How the Best Investors Think Like Entrepreneurs

When Ernst and Young named Dr. Bharat Sangani its 2026 Entrepreneur of the Year for the Southwest, it wasn’t just recognizing a track record of deals. It was recognizing his way of thinking. As a trained cardiologist and founder of Encore Enterprises, Dr. Sangani has spent decades building one of the most respected real estate development and investment platforms in the country.

At Ignite, we believe that the line between a great entrepreneur and a great investor is thinner than most assume. The frameworks that build companies, conviction, rigor, urgency, and proximity to the work, are the same ones that build portfolios worth owning. We sat down with him to explore what separates investors who generate real wealth from those who simply participate in it?

Ignite: Before we get into how the two worlds connect, in your own words, how would you define your entrepreneurial mindset?

Dr. Sangani: It really comes down to three things. The first is a value creation orientation. Entrepreneurs aren’t trying to capture a piece of something that already exists. They’re asking how to build something worth more tomorrow than it is today. That means developing the discipline to see what others don’t yet see.

The second is first-principles thinking. Rather than following consensus, entrepreneurs ask why something works the way it does and whether there’s a better way. That habit of questioning assumptions is just as valuable when you’re evaluating where to deploy capital as it is when you’re building a business.

The third is what I’d call calibrated patience. It’s two things working together: knowing which risks are worth taking and which to avoid entirely, and being willing to hold a position on a time horizon most people won’t sit with.

Ignite: You’ve operated on both sides of the table, as an operator building assets and as someone who attracts serious capital. Where do those two mindsets overlap?

Dr. Sangani: More than most people realize. The best investors I’ve worked with don’t just ask “what’s the return?” They ask “what has to go right for this to work, and what happens if it doesn’t?” That’s exactly how a good entrepreneur evaluates a business decision. They’re stress-testing the thesis, not just underwriting the upside. When capital and conviction align, that’s when you see exceptional outcomes.

Ignite: HNW investors often hear that they should “think like an owner.” What does that actually mean in practice?

Dr. Sangani: It means you don’t stop at the investment idea. Ownership means you understand the asset, the market, the team, and the exit before you wire a dollar. Entrepreneurs live with those details every day. Passive investors who adopt that same curiosity and discipline consistently make better allocation decisions. They ask better questions, they hold managers accountable, and they’re less likely to be surprised.

In cardiology we have a principle: measure three times, cut once. You cannot uncut. It also means front-loading your judgment. In private markets especially, you rarely get a chance to course-correct once you’ve committed. Entrepreneurs, and physicians like myself, understand this intuitively because they live it in their businesses: the work you do before a decision has to be good enough to carry the decision forward on its own. That’s a different standard than most investors hold themselves to.

Ignite: What’s the biggest mindset gap you see between entrepreneurs and traditional investors?

Dr. Sangani: I have two answers here. The first is urgency. Entrepreneurs understand that the window on a great opportunity is rarely wide open for long. Capital that moves with conviction captures deals that hesitant capital misses entirely. I’ve watched investors over-deliberate themselves out of transactions that went on to perform exceptionally well.

My second answer is maybe a bit too honest. Entrepreneurship is mostly ordinary days, punctuated by moments of sheer terror. It is not for weak stomachs. And the only thing that carries you through those moments is a deep belief in your thesis and the willingness to double down on a vetted business plan precisely when the macro signals to retreat are everywhere.

Most investors have never had to develop that muscle. When a position gets uncomfortable, their instinct is to look for the exit. An entrepreneur’s instinct is to get closer to the problem. That difference, between doubling down with conviction and retreating with doubt, is where returns are made or lost.

Ignite: What’s your advice for an investor who wants to develop a more entrepreneurial approach to their portfolio?

Dr. Sangani: Get closer to the operators you back. Not just quarterly reports, but real dialogue. Understand what keeps them up at night. Understand the decisions they’re navigating. That proximity gives you better judgment over time, and better judgment compounds just like capital does.

And, also, have a point of view. The most successful investors I know don’t just react to what’s in front of them. They’ve developed a thesis about where value is being created, and they allocate toward it with intention.

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