Cooperatives are a business model that serves entrepreneurs well because of its open concept and sharing of risk approach. However, the success of cooperatives lies with the entrepreneurs managing it. The objective of this paper is to understand what defines entrepreneurs’ mind-set in making a business successful. This paper will proposed a conceptual model that will be used in a later stage to identify the strength of relationship between variables that will be derived based on existing literature. Key Words: Entrepreneurial mindset, Cooperative, Mindset constructs.