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5 Ways to Cultivate an Entrepreneurial Mindset

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October 7, 2020 7 min read

Opinions expressed by Entrepreneur contributors are their own.

I’ve got news for you: developing an doesn’t require an MBA.

Some people seem to be born with the entrepreneurial spirit – that drive to start something new, solve the problems they see in the world, and strike out on their own.

Others work really hard at developing that mindset and keeping it strong.

Whether you’re hoping to start your own business in the near future or years down the road, sharpening your entrepreneurial mindset can have an enormous impact on your life. It’ll help you keep learning, growing, and stretching yourself to your greatest potential. (And that’s always a positive, no matter where your life takes you.)

Here are five ways you can work on cultivating an entrepreneurial mindset.

1. Prioritize learning and growth

It’s all too easy to look at a successful entrepreneur and assume they’ve got it all figured out. But the most successful entrepreneurs readily acknowledge that they’ll NEVER know it all. They’re constantly pursuing new knowledge and .

I love to learn and consider myself a student of life. I’m always reading a new book, practicing a new skill or researching a new subject I’m interested in.

Make personal development a part of your lifestyle. Each day, set aside time to read blogs, articles, and books that help you increase your knowledge, sharpen your skills, and feel even more motivated and inspired to move forward.

Related: 3 Relationships That Will Build the Tribe Every Entrepreneur Deserves

Every great leader is a reader. Some of the most successful entrepreneurs attribute their success to reading. Warren Buffett famously spends as much of 80% of his day reading, insisting that anyone hoping to achieve similar success should go to bed a little smarter each day and read 500 pages daily. , , and also make time to read every single day, even while running their businesses. If they can do it, so can you.

2. Set goals (and make daily progress on them)

Successful entrepreneurs don’t accomplish great things by accident – they set thoughtful goals they care about and work towards them. Small achievements day in and day out accomplish big goals. And nothing’s more empowering than achieving a goal. It helps you get used to the idea that you have control over your life and that you have the ability to accomplish anything you put your mind to. (Because you do!)

Set goals each day. Each night before I go to sleep, I prioritize the 3 things I need to accomplish the next day. This can be anything from following up on a deal I’m working on, reaching out to  a friend to have a scheduled lunch or writing a chapter of my new book. Big or small, professional or personal, significant or a little silly, you should always have a few goals you’re working toward. If you set a small goal, accomplish it quickly and move on to the next. If you set a larger goal, break the path into small, achievable, realistic steps – ones you can make daily progress on.

Related: How Resilience Led Me to Success

I’ve set some pretty big ones in my day. Six years ago, I set the goal of selling my company. Every night before going to bed, I’d review my goal and make a list of what I’d do the next morning to accomplish it. As if that wasn’t enough of a reminder, I also wrote it down on a post-it note and taped it to my bathroom mirror. (That’s another success tip for you – studies show people who write their goals down are 42% more likely to achieve them than people who don’t.) I’m proud to say I achieved that goal! Don’t just think it, ink it!

3. Get comfortable being uncomfortable

Honestly? There’s nothing comfortable about being an entrepreneur. It involves loads of rejection, , , embarrassment, anxiety, criticism, tears, doubt… you know, the sort of stuff nobody particularly enjoys. But it’s the price we pay for the creative freedom and fulfillment that can’t come any other way. If you let your discomfort keep you from moving forward, you’ll miss out on so many opportunities.

Put yourself in new and unfamiliar situations that force you to grow. Try something you’ve never done before. Get rejected. It’s scary, but it’s also thrilling.

Jia Jiang decided to take this advice extremely literally. After realizing his fear of rejection was holding him back, he spent 100 days getting rejected on purpose. Each day, he came up with a different way to get rejected – from asking for $100 from a stranger to asking to plant a flower in his neighbor’s backyard. Not only did he overcome his fear, but he also learned powerful strategies for turning a “no” into a “yes.”

4. Embrace risk

Whenever you take a risk, you’ve got two possible outcomes: you’ll either win or you’ll learn. And failure is the best teacher there is. It’s an opportunity to grow, adapt, and learn new strategies for next time. Don’t avoid failure, embrace it. Fail fast and fail often. It’ll set you up for success in the long run.

 In my life, I use failure as a bit of a benchmark – if I’m not failing or getting rejected enough, I’m clearly not taking enough risks. Sure, failure can be scary, but regret is way, way scarier.

Related: Why Entrepreneurs Should Aim to Fail — That’s Right. They Should Actively Seek It.

