Every day there are new small and micro businesses starting all over the world and every single one of them has an owner that is doing their best to achieve their version of success.
The entrepreneurial instinct is the mental toughness that is required to make something from nothing. It is the mindset that allows you to take smart risks, thrive in ambiguity and bounce back from failure. It’s the reason why the team that looks good on paper doesn’t always win and why the drop out becomes a billionaire – we hear that story over and over again.
If you’re one of them, this post is for you, we will go over the points you need mentally.
Don’t Limit Your Dreams
To me, the most important aspect of the entrepreneurial spirit is its boundlessness. Many people are conditioned, as they go through school and into the workforce, to be realistic and practical—but, what’s wrong with dreaming big? You’ll have to work for it, but, believe me, it’s worth it.
Your business is not going to grow itself. If you don’t develop the way you think about your business, it’s going nowhere.
Having the proper success mindset as an entrepreneur will enable you to deal more effectively with the day-to-day of your business. Because you will be thinking – and acting – like a true entrepreneur.
It is essential that you get used to the uncomfortable feeling of not knowing what you’re doing.
Whether it’s getting on stage to speak, launching your product or writing a book, we tend to see others doing it and (falsely) assume they’ve always been good at it.
We all have to do everything for the first time, and none of us does anything very well the first time. The only way to truly learn about business is to start a business of your own.
Positive vs. Negative Mindset
These two mindsets spell out the difference between positive thoughts and negative thoughts. Negative thoughts tend to limit thinking, undervalue achievements and generate a variety of negative feelings. Negative feelings, in turn, can lead to lack of confidence and underperformance. People with a positive mindset, on the other hand, tend to have a better outlook on life and are more energetic, productive and successful.
As an entrepreneur, I have learned that staying positive, even when setbacks arise, is key to moving forward and pushing through. A positive mindset can help you turn a bad situation into a good one in a much shorter period of time, and with better end results. It’s the process of making something good out of something bad.
As a company that relies on online tools and software, we’ve often had disastrous results when adopting a new tool or system. However, that hasn’t discouraged us. Instead, it taught us how to be more efficient and led to us creating our own tool. A negative mindset, on the other hand, would have led us to give up and lose faith — which is certainly not what entrepreneurship is all about.
Be Clear On Your Intention
Is it your intention to be in business and to grow a business? Or are you just doing this for fun?
Value yourself and have a clear intention to generate a profit. You wouldn’t work 40 hours a week for free, nor for a discounted price, so don’t do it in your own business.
Set your intentions clearly from the start and allow those intentions to guide your decision making.
More than anything, an entrepreneur is a person that can add value, whether they create something themselves or work for a company.” Under that definition, the path towards entrepreneurship and an entrepreneurial mindset can be pursued by anyone, including a teen.
Being successful means the achievement of desired visions and planned goals. Furthermore, success can be a certain social status that describes a prosperous person that could also have gained fame for its favorable outcome. The dictionary describes success as the following: “attaining wealth, prosperity and/or fame”.
USE Your Knowledge
What’s happening in your industry, who are your competitors, who can you team up with for mutual benefit? What does the market want? What is the value you can offer?
The secret to starting a business is to find out what your market wants, and deliver that.
Is there room for two businesses delivering the same product or service in your market? Can you see a way to do it better than what is currently on offer?
If you’re not aware of your differentiating factors, it will be tough to sell it.
Attention is a limited resource. Where you place your attention is going to have a major impact on the growth of your business. So use it intentionally.
At the start of your business, this might mean not watching TV or going out to the game on the weekend. You choose where you place your attention every second of every day.
Create a business plan (even if it is just written on the back of a napkin or a coaster from the pub). Place your attention on what is necessary to grow your business.
Make consistency a habit.
Being great at anything requires two things: consistency and effort. You have to do the work to be great, and you have to do it consistently. Muscle doesn’t build itself (trust me, I’ve tried). You don’t get stronger by doing some pushups whenever you feel like it. You improve by going to the gym consistently and doing the work to get stronger.
Leading a team or a company requires the same consistency of effort. You get better at communicating by communicating. You get better at focusing by focusing. You get better at working together by working together to getbetter -- and doing so consistently.
An objective goal is one that if you explained it to a complete stranger in one sentence, they would understand it, and also be able to measure your progress and achievement.
It would have a very clearly defined end objective.
Set objective goals for profit, turnover, target market, product creation, and everything else in the 9 divisions of your business.
And make sure the objective goal you set is going to challenge you.
Think big and small
You have to learn to think big and small. You have to go in the same direction with small day-to-day decisions, as well as big actions.
Once you are on your way, you will mostly have to occupy yourself with little things, which can be tedious. Nevertheless, you are the one who has to do them right.
Gabriel Weinberg, founder, and CEO of DuckDuckGo.
This ability is what makes us entrepreneurs: at times, we have to do the work that has to be done (the small things), even if we’re not great at it and don’t like doing it.
Yet, we also have to be able to step back, look at the big picture and give direction to the overall vision. This is the mindset hack we need to harness for business success.
The growth mindset should be an obvious business hack and it is essential to you succeeding as an entrepreneur. You need to have the mentality that you can teach yourself to do anything, as long as you push yourself hard enough and try enough things.
Business is really all about numbers. Being organised helps you measure those numbers, and then improve systems in order to improve the numbers. Without this, your business will fail.
