A Business Mindset – Is Your Holding You Back?
A mindset is a group of beliefs, attitudes, habits, and assumptions about how the world works and how you should respond to it. We already hold a mindset about the way the world works and our place in the world.
Chances are, you already hold a business mindset. It may not be a mindset that can aid in your success, but you hold beliefs, attitudes, habits, and assumptions related to business. Think about it: What are some of the beliefs you currently hold? (I’d love it if you would post your ideas and thoughts in the comments below).
Now that you’ve considered what you already believe, are you ready to take a deeper look into what could improve your business mindset? Do you think your business mindset is holding you back or steering you to success?
Get Comfortable with Being Uncomfortable.
As humans, we want to feel safe and comfortable. It’s natural and normal. Becoming an entrepreneur means you won’t always be safe and comfortable. You will be outside of your comfort zone. You will be challenged and you will need to take risks.
Take baby steps in this area. For instance, if you know you lack the skills to get in front of people to make a speech, seek growth here. Join a Toastmaters’s group to learn the skill. As you see success, you’ll start feeling better about trying something new.
Be Okay with Failure
Not all of your ideas are going to pan out. You may have started a great business model, but the economy just falls flat. Your idea may not have been as good as you thought. Failure is inherent in business.
If and when you fail, instead of beating yourself up about it, ask, “What did I learn?” Learning means you are growing. Growth means you can make different decisions next time.
Surround Yourself with Good People
We tend to take on the attitudes of those around us. So, keep good people around you. Make sure you hire the best people and make sure your mentors are giving valuable insights.
This doesn’t mean you hire all, “yes men,” but it means you hire energetic, optimistic people who will tell you the truth.
Get Up Early
Successful people wake up before the rest of us. From Apple’s CEO, Tim Cook, to Richard Branson – they are all awake by 5. An earlier wake up time will give you extra time to accomplish personal goals, get in a work out, and get your brain juices moving before everyone else. This will give you an edge.
Set Strategic Goals
You need to be someone who thinks about the big picture. Being detail-oriented at times is helpful, but you can’t get stuck in the details and minutia. This means setting long-term goals and determining what steps should be taken to meet those goals. While you should be concerned about today – you need to be concerned about tomorrow – and not the immediate tomorrow. What needs to be happening in one year, two year, five years?
Become goal-oriented and make sure your actions and the strategies of your business are taking you toward that overarching goal. You may have a wonderful opportunity present itself, but if it won’t deliver you closer to your goal post, highly reconsider the taking the opportunity.
Remain Open & Evolve
Yes, I know I just said to be cautious with opportunities that won’t take you closer to your goals, but don’t shut out opportunities either. Remain flexible. Could it be that such an opportunity can take you in a new and better direction?
Businesses that aren’t paying attention to the changing landscape of their industry will fail. It’s your job to make changes before everyone else.
Pursue Your Passion.
You are investing yourself, your time, and your energy into growing a business. If you love what you do, you’ll be willing to do the extra lifting to find success.
You may not need significant cash-on-hand to invest in your business, but you do need a creative mind. Look at what you have (beside from cash assets) and use those resources wisely and creatively.
Resourcefulness also means being responsible with your cash flow and budget. Keep an eye on these numbers and anytime you are spending money – think about what else you are investing. Compare the investment with the return.
For example, maybe there is a networking conference in your city you’d like to attend. Don’t just ask what it will cost. Also determine what it means for your time. Time is money when you are an entrepreneur. Determine if the networking conference will really generate new leads and connections for your business and if those leads are worth the input.
Here I am again, talking about diversification, but it’s so important for someone with a business mindset. Create several income streams. Invest in projects strategically. Don’t put your eggs in one basket.
Understand Your Emotional Responses
When you invest so much yourself into a business, you begin to feel like it is your child. This is good, until its bad. Our heart can tell us things that our brains can’t, but it may also make us hold onto something to our detriment.
There can be truth in emotion, but to determine those truths, you must be able to step outside of the emotions. Your emotions can be a guide, but they can’t be in the driver’s seat.
Know When It’s Time to Let Go
Don’t fall so in love with your business that you aren’t willing to move forward to other ventures. In fact, selling your business might be the very best idea you come across. Someone else may be able to take it places you never expected.
Elon Musk didn’t always run Tesla and SpaceX. He also started PayPal, but later sold it. Imagine what the world would lack if he had only stuck with PayPal.
Take personal responsibility for your mistakes and actions.
Sometimes you just need a bit of support, a friendly word or a bit of advice to get you into the right business mindset. If you are starting an online business it can be hard to find like minded people to give you the support you need. I would recommend you find a support network who can be on hand 24/7 to see you through the tough times. I am personally aware of how important this is and invite you to join my network here.
If you’d like to leave a comment I’d love to hear from you. Just drop a line into the box below. If you need help with anything to do with starting your business online I’d be very happy to help. Contact me here.