Today, I want to discuss the Entrepreneur Mindset. I want to teach you how to think like a successful entrepreneur.
By now, you probably realize that how you think influences how well you do in life and in business. While “thinking” will not make you successful all by itself, your thoughts will ultimately control your actions, which will create your habits, which will determine your results.
To build a successful business of any kind, you need to have a certain mindset. While every entrepreneur has a different personality and skill-set, you will quickly discover that many of these successful entrepreneurs share a certain mindset.
What is the Entrepreneur Mindset?
Here’s the best definition I could find online defining the Entrepreneur Mindset.
Entrepreneurial mindset refers to a specific state of mind which orientates human conduct towards entrepreneurial activities and outcomes. Individuals with entrepreneurial mindsets are often drawn to opportunities, innovation and new value creation.
Characteristics include the ability to take calculated risks and accept the realities of change and uncertainty. Source
Traits of the Entrepreneur Mindset
What I want to do in today’s post is share what I consider to be the Entrepreneur Mindset. These are lessons I’ve learned during the past 18-years of owning my own business, through trial and error, and by studying other successful business owners.
# 1: Visionary
Entrepreneurs are visionaries by nature. They have a long-term goal, a vision for their business. They see things before they exist. That’s one of the reasons they started a business in the first place.
Good entrepreneurs can look past their daily struggles and focus on hitting the big goal. Vision is something you either have or something you don’t have.
Most new business owners are far too short sighted. Most people who enter the home business industry have the employee mindset because they have never owned a business before, so they don’t know how to think like a entrepreneur. They think day-to-day, month-to-month or check-to-check.
Successful business owners make sure that EVERY decision they make today moves them closer to their long-term vision. Thinking like an entrepreneur, and developing your vision is a learned skill, which takes time to develop. What is your vision for your business?
When it comes to network marketing, define your why. Know WHY you are doing the business in the first place. Write down your short-term and long-term goals for the business. This will help you survive through the difficult times.
# 2: Big Picture Thinking
Successful entrepreneurs understand the big picture. This goes hand in hand with their vision. They do not let the minutia or the small details paralyze them. They realize these things are important, but they aren’t anywhere near as important as the big picture.
Many business owners (and people) are so focused on the penny on the ground that they let the $100 bill fly by, right over their head.
Pay attention to the details, but make sure the main thing is always the main thing. Your biggest objective is growing the business and making the cash register ring, not managing the business. Are you a big picture thinker?
When it comes to network marketing, focus on the activities that make you money, not the minutia. Inspire yourself to take action daily and do not let “paralysis by analysis” control your life. Remember, you don’t need to know every detail to get started, or be successful.
# 3: Know Your Numbers
To succeed in business, you need to know the numbers. The numbers NEVER lie. You need to know where your business stands financially at all times. You need to know how much it costs you to find a customer and keep a customer.
Smart entrepreneurs know how much money is coming in, going out, and when their bills are due. Smart business owners keep a finger on the pulse of their business finances at ALL times.
They might have a bookkeeper or accountant helping them, but they NEVER turn over this responsibility to anyone else: EVER! What are you doing to handle and control your business finances?
When it comes to network marketing, you need to know your numbers. For example:
- How many people do you need to talk to in order to sponsor one new person?
- How many people do you have to sponsor to find someone who does something?
- How many people do you need to sponsor to build a big team?
- How big of a team do you need to reach your financial goals?
- How much volume do you need moving in your group to earn the money you want to make?
Once you know this numbers, you can develop a plan and daily routine to get there.
# 4: Know Your Real Business
Smart entrepreneurs know that their product or service is not their real business. Instead, marketing their product or service is their real business.
They focus their time, money and energy on marketing their business and making sales.
For example, a barber shop owner’s business isn’t cutting hair. Yes, that is the technical work of their business, but their real business is finding and keeping customers. Their job is to keep those seats full! As the business owner, your top priorities are marketing and sales. Do you know your real business?
When it comes to network marketing your real business is marketing your products and business opportunity to others and building your network!