It’s important to understand what numbers are worth monitoring (the ones that have a direct impact on your ability to serve and charge for that service is a good start).
It’s also about the attention to detail you pay to the little things that make a big difference. Sometimes this is the only thing that sets you apart from your competition – and it can mean that you own the space you’re in.
Mindset matters. Whether you’re a founder, CEO, first-day-on-the-job newbie, or bold, would-be entrepreneur, if your mind isn’t right then your decisions aren’t right. And with suboptimal decision making comes suboptimal results.
Here are 5 quotes to inspire you to succeed in the face of failures, setbacks, and barriers.
1. "Success is not final; failure is not fatal: It is the courage to continue that counts."
-- Winston S. Churchill
2. "It is better to fail in originality than to succeed in imitation."
-- Herman Melville
3. "The road to success and the road to failure are almost exactly the same."
-- Colin R. Davis
4. "Success usually comes to those who are too busy to be looking for it."
-- Henry David Thoreau
5. "Opportunities don't happen. You create them."
-- Chris Grosser
How to identify success
- Success isn't just about money, power, and fame. Personal fulfillment and making an impact count for something, too.
- We collected a series of indicators that you're going to be more successful than you think. Those include being open to failure and making time every day to learn.
- If even a few of these signs sound familiar to you, you're making good progress.
We tend to underestimate ourselves. We look at CEOs, or people with billions of dollars in the bank, and see them as way more successful than we are.
I get asked, Do you consider yourself successful? I always reply Yes I consider myself a successful person because I have achieved whatever goals in my life I made. It does not mean that I never faced failure or never commited any mistake but finely I got success in whatever I had worked for and had choosen to do.
Be willing to take risks.
There are no guarantees on any path to success in life or business. The unknown is always looming. Therefore, risk and education are often the mechanisms necessary for knowing more clearly if you're on the right path.
If you're afraid to risk, you will put limits on your success and stay where you're comfortable. You cannot get what you want if you don't risk rejection and go for what you desire.
You're willing to take calculated risks
You'd be hard pressed to find a successful person who hasn't taken some amount of risk in their career.
Take Hearst executive Joanna Coles, for example. As a young newspaper reporter, Coles once burst in on a woman in a bathroom stall in an attempt to land a scoop. Later, she left her job as a foreign correspondent for the Times of London and took a job in magazine journalism — even though she was pregnant and didn't have a visa that would allow her to say in New York.
Meanwhile, Jeff Bezos, CEO of Amazon and the richest man in the world, has spoken often about how he decides which risks to pursue. In one interview, Bezos explained how he decided to found Amazon:
"I knew that when I was 80, I was not going to regret having tried this. I was not going to regret trying to participate in this thing called the Internet that I thought was going to be a really big deal. I knew that if I failed, I wouldn't regret that.
"But I knew the one thing I might regret is not ever having tried. I knew that that would haunt me every day."
You're nice to people — even if they're not your superiors
On another episode of "Success! How I Did It," Coles described the importance of maintaining good relationships with your friends and colleagues. She said:
"The thing that I always try and say to young people starting out is your peer group is really the most important influence on your life because you are going to rise and fall together. And I have always got jobs through the loose ties of friendships and someone knowing someone who might know a job. And, you know, a group of you will start out together, and they sort of pull you with them."
Her number-one life tip? "Don't be an a--hole."
Honesty + Professionalism = Good Reputation
Honesty is a measure of integrity to do what you say you are going to do, when you say you are going to do it and to follow through on any delays or quicker advancements by informing all involved. False information is never given as it destroys the integrity of the business equation.
Professionalism is a measure of competency and skill in your business dealings with others, and how your know-how is executed through subsequent action in a reliable way.
When honesty and professionalism are combined you naturally develop a stellar reputation. Because word of mouth is everything in business there is nothing which can supersede a great reputation. The successful understand that reputation has more value to others than their actual business. In this way, if people like and respect you they will like and respect your brand.
Developing Your Mindset
Having the right mindset is important for succeeding in business and in life. But how can you develop your own mindset and lead it in the right direction? As an entrepreneur, I’ve learned that there are some key things you have to keep doing in order to maintain a positive and growth mindset.
Understanding the physiology that drives motivation can go a long way in helping anyone become a better risk-taker. For most of us, it is a knee jerk reaction to experience a fear of loss when faced with an ambiguous circumstance. Fear is 2.5 times more powerful than reward. When the brain’s loss aversion pathway is activated, our brain chemistry pretty much ensures we will not take action. Some of the basic decision making techniques we are taught like contingency planning our way around risk only further engrain the brain in loss mode.
The first is to not limit your thinking. Don’t limit your dreams or goals: Limited thinking leads to limited ideas, which stunt growth and performance.
Just as important as limitless thinking is being deliberate about your habits and actions. Imagine having a dream about losing weight but not being deliberate about eating healthy or exercising. How soon would that dream come true? The same thing can be said about any goals you set for your company or business. If you’re not deliberate about taking actions to achieve those goals or dreams, it’s as good as not having any goals or dreams. I’ve learned to set short-term and long-term goals that help me achieve those dreams. Each milestone reached will take you one step closer.
By having limitless thinking and being deliberate about behaviors and habits, you can maintain your entrepreneurial spirit, develop a positive mindset and be open to growth and success in your business.
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