Sometimes, failure feels like the end of the world – but it certainly wasn’t for a lot of entrepreneurs out there. James Dyson created 5,126 failed prototypes before finally creating a Dyson vacuum that worked. Other entrepreneurs created entire businesses that failed before moving on to bigger and better things, like Evan Williams, co-founder of a podcasting company that went south after the release of iTunes. Seeing they wouldn’t be able to compete with Apple, he and his team were left having to scramble and work on other ideas…one of which was a little site called Twitter.

5. Spend time with other entrepreneurs

The most significant factors in your life are the people around you. If you surround yourself with negative people who complain there’s nothing they can do to improve their circumstances, you’ll eventually find yourself feeling the same way. But if you surround yourself with energizing, inspiring relationships, their optimism will rub off on you.

Build relationships with entrepreneurs who have been in your shoes. Learn from their successes and failures. Find mentors or other experts who you can learn from through courses or one-on-one coaching. (The Side Hustle Accelerator is a good place to start!) Network, research, reach out to people you admire, chat a stranger up on LinkedIn – whatever it takes to surround yourself with people who can help you foster a growth mindset. Who knows? They might end up being your business partner one day.

That’s what happened for cofounders Jenny Fleiss and Jenn Hyman. They started out as Harvard Business School classmates and friends who met casually for lunch every week to brainstorm entrepreneurial ventures. Their idea to rent out designer dresses has since blossomed into a hugely successful company with over a $1B valuation.

I definitely consider myself an entrepreneur, I can feel the fire in my bones – but I’ve also found that practicing these 5 habits have helped me sharpen my skills and increase my odds of success. Implement these 5 habits for cultivating an entrepreneurial mindset, and I guarantee you’ll feel more confident about seizing opportunities that come your way. 

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How Brands Can Go From Performative Allyship to Actual Allies

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October 21, 2020 7 min read

Opinions expressed by Entrepreneur contributors are their own.

In these times of divisive politics, social unrest, and massive protesting, brands are taking note and including more diversity in their messaging. Many businesses are putting out social messages that are intended to show allyship, but if we were to look deeper, we’d find that many of these brands don’t have the internal organization or actions to align with their messaging.

This is called Performative Allyship. Essentially, performative allyship is when you “talk the talk” but don’t “walk the walk.”

Brands and businesses know the power of marketing and intentionally creating positive social perceptions. But brands should be careful when pushing out these messages. They can create a false perception that weakens a ’s trust and respect amongst their clients.

Of course, there is power in sharing diversity messaging. I leverage that power in my own business messaging. But I think there’s an opportunity for brands that want to jump on the bandwagon to jump mindfully. Here’s how you can be more intentional about your diversity messaging to avoid the pitfalls of performative allyship. 

What is performative allyship anyway?  

After May 25th, the unfortunate and iconic day when George Floyd was killed, it seemed like everyone felt a sense of urgency to do something and say something to be on the right side of justice.

Brands and organizations started to catch on to the social justice conversations happening in the business world and society as a whole. People all over the states started seeing changes. Buildings were renamed, statues came down, murals went up, and of course, brands started changing their messaging and marketing.

Related: 5 Ways Entrepreneurs of Color Can Determine an Ally’s Authenticity

Don’t get me wrong — nothing in and of itself is bad about that. But the conversation I want to start awakening people to is about the pros, cons, and considerations you should be having when messaging in support of DEI and allyship. You and your business should avoid “performing” in the public space and not doing the work internally.

In DEI, there is no such thing as a perfect response or piece of writing to address racism. It’s more a reflection of what you’ve done prior to that and more importantly, what you’re going to do after the fact.

It’s important to realize that when organizations or businesses make a public statement, whether internal or external, they are in essence inviting people to hold them accountable. The whole world can now scrutinize the actions of their past, how their business operates internally, the culture they’ve created, and how they will continue to act in the public eye.

This year, may have felt like they needed to act with a knee jerk reaction so they would be perceived as being on the right side. However, many people are seeing through brands who do not “walk the walk”. People are seeing the inauthenticity of certain brands as being performative in nature. Leaders must realize there are implications and consequences that come with performative allyship. 

What are the issues for my business if I engage in performative allyship?

Performative allyship can weaken trust and in your business. Not only can it be hurtful for communities of color, it can also put the messaging into a context that can feel like your business is tossing some money at the diversity issues and hoping they will go away.

