What Businesses Can Learn About the Entrepreneurial Mindset
Even though entrepreneurs can come from all walks of life and specialize different niches, but one common trait unites them – they have an entrepreneurial mindset at a very young age.
This week, an 11-year-old entrepreneur, Mikaila Ulmer, is in the news for signing a contract with Whole Foods to sell her lemonade, developed from her great-grandmother's 1940 recipe. Ulmer appeared on Shark Tank years ago and continued to build her idea into the thriving business it is today.
Embracing an American trend of selling lemonade, Ulmer did what most children don’t – she catapulted it into a lucrative business venture all well before she reached her teenage years. Not only does her business sell lemonade; it’s also a social mission because she donates a portion of the profits to organizations trying to save honeybees.
Ulmer epitomizes what TTI Success Insights found in research studying entrepreneurs. Our research shows 42 percent of entrepreneurs have determined they want to own their own business before the age of 12.
So, what can we learn from Ulmer’s entrepreneurship? For starters, a person with an entrepreneurial mindset can thrive just as easily within an organization as they can by developing their own business.
Knowing this, businesses should recognize that the entrepreneurial mindset is likely alive and well among some current employees. This means leaders need to find ways to harness this talent within their businesses to ensure they are constantly innovating. They can do this by allowing entrepreneurial types to grow, empower them to solve problems on their own and develop creative solutions. Finally, ensure you know their behaviors and driving forces to communicate with them efficiently and ensure their work aligns with the forces that inherently drive them.
Lastly, those with an entrepreneurial mindset are natural leaders, just like Ulmer. Finding a way for them to develop that mindset within an organization will pay dividends for any company willing to make the investment.