How To Develop an Entrepreneurial Mindset

An entrepreneurial mindset can be the difference between long-term success and struggling to turn your idea into reality. Ambitious dreams paired with a strong work ethic can take you further than you ever thought possible.

“You have to be delusional, but your work ethic has to match that level of delusion,” says Lanny Smith, former NBA player and founder of apparel brand Actively Black, on Shopify Masters. “You have to have this undeniable belief in whatever your dream is, whatever your vision is—that nothing can deter that.”

Developing that kind of mindset and determination takes practice. In this guide, you’ll learn what having an entrepreneurial mindset really means and how to develop one. 

What is an entrepreneurial mindset?

An entrepreneurial mindset is a solution-oriented attitude some consider a crucial factor in business success. You don’t have to be an entrepreneur to develop and benefit from entrepreneurial thinking. 

Business leaders and professionals in all walks of life can develop and use an entrepreneurial mindset to plan long-term goals, overcome challenges, and achieve success. 

“An entrepreneurial mindset is having the ability to make the most out of opportunities that come your way,” says Jean Gregoire, cofounder of Lovebox. “You know how to overcome and learn from setbacks, as well as how to excel in a variety of settings.” 

Key elements of the entrepreneurial mindset include: 

• Determination and self-confidence 

• Strategic and critical thinking skills 

• An open mind 

• Resilience

• Willingness to take calculated risks

• Ability to see the ‘big picture’ and plan long-term 

• Solution-focused 

Some entrepreneurs have this mindset before they start their own businesses. Others develop it through their entrepreneurial journey. 

If you don’t feel like you’re completely ready to start your company now, that’s not a reason to wait. According to a 2026 survey conducted by The Harris Poll on behalf of Shopify, up to 57% of founders who waited before launching say they wish they'd started sooner, not that they'd been better prepared.

How to develop an entrepreneurial mindset

• Believe in yourself and your idea
• Learn from failure
• Ask questions
• Listen to your gut
• Get out of your comfort zone
• Own your mistakes
• Build your network

Anyone can develop the drive and aptitude to become an entrepreneur. Here’s how to cultivate the entrepreneurial mindset:

Believe in yourself and your idea 

Most entrepreneurs are motivated by passion rather than fear: Between 61% and 69% percent of founders say starting a business felt like moving toward something they wanted, not away from something unstable, according to Shopify’s 2026 survey with The Harris Poll. 

Once you have a vision for the product or company you want to build, you’ll need to represent that vision with confidence. 

“The entrepreneurial mindset is first and foremost about self-belief and confidence,” says Gabriel Dungan, CEO and cofounder of mattress and bedding brand ViscoSoft. “No matter what industry your business falls under, having confidence in both yourself and your company is integral to success and overall longevity.”

Gabriel’s desire to pursue entrepreneurship was anchored in his desire to make a better product than what he saw was available. “I saw a big gap in the mattress topper industry and wanted to become the preeminent brand for luxury and affordable sleep products, kind of like what Dyson has become for vacuums,” Gabriel says. 

“When inspiration strikes and you feel a calling toward something, you should never ignore it.”

Learn from failure

Not all business ideas will succeed, and experiencing and overcoming failure is often a part of an entrepreneur’s journey. Resilience—the ability to recover from less-than-ideal situations—is one of the characteristics of entrepreneurship. 

Entrepreneurs also take the lessons they’ve learned and apply them to their next project. Shopify’s 2026 study with The Harris Poll found that store owners who’ve previously launched a business on Shopify and returned to build a second company earn more than twice the sales per shop on average, compared to first-time founders.

“From my previous businesses that didn’t go anywhere, I learned that when you do start a business, people aren’t going to be attracted to your products right away,” says Genna Tatu, founder of Crochet by Genna. 

Genna took that lesson and applied it to her next venture, investing $1 per day on paid marketing to gain exposure. She then reinvested that money back into her crochet brand and gradually increased her ad spend. “I made sure to reinvest it into the business because, ultimately, that is what helped my business grow,” Genna says.