Related: The Supreme Court’s Ruling on LGBTQ+ Workplace Protections …

When people see performative allyship, they feel like you might be avoiding the hard and important work. This performative work can feel good on the surface and give us a glimpse of hope, because there’s some level of solidarity. But at the end of the day, those of us who care about DEI work are left wondering where the deep work is and what practical steps are present to help us dismantle systemic racism.

As entrepreneurs who care about DEI, we don’t want this work to be window dressing or simply checking a box. We don’t want it to be a costume for the actual problems at hand. We want to see society emerge stronger and not repeat the injustices of the past. We want organizations to align their words with their actions. We want our businesses to act and communicate with integrity and credibility.

Brands are making a fatal mistake with performative allyship. It’s about intent versus impact. Just because you didn’t intend for something to land a certain way shouldn’t mean others have to suffer the consequences. Insensitive DEI messaging can result in negative word of mouth, poor response from the market, or people boycotting your business.

What can you do to be an actual ally?

Here are some tips for brands to become actual allies and avoid performative allyship.

  • Count the cost. Before you feel it appropriate to write a statement, make a verbal pledge, or change your messaging, you need to “count the cost” and know what it means to deliver upon it. In other words, dig into the work or consult with a DEI specialist to see what being aligned with diversity, equity, and inclusion work will cost you, your team, and your business. Analyze your resources so you can live up to the DEI messaging you want to enact.
  • Do an internal evaluation. It’s particularly important to evaluate your DEI efforts through the lens of the leadership team. You must think through what will help your business have a strong, solid foundation upon which success can occur around DEI. Ask yourself and your team questions such as:
    • Are you actually ready for DEI work?
    • Do you have the infrastructure to support it?
    • Do you have the capital to support it?
    • Do you have processes in place to drive sustainable change?
    • Are you doing an assessment to gather important data to inform the path forward?
  • Have a readiness conversation and conduct an assessment. To build upon the last point, I encourage brands and leaders to ask questions around the Meyer’s DEI Spectrum Tool 12 Dimensions of DEI work. These 12 dimensions include assessing policies, leadership, infrastructure, training, and more. This assessment includes seeing if you’ve done the hard work of having those conversations to see why you are doing this work, analyzing the business case for it, and ensuring there is alignment for vision across leadership. 
  • Create systems for equity and justice. If you want to empower Brown and Black people, ask yourself, do you have systems in place for that? Even if your proposed systems are small in stature, make sure you can deliver on them—if not, then don’t market it. After analyzing and assessing, you can consult with DEI professionals to create these systems and implement these ideals for external messaging.
  • Avoid being woke-washed. People want to support brands they feel really are “woke” and not “woke washed”. They want to support brands who are actually aligned with their values and are doing the hard work. Ben & Jerry’s is a great example of a brand that is woke and working towards justice in the world. They were demonstrating allyship well before the death of George Floyd and continued to support DEI efforts afterward. They earned the trust of their audience and avoided the pitfalls of being superifically woke-washed. In other words, they talked the talk and walked the walk.

When you are aligned, prepared, and honest about the messaging you wish to share, you will be taking critical steps towards actual allyship.

As we move forward into the world and more racial and social equity issues show up (because they will), make sure to dig deep and truly do the work to avoid any performative allyship.

Make sure you can back your messaging up with the systems, culture, and infrastructure change in your organization that creates actual impact. Make sure you are actually doing the allyship work to help you and your business contribute to a more just and equitable world.

Related: Be Intentional About Diversity

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Apollo Board Will Review Leon Black’s Ties to Jeffrey Epstein

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The billionaire Leon Black’s decades-long relationship with the convicted sex offender Jeffrey Epstein will be reviewed by a group of board members at the private equity firm he leads, Apollo Global Management.

A spokeswoman for Apollo said Tuesday night that Mr. Black requested the review by members of the firm’s conflicts committee during a regularly scheduled board meeting.

Mr. Black asked for the review a little more than a week after The New York Times reported that he had wired at least $50 million in fees and donations to entities affiliated with Mr. Epstein in the U.S. Virgin Islands from 2012 to 2017.

Shares of Apollo have fallen more than 13 percent since the report was published. The firm reports quarterly earnings on Oct. 29.

In asking for the review, Mr. Black, an Apollo co-founder and its chief executive, said an independent review was in “the best interests” of Apollo, its employees, shareholders and limited partners. The board committee retained the law firm Dechert LLP to conduct the review.

