My previous post was all about developing a mindset that supports being your own boss and owning your own business.
Making the jump from corporate life or as a stay at home parent, to business owner, requires you to start thinking differently. You need to know your ‘WHY’ .. the big, overarching reason you that will propel you. Your ‘why’ should be strong enough to get you through the tough decisions, the overwhelming workload, and the rough patches.
You also need to the right mindset - fixed set of ideas that we all maintain about a certain subject. It determines how we will react to certain situations.
What are the characteristics of the mindset of successful business owners and entrepreneurs?
Let’s look at these 10 mindsets, habits and qualities of successful entrepreneurs:
No matter what happens, the ability to frame it in a positive light us essential. Don’t roll your eyes. It’s true.
You will experience a wide range of setbacks as a business owner. From minor (a vendor raising prices), to more severe (sudden drop in traffic when Google algorithms change). Hopefully you won’t have any catastrophes (fires, earthquakes, etc.), but they do happen.
When the immediate chaos is over, your ability to look at what’s happened, learn from it and make your business better will be essential.
Learn from Failure and Move On:
One of my favorite quotes is from Thomas Edison, about inventing the light bulb:
“I haven’t failed. I’ve just found 10,000 ways that won’t work.”
Entrepreneurs generally don't achieve success on the first try. So they try again .. and then try again. They're resilient and persistent.
You got two people on your first webinar? Great! What questions did they ask? What attracted them to your webinar? Use that information to tweak your advertising to attract more the next time.
Know the Moment to Give Up: Learning from failure is one thing, doing the same thing with no hope of reaching your goal is another. A good entrepreneur also knows when to stop. Wasting time and energy on a project that just isn’t working isn’t smart.
It can be hard to “pull the plug” on a project, product, or even someone you’ve hired to help. When you begin to suspect the outcome you hope for isn’t going to happen, evaluate and make the decision. Don’t waste your time and energy.
Learn to Delegate to Others:
Successful entrepreneurs don't try to do everything themselves. It is not possible to do everything that needs to be done when you are a business owner. That is not a question or up for debate. You cannot do it all.
Learn to reach out for help and designate tasks to those who are best equipped to do them.
(Need help learning how to outsource your tasks and projects? Download the ***FREE*** Big Business Breakthrough)
Never Stop Learning:
Entrepreneurs love to learn. They have a hunger for knowledge. They explore new ways of thinking and they embrace change.
Learning and exploring new ideas and concepts if different than chasing the new shiny object that appears and distracts you from your business.
Learning is intentional. Entrepreneurs plan their reading and the topic of the podcasts they listen to coincide with what is happening in their business.
And successful entrepreneurs keep a list of books they want to read, concepts they want to learn, and people they want to learn from.
Learning is self-improvement, it’s mind-improvement. Every day you need to spend some time on improving and learning.
(Is Shiny Object Syndrome a problem for you? Read this)
Successful Entrepreneurs Take Risks:
Not the base jumping off the tallest building they can find type of risks. But calculated risks to with the intention of creating and maintaining growth and momentum in their business.
A risk is defined as something with a possibility of loss. We all take risks every day (walking down the sidewalk, driving a car, eating take-out, etc.). It’s when the potential loss is greater than normal that we become more aware and in tune to the risk. Driving on a narrow, winding mountain road may feel riskier than driving in your city.
In your business, the risks you take may be putting all your focus on one product, or investing in equipment to manufacture your product in-house, or changing your marketing strategy. There is potential for loss but if the risk is well considered and calculated, the rewards will be great.
(Plus, we already know that successful entrepreneurs know how to deal with failure).
Other habits of successful entrepreneurs:
Eyes and ears are always open. Entrepreneurs are always on the lookout for new opportunities, even when there is not necessarily an immediate result. Jot down ideas, inspirations, and opportunities as soon as they occur and keep running list. You will be happy that you did.
Follow-Through: Entrepreneurs do what they say they are going to do. They don’t make promises they can’t keep. And they don’t let things slide through the cracks. If you say you will do, do it.
Remain Flexible: They are open to continuous change and improvement, and they are ready to adapt or change plans at a moment’s notice.
Keep Good Company: Entrepreneurs surround themselves with other entrepreneurs, positive influencers, and like-minded individuals. It may be hard, but your energy will improve when you weed out the nay-sayers and Negative Nellies.