Ask questions

People with an entrepreneurial mindset ask questions and can analyze problems from multiple perspectives. 

“The entrepreneurial mindset is all about questioning the world around you and working creatively to improve that world,” says Ethan Lauf Goldstein, founder and CEO of Curist. “It’s constantly asking questions about why things are done the way they are and then positing and executing on new ways to accomplish a goal.”

Serial entrepreneur Ryan Babenzien had an early instinct to challenge the status quo at big corporations. “‘Because it’s the way we’ve done it. We don’t do it that way. This is the way we do it’—those common answers were never acceptable to me, even at big companies,” says Ryan. 

“One time a CEO called me a salmon that swims upstream, because I would challenge our own best practices. Best practices are often wrong. They become dated and are no longer the best practices. They’re just the most comfortable.

“So I had a choice. I could continue to complain to myself about not liking the system, or I could go out and build my own company,” Ryan says. He went on to found filtered showerhead brand Jolie, and footwear brand Greats, which he later sold to Steve Madden.

Listen to your gut

Successful entrepreneurs tune in to what their intuition tells them. Fifty-four percent of business leaders report leading with intuition, according to a 2025 report from Capital One Business and Inc. 

This is especially pronounced at high-growth companies. Sixty-eight percent of leaders at companies that experienced 10% or higher revenue growth in the previous year said they weigh intuition more heavily than data when making decisions.

“I think the best piece of advice I’ve ever gotten from a mentor was that, founders get in trouble when they don’t follow their gut,”founder and CEO of bike helmet company Thousand, Gloria Hwang, says on an episode of Shopify Masters. 

Get out of your comfort zone

Entrepreneurs thrive when they step outside their comfort zone. 

Take Rick Elmore, founder of Simply Noted. His company uses robots to send handwritten notes at scale. Rick’s career in the NFL helped him develop the confidence he needed to try new things in business.

“Throughout my sports and entrepreneurial career, I have always pushed myself outside of my comfort zone in order to become better at what I do. This includes learning about and building from scratch the technology that is the basis of my business,” Rick says. 

“It can be an uncomfortable process, but in the end, this strategy results in finding new perspectives, discovering new solutions, and meeting new people who can bring new opportunities.” 

Getting outside of your comfort zone also means resisting complacency. Lanny of Actively Black, who also happened to lead a career as a professional athlete, advises to never be satisfied with your current level of success. 

“Once you get to the point where you’re like, ‘Yeah, I made it,’ that’s dangerous,” he says.

Own your mistakes

Not all of the business decisions you make will pay off. In 4 of 5 markets surveyed by The Harris Poll for Shopify, roughly 70% of founders say they worked through their earliest challenges by trial and error. 

Whether or not it’s your fault, as the person on top, the buck stops with you. Taking responsibility for missteps is what sets successful entrepreneurs apart. 

“I think this is true for any entrepreneur: You’re going to fuck up along the way. Are you willing to own it and fix it rapidly?” Founder of premium kitchen gear brand Hedley & Bennett, Ellen Bennett, says on Shopify Masters. “If you are, most of the time, people are totally down to be a part of that with you.”

Build your network

The old saying goes: Your network is your net worth. Not only does a strong professional network create opportunities for marketing, it also helps you find potential partners to work with your company. 

In a 2025 survey of 1,000 small business owners and freelancers conducted by Talker Research and commissioned by HP, 79% of respondents said having a trusted network of partners and vendors was critical to their success. 

Here are some ways to build up your own network: 

• Attend local business events. Shopify Spaces hosts regular entrepreneurship education and networking events for small business owners. You’ll also find events for entrepreneurs on sites like Meetup and Eventbrite.

• Attend conferences. Scan the Conference Index to find events and trade shows happening in your industry. Make an effort to network with people while you’re there.

• Get active on online forums. Connect with global entrepreneurs through Slack communities, Facebook groups, and Reddit’s /r/entrepreneur forum.