Today, I want to discuss the Entrepreneur Mindset. My goal is 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 must have a certain mindset. While every entrepreneur has a different personality and skill-set, you will quickly discover that most 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
In my own words, entrepreneurs thrive on risk and uncertainty. They can separate the big picture from the minutia. They have a HUGE vision that drives them. Opportunity is more important than security to them. They can see something before it exists and manifest it into reality.
The Two Types of Entrepreneurs
There are two types of entrepreneurs (that I know of). One is the technician. This is the person who is a subject matter expert at what they do and wants to to everything themselves. They are good at what they do, and don’t want to work for someone else, so they start their own business.
They need to “control” everything in their business. No one can do what they do as good as them, so they keep the reigns close and do not delegate, empower, or outsource. These are often the small mom and pop businesses with no more than one, maybe two employees. In many cases, these entrepreneurs have no employees. They do everything themselves as solopreneurs.
They are the business. If they die, get hurt, get sick, or don’t show up, there is no business. They have the skills to do the technical work of their business, but they are not good at creating systems, hiring and empowering others, and growing something that can evolve and succeed without them.
The other type of business owner, or entrepreneur, is someone who is systems driven. They want to create something that ultimately will not need them to run it. They create the system and the system runs the business. They want to delegate, empower, and outsource, as much as possible.
Both types of people are technically entrepreneurs, but one is limited to them doing everything themselves and the other has the skills to build a huge business that will not need them to run it! You might start out as a technician, but your goal should be to evolve into the second type of entrepreneur as quickly as possible.
Traits of the Entrepreneur Mindset
What I want to do in the rest of this article is share the top 10 traits of the Entrepreneur Mindset, as I see it. My goal is to help you get started as a “technician” and quickly evolve into strategic entrepreneur. Let’s get started.
# 1: Confidence
First is CONFIDENCE. Entrepreneurs believe in themselves and their vision. Most “aspiring” entrepreneurs never make the leap from employee to entrepreneur because they are scared of the unknown. They are scared of failure. On the other hand, entrepreneurs accept risk and uncertainty because they believe in themselves AND they believe in what they are doing.
# 2: Vision
Entrepreneurs are visionaries by nature. They have a long-term goal, a vision for their business. They see things before it 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. They’re more concerned about their weekly pay than their yearly objectives!
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.
# 3: 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.
# 4: Know Your Numbers
To succeed in business, you must know your 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 ALWAYS keep a finger on the pulse of their business finances.
They might have a bookkeeper or accountant consulting 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 must 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?
- What was your profit and loss last month and last year?
Once you know your numbers, you can develop a plan and daily routine to get there.
# 5: Marketing & Sales Focused
Smart entrepreneurs know that their product or service is not their real business. Instead, marketing their product or service is their real business. That’s why 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?
# 6: Networkers
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: Resilience
Resilience is the sturdy armor that fortifies an entrepreneur in the face of adversity and uncertainty. It acts as a steadfast companion, enabling individuals to weather the inevitable storms that accompany the entrepreneurial journey. As an entrepreneur, encountering setbacks, failures, and unexpected challenges is almost a certainty.
Resilience allows one to bounce back from these setbacks, learning valuable lessons and using them as stepping stones for growth. It instills the mental fortitude needed to persevere in the midst of uncertainty, setbacks, and the inevitable roadblocks that arise.
This quality enables entrepreneurs to maintain focus on their goals, pivot when necessary, and continue pushing forward despite obstacles. It’s the resilience of an entrepreneur that fuels the capacity to adapt, learn from mistakes, and maintain the unwavering determination required to ultimately succeed in the competitive and unpredictable world of business.
# 8: Creative & Innovative
Being creative and innovative as an entrepreneur is akin to possessing a compass that navigates the ever-evolving business landscape. These qualities serve as the cornerstone for problem-solving, enabling entrepreneurs to devise novel solutions to existing challenges.
Creativity fosters the generation of original ideas, allowing for the development of unique products, services, or approaches that set a business apart in a competitive market. Innovation, on the other hand, propels these ideas forward, facilitating the implementation of novel strategies and technologies, often streamlining processes and improving efficiency.
Both creativity and innovation empower entrepreneurs to adapt swiftly to changing circumstances, identifying opportunities where others see obstacles, and continually evolving their offerings to meet the evolving needs of their customers. Ultimately, these traits act as catalysts for growth, differentiation, and sustainability in the entrepreneurial world.
# 9: Problem Solvers
Entrepreneurs get paid to solve problems. There will always be problems. Your pay is dictated by the number of the problems you can solve and the size of the problems you can solve.
Entrepreneurs look at problems as a way to innovate and improve. They don’t get beat down mentally because something doesn’t go as planned. They expect it. And they have a back up plan to make the necessary adjustments and keep going.
# 10: Systems Focused
Successful entrepreneurs understand the importance of business systems. They know that one person can only do so much. They also know that people will let you down. People will fail, but systems are the foundation of a successful business. Smart entrepreneurs are committed to developing and following systems for their business. They create documented processes for their employees to follow. They constantly tweak and improve their business systems so they are seamless and efficient. They realize the system is the solution!
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
In conclusion, this is the Entrepreneur Mindset of a successful entrepreneur, as I see it. Keep in mind, this is just my opinion. I understand every entrepreneur is different. However, I believe these are 10 things ALL successful entrepreneurs have in common, regardless of their personality, skill-set, or business model.
What do you think about the Entrepreneur Mindset? What is your favorite trait that I listed above? 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. Thanks for stopping by. Have a great day.