Mr. Black and Apollo have repeatedly said that Mr. Epstein did no work for the firm, which counts some of the biggest public pensions in the world among its investors.

In a letter to investors after the Times report, Mr. Black said he had not been accused of any wrongdoing. He said he had paid millions in fees to Mr. Epstein for advice, mainly on estate planning.

Mr. Epstein died in custody in August 2019 after federal prosecutors in Manhattan had accused him of engaging in sex trafficking with underage girls and young women. His death was ruled a suicide.

Mr. Black’s letter said he regretted his dealings with Mr. Epstein but had been unaware of the activities that led to the most recent criminal charges against him.

Mr. Epstein pleaded guilty to a charge of soliciting prostitution from an underage girl in Florida in 2008, a case that required him to register as a sex offender. Mr. Black’s letter offered few details about the nature of the work that Mr. Epstein had provided for him in the years that followed. Mr. Epstein, a college dropout who styled himself a financial guru to the very wealthy, had no particular expertise in tax and estate planning.

Mr. Black is worth about $9 billion and is one of the wealthiest executives on Wall Street. He has an art collection estimated to be worth $1 billion and serves as chairman of the board of the Museum of Modern Art.

Mr. Black asked for the review because he wants an independent analysis to support his statement that he did nothing wrong and all the fees paid were legitimate, according to a person briefed on the matter who was not authorized to speak publicly.

The board’s review was first reported by The Wall Street Journal.

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Disneyland, Other California Theme Parks, Get Rules for Reopening

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California health officials issued long-awaited guidance for reopening theme parks in the state on Tuesday, setting targets for when attractions like Disneyland Resort, in Anaheim, and Universal Studios Hollywood, in Los Angeles, can open their doors. For the big parks, it could be a long road: their counties must reach the least-restrictive “yellow” tier of the state’s four-tier Covid-19 economic-reopening plan.

In terms of coronavirus cases, Orange County, home to Disneyland, is currently in the “red,” or second, tier and Los Angeles County, Universal Studios’ location, is currently in the most restrictive “purple” tier. It could be months before either county meets the guidelines for the “yellow” tier, which requires there be fewer than one case a day per 100,000 residents and a testing positivity rate of less than 2 percent. The parks have been closed since March.

The secretary of California’s Health and Human Services Agency, Dr. Mark Ghaly, issued the guidelines in a video conference on Tuesday and said that he believes that the tier guidelines can be reached. He said that San Francisco County had already met them.

“There’s lots of work we can do together — both state, local, business leaders, community leaders, individuals — to do what we can to make sure that we reduce transmission throughout our county and there is a path forward there,” Dr. Ghaly said. “We do not know when, but we do know how, and I think we’ll continue to put in the hard work to get us there one county at a time.”

However, Disneyland Resort’s president, Ken Potrock, said in a statement that the guidelines are “arbitrary” and “unworkable.”

“We have proven that we can responsibly reopen, with science-based health and safety protocols strictly enforced at our theme park properties around the world,” Mr. Potrock said. “Nevertheless, the State of California continues to ignore this fact, instead mandating arbitrary guidelines that it knows are unworkable and that hold us to a standard vastly different from other reopened businesses and state-operated facilities.”

When parks do reopen, they will have to implement a reservation system allowing guests to book visits ahead of time. They will also have to screen guests for symptoms and mandate masks everywhere inside the park, except when people are eating and drinking. Larger parks, like Disneyworld and Universal Studios Hollywood, will have to limit capacity to 25 percent.

Smaller parks in California can reopen when they reach the third or “orange” tier. They will be allowed to have up to 25 percent capacity or 500 guests, depending on which number is less, and only people from the park’s home county will be allowed to visit.

Disney World, the company’s Orlando, Fla., park, reopened in July with strict social distancing and capacity requirements and there have been no major outbreaks of the coronavirus associated with the park. But low attendance has led the company to start layoffs there. The pandemic has cut off many of Disney’s lines of business, including films, theater productions and cruises. Disneyland generated an estimated $3.8 billion in revenue last year, according to Michael Nathanson, a media analyst.

On Monday, a coalition of unions representing thousands of workers at Disneyland told California Gov. Gavin Newsom that it is generally satisfied with the health measures laid out by the company for operating safely.

Follow New York Times Travel on Instagram, Twitter and Facebook. And sign up for our weekly Travel Dispatch newsletter to receive expert tips on traveling smarter and inspiration for your next vacation.

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