The Entrepreneurial Mindset

Beth Nairn | Dean of Extra-Curricular

This week a group of Year 8 students will attend a new event for Loreto Normanhurst. It is a gathering with other schools called “The Big Ideas Challenge” and is a day of entrepreneurial learning. The title has piqued the interest of many a colleague who has seen it documented in our school calendar.

What does it mean to be ‘entrepreneurial’ and why is it something that we desire for our students? When I imagine an entrepreneur, I envisage a savvy business visionary whose success and acumen has led to great wealth. But these attributes do not seem entirely congruent with the values we promote and nurture at Loreto Normanhurst.

The graduate attributes we desire for the young people in our care include being women of creativity, conscious faith, and service. We wish for them to be articulate and considered, resilient, agile, and adaptable and to possess curiosity. Do these align with the concept of entrepreneurialism? Absolutely they do!

I looked into this further as the Big Ideas Challenge drew closer, to equip myself with a clearer understanding of why this particular extra-curricular opportunity was not only pertinent, but crucial for our young people.

What sets successful entrepreneurs apart is the characteristics of the entrepreneur themselves. Research shows that successful entrepreneurs have a unique way of approaching problems – an approach referred to in some literature as the entrepreneurial mindset.

“A key part of the entrepreneurial mindset is to be able to course-correct, learn from mistakes, and move on.”

John Danner, entrepreneurship teacher at Princeton University and University of California, Berkeley

Entrepreneurially minded young people will have the attitudes and skills they need to successfully navigate the challenges and opportunities of an ever changing world. It is about imagining new ways to create value by taking initiative, adapting to change, finding creative solutions, being comfortable with risk and fostering ‘intelligent failure’ (Sim Sitken, 1992).

It is imperative that we include the deliberate teaching of these skills in our schools. Deborah Sweeney, CEO of MyCorporation, says, “Grit is made up of persistence, passion and resilience. It's the passion to achieve long-term goals, the courage to try again in the face of rejection, and the will to do something better than it has been done before." Surely, we want this for all of those in our area of influence.

The belief that we need to, is reflected in the introduction of general capabilities, and consequent embedding of transferable skills, to the Australian Curriculum. Clearly there is an emphasis on critical and creative thinking, ethical reasoning, and interpersonal skills.

To succeed in this ever-changing world, students need to be able to think like entrepreneurs: resourceful, flexible, creative, and global.

Professor Yong Zao, Foundation Distinguished Professor, University of Kansas

There are many reasons why students should learn entrepreneurial skills. Entrepreneurialism is a way of working and thinking. It encompasses innovative thinking, leading through collaboration and a powerful combination of tenacity and confidence. Education needs to equip students with the skills they need to become active, responsible, and engaged citizens who can thrive in and shape their world. The entrepreneurial mindset addresses this – and at Loreto Normanhurst, these are highly represented in our Graduate Attributes.

At the heart of entrepreneurial thinking is the practice of having a hopeful outlook. Being motivated to convert curiosity into action via an optimistic, collaborative, and hardworking attitude, displaying empathy and self-awareness and being comfortable to actively seek guidance and advice.

Having an entrepreneurial mindset is critical. Adapting to risk, spotting opportunity, taking initiative, communicating, and collaborating, being flexible, and problem solving. These are all part of the entrepreneurial mindset. By instilling this way of thinking in our students, we equip them to handle tomorrow’s challenges and take advantage of future opportunities (Gillett and Kelterbor, 2022).

I am excited to see how our girls embrace these ideas as they participate in this week’s “Big Ideas Challenge”.