# 5: Continuous Improvement
Another part of the Entrepreneur Mindset is continuous improvement. Smart business owners set high standards for themselves and focus on continuous improvement. They strive to get a little bit better every single day, month and year.
Over a period of time, this incremental growth adds up to huge improvements. They track their progress, identify shortcomings, and create action plans to improve. What are you doing to get better every single day?
When it comes to network marketing, be a little better today than you were yesterday. Reflect on each experience and try to learn new skills every day. Do this and the Slight Edge will kick in.
# 6: Expand Your Network
Smart business owners realize that they are in the people business, regardless of their industry. They understand the importance of strategic relationships and building relationships with the right people.
Successful business owners are ALWAYS expanding their network and getting others to like, know and trust them. Smart entrepreneurs network with customers, potential customers, other business owners, local government officials, and whoever else can help them grow their business. What are you doing to expand your network?
When it comes to network marketing, you should make it a point to grow your network by at least two to ten people per day.
# 7: Stay Positive, But Be a Realist
Most successful business owners are naturally optimistic. They are positive, upbeat people. While they are optimistic, they are also very realistic. They never let their optimism keep them from seeing the real picture.
They study the numbers and trends, fix problems immediately, and keep moving their business forward. They look at every challenge and setback as a learning experience and opportunity to improve themselves and their business. Are you a realist?
When it comes to network marketing, don’t let rejection and temporary failure keep you down. Always get up when you are knocked down.
# 8: Understand Leverage
Leverage is very powerful. You can leverage yourself through other people, systems or money. Smart entrepreneurs hire others to do less productive tasks, so they can free up their time to focus on the money producing tasks.
They realize that good employees or independent contractors are worth their weight in gold. Smart business owners do not spend their $100 per hour time doing $10 per hour tasks. They know that the entire purpose of a business is to have leverage: through money, systems and people. What are you doing to have more leverage?
When it comes to network marketing, you get leverage by building a team of customers and distributors who all do a little bit each month. Unlike traditional business, you don’t need employees.
The biggest day for me was when I realized I didn’t have to do everything. I could hire someone to do some of the work.
Then I was able to work 90 hours a week but get 300 hours a week worth of work done. Source
# 9: Find a Way to Be Unique
Good entrepreneurs are always looking for a way to distinguish themselves from the competition. They find unique selling propositions and see creative ways to stand out in the market place.
They look for a need, or find something their competitors aren’t doing and then they go out and do it. They realize that trying to be like everyone else, or trying to please everyone else is a complete waste of time. How are you different from your competitors?
When it comes to network marketing, look at what everyone else in your company (and the industry) are doing and do the complete opposite. Ask yourself WHY people should do business with you and not someone else.
# 10: Build Strong Relationships
Success in business comes down to the relationships you have with your team, your employees, your customers, your suppliers and other entrepreneurs. Good business owners are always focused on improving their relationships with others.
They have a game-plan to stay in touch with these people on a regular basis and improve their relationship with them. What do you do to build relationships in your business?
When it comes to network marketing, the people who make the big money over the long haul are the people who have the most relationships with others.
What Others Are Saying
I figured I would take a few minutes and share some wisdom from other bloggers and entrepreneurs about the Entrepreneur Mindset.
The biggest killer of the entrepreneurial mindset is not what you would expect.
It’s not failure, the economy, or bad ideas.
It’s doubt – in ourselves, our surroundings, and our abilities.
Self-doubt kills many dreams, long before any external factors can come into play. Source
You’re only one decision away from a totally different life. ~ Mark Batterson
There you have it folks. As I see it, this is the Entrepreneur Mindset of a successful business owner. Once again, this is just my opinion. I understand that every entrepreneur is different. However, I believe these are 10 things ALL successful business owners have in common, regardless of their personality, skill-set, or business model.
What do you think about the Entrepreneur Mindset? What is your favorite category that I listed? What did I forget? Which area you do you struggle with? Leave a comment below and tell me what you think. I look forward to hearing from you.