It is not necessary to be born with the ability to raise capital or sell a product. You have the ability to learn everything you need to know to be successful in any industry. It begins with putting in the time, honing critical thinking skills, and learning how to lead teams.

Here are three ways to foster a nurturing environment for future entrepreneurs.

1. Make a diverse group of friends.

Bring new experiences to yourself — if you hang out with five intelligent people, you will be the sixth. By surrounding yourself with people who challenge your worldview, you open your mind to new ideas. Being friends with people from different backgrounds can introduce you to new cultures, languages, and even food, not to mention life experiences that are completely different from your own. You can then share your experiences with others, increasing understanding in your circle.

This concept is based on the fact that entrepreneurship education begins with cultivating a growth mindset and being an open-minded thinker. It’s critical to understand how to connect the dots between different disciplines, and doing so in your relationships is a great way to exercise that muscle. This inventiveness leads to novel approaches to old problems. This does not come naturally to everyone, and it is not always taught to us as children, but the curiosity seed can be watered at any age and will eventually bloom.

You embrace the interconnected world we live in by cultivating cultural curiosity and reaping its benefits. Bringing this background into a business setting results in a more well-rounded entrepreneur. In fact, according to a 2019 McKinsey report, diverse teams are 25% more likely to be profitable than average, a figure that has only grown over time. The barriers that separate us have long since been removed. It is entirely up to you whether or not you want to cross that line.

2. The “HODL” mentality

One lesson, however, necessitates a special skill: endurance. In today’s highly volatile and fast-paced market, many young entrepreneurs (and first-time investors) may not have learned the importance of staying focused on a specific initiative for an extended period of time. Nonetheless, perseverance and consistency are two of the most important characteristics a business owner can have. Without patience, all of the world’s talent is wasted.

There are numerous statistics that discuss the failure rate of small businesses, the most notable of which is that approximately 50% fail within five years and 70% fail within ten. Those figures are influenced by a variety of factors, but they highlight the significance of HODL (Hold On for Dear Life). Not everyone who embraces the concept will live, but those who do will almost certainly have done so.

We must learn to focus on consistent growth rather than quitting a venture after missing a milestone or selling a stock when it blinks red. It is not always linear, but getting to the finish line takes time. This may imply slow and steady changes before growing exponentially, requiring you to not only implement all of your existing skills, but also push yourself to adapt and learn new ones. The most important thing, however, is to keep moving forward.

3. Possessing an abundant (and grateful) mindset

To mentally prepare for the ups and downs of the coming changes, especially for young entrepreneurs, build a venture with an abundance mindset, believing that everyone can gain access to what they require. The business world can feel cutthroat, and it may appear that adopting a zero-sum mindset is the only way to succeed. At its core, however, focusing on abundance (rather than scarcity) is based on gratitude and inspiration from those around you.

A grateful mindset in a leader can cultivate a grateful mindset in employees, and gratitude has a broad impact on an organization, according to study after study. According to a large Deloitte study, three-quarters of workers would be satisfied with a simple “thank you” as recognition for their day-to-day work. A few words can change the attitude of those around you, increasing productivity, strengthening employee relationships, and reducing negativity in the workplace — all of which contribute to a healthier, happier environment.

Fostering a climate that encourages positive reinforcement and collective participation is a lesson I learned from my parents, who gave me significant responsibilities as a young entrepreneur while also going out of their way to celebrate my accomplishments with the entire family. When I won, they won as well, and I was grateful to be a part of their team. Later on, as Charming Charlie and Boosted Commerce grew, I adopted the same mindset. I wanted everyone to experience the same sense of pride and gratitude that I did all those years ago. As a result, we continue to be grateful and joyful about the work we do and the change we bring about together.

This abundance also extends to educating others. It’s never too early to start learning about entrepreneurship. Use your knowledge and experience to create an environment that encourages children to pursue their passions while also encouraging them to celebrate each other’s accomplishments. Teaching others is not only a necessary part of being an entrepreneur; it is also a necessary part of being a grateful entrepreneur.

4. Putting the lemonade stand lessons to use

I promised three suggestions, but here’s a fourth: Even the smallest, most insignificant endeavors can teach us the skills we require. Look no further than the lemonade baron, the quintessential American youth entrepreneur. We’re all just a tall pitcher of ice water, a few freshly squeezed lemons, and a sprinkle of sugar away from learning the most important lesson of all: Be proactive in putting the puzzle pieces together.

The lemonade stand taught me valuable, long-lasting lessons about being an entrepreneur when I was younger. It taught me to listen to my customers, focus on the product, provide excellent customer service, and effectively communicate. Most importantly, it signaled to the rest of the neighborhood that I was willing to put in the time and effort to provide something of value to the rest of the community. Sure, it was a simple childhood activity, but it required skills that are common in entrepreneurship.

However, you do not need to have a lemonade stand to learn and apply these lessons. It is not necessary to create the next Apple in order to create something valuable. You only need to provide something that people require or desire. And if it helps 15 people in your neighborhood while earning you $100, you haven’t just made a little pocket change; you’ve laid the groundwork for a career in entrepreneurship. According to a 2018 Nature Neuroscience study, it’s not just practice that makes perfect, but also overlearning a skill that embeds it. So go out there, take a cue from the lemonade stand, find a need to fill, fill it, rinse and repeat. You never know what you’ll discover.

Nature versus nurture

Consider the moments in your life that helped you become an entrepreneur the next time someone brings up the nature vs. nurture debate about entrepreneurship. Then consider passing them on. You wouldn’t be where you are today if it weren’t for the people who helped you along the way, and you never know who’s life you might touch in the same way. When you assist others in pursuing a common interest, you grow as an entrepreneur. Nothing is more valuable than that.