The competencies of an entrepreneurial mindset

Identify problems that others are facing and see the potential to assist them in solving those problems.

Observe the environment to identify opportunities.

Identify inefficiencies in existing products and services to uncover opportunities.

Identify opportunities derived from trends and future needs.

Identify opportunities through business model invention and refinement.

Recognise how an idea may be developed to create economic or social value.

Identify the underlying problem, the opportunity to address and the customer to serve.

Use human-centred design and other creative processes to design an offer that meets customer needs.

Design and implement techniques and tests to validate the idea.

Develop a vision of a future in which the problem is solved.

Develop ideas that solve problems that others or we ourselves are facing.

Identify multiple ways of solving problems by maintaining a curious, open mindset and applying critical thinking.

Understand how to use innovative processes to create value from ideas.

Use resources at hand to create value from ideas.

Identify the pain points and challenges people experience around the problem that needs to be solved.

Identify a value proposition that appeals to customers facing the problem you are solving.

Design tests and undertake customer research to validate and gain insights into the problem.

Develop a target-customer persona and undertake research to validate the customer, clarify their needs and map their journey.

Constantly seek customer feedback.

Use tools and techniques to understand the root causes of problems.

Recognise and analyse interconnections and interdependencies within a complex system to address problems holistically.

Research how others have solved similar or analogous problems.

Compile and lead a team with the expertise required to address the problem.

Reframe a problem to explore different ways of achieving objectives.

Assess an activity’s impact on the target group and community, as well as its broader impact on society and the environment.

Identify the impact on oneself and the team.

Identify and assess stakeholders affected by change, including those unable to speak up, such as future generations, the climate or nature.

Design dashboard indicators to monitor and assess the impact of the value-creating activity.

Monitor and control social, economic and environmental impact.

View temporary failures as opportunities that can lead to valuable achievements.

Identify personal strengths and weaknesses to create space to learn, improve or delegate.

Reflect on one’s own and others’ failures, identify their causes and learn from them.

Be confident in one’s own ability and capacity to shape the future.

Persevere with business ideas even when facing extreme difficulty.

Judge whether and how goals were achieved, evaluate performance and learn from it.

Identify opportunities for self-improvement.

Cope with unexpected change, setbacks and failures and consider how they may become opportunities.

Maintain an optimistic perspective and imbue the team with it.

Identify, understand and accept the risk implications of a situation or decision.

Focus on investing what one is willing to lose rather than on what might be achieved if the project succeeds.

Recognise when uncertainty requires adaptability and flexibility, and implement such a strategy.

Use systems thinking and scenario planning to assess and manage risk and uncertainty.

Make multi-criteria decisions even when uncertainty is high and data are limited.

Identify and assess venture risks, including internal and external factors that may have an impact.

Build a diverse network of contacts and information sources that offers insight into situations of risk and uncertainty.

Develop emotional resilience to manage the stress created by uncertainty and risk.

Develop a diverse network of mentors and advisors from whom advice and guidance can be sought.

Actively seek input and help when facing challenges.

When facing problems, research analogous situations and ask others who have faced similar circumstances.

Listen to advice, then decide based on the inputs received and one’s own perspective.

Actively seek opportunities to meet people who could add value to the network.

Proactively interact with unfamiliar people and establish a connection.

Collect relevant information about people and maintain a database of contacts.

Use the network to support the organisation’s value-building activities.

Contribute to the network by introducing members to one another and to others.

Communicate the venture concept to a broad range of stakeholders clearly and in a short time.

Negotiate with and persuade others to align with the venture’s direction.

Develop a storyline and pitch deck suited to different situations.

Pitch a compelling story to an audience persuasively.

Develop a cash-flow forecast and manage against it.

Understand income statements, balance sheets, cash-flow statements and budgets.

Develop a sales forecast and manage against it.

Understand different revenue models and select the optimal model for the venture.

Calculate funding requirements and understand capitalisation tables.

Believe in one’s ability to perform and control one’s motivations, reactions and behaviour.

Set clear, achievable goals and break large tasks into manageable steps.

Believe in one’s ability to solve problems and overcome obstacles.

Understand, manage and respond to emotions in a balanced and constructive way.

Self-motivate and maintain drive and passion under all circumstances.

Critically reflect on performance, learn from mistakes and accept critical feedback.

Manage and mitigate stress effectively.

Make timely, effective decisions, often under pressure and with incomplete information.

Set clear, actionable goals and work actively towards them.

Anticipate and act on future needs or changes before they happen.

Take charge, create opportunities and act without needing to be told.

Rapidly transform decisions into coordinated, effective action while monitoring progress in real time.

Use the skills, strengths and expertise of the team and partners.

Understand and manage financial resources.

Use technology across the business to improve efficiency and competitive advantage.

Manage relationships with suppliers and stakeholders to support smooth operations and resource availability.

Make do with resources on hand rather than waiting for everything to be in place before acting.

Identify, repurpose or combine resources in new ways to solve problems or capture opportunities.

Use limited time effectively to prioritise tasks and achieve goals.