While the first step to become an entrepreneur is narrowing down a profitable business idea, the true foundation of entrepreneurial success lies within your mindset. A good idea can take you far, but your mindset and true determination to achieve your goals are what will carry you through to the finish line.
You may have hundreds (if not thousands) of other providers in your industry. Many of them probably sell a similar service or product to yours. Yet, one business may be raking in the dough, while the other can barely get off the ground.
So, what separates the two businesses? It is undoubtedly the difference in mindset of the entrepreneurs behind the biz ventures. The successful business person boasts a heightened business mindset that leads to increased visibility, more engagement with potential clients, authentic products and services and eventually, a higher revenue. The unsuccessful biz owner may know a thing or two about business, and tends to be okay with doing the bare minimum. The lacking biz owner may not even know how to prioritize and organize their business in a way that could lead to a sustainable, thriving future.
So how about you? Do you have the mindset of a successful entrepreneur? Check out the key differences in the mindsets of a successful and not-so-successful entrepreneur below. Adopt the mindset philosophies of the successful entrepreneur and you'll be sure to happily discover that your business will bloom, and your profits will likely increase as well.
The Mindset of the Successful Entrepreneur
- Believes in his/her ability to achieve the best and constantly pushes himself/herself beyond their comfort zone for the greater good of the business.
- Has his/her elevator pitch prepared and will recite it to anyone who's willing to listen.
- Keeps moving when things are slow. He/she is always thinking about the next task that must be done to improve the business.
- Believes that customer service is just as important as promotion and providing quality products. Knows that building relationships is vital to building a thriving biz.
- Always reaches higher and focuses on improving personally and professionally.
- Values his/her intuition over the advice of another. He/she truly understands what's best for the business.
- Values the power of marketing and employs proven marketing tactics. He/she markets whether business is booming or in a lull.
- Is a problem solver. He/she can allocate funds as if it were a natural talent. He/she knows how to run a tight ship in order to keep revenue up and overhead down.
- Thrives under pressure. He/she is always attentive and alert. When his/her business begins to see red, he/she steps up to the plate.
- Implements sound ideas into his/her existing business plan in order to stay organized, increase revenue, offer excellent customer service, and execute promotion.
- Stands his/her ground. Maintains a cool attitude and a firm intent. He/she handles any bit of confrontation with class.
The Mindset of the Not-So-Successful Entrepreneur
- Believes that "good enough" really is good enough.
- Feels embarrassed to toot his/her own horn and often downplays the complexity of the business.
- Is a problem solver only when it comes to minor issues, but may crack under pressure when the hard times come knocking.
- Customer service is an afterthought. He/she takes personal offense to most customer complaints.
- Employs marketing tactics only when business is slow. When business is booming, marketing expenses seem unnecessary.
- Ignores his/her intuition and runs to anyone and everyone for advice before taking action.
- Allows his/her personal level of confidence to translate into his/her business leadership.
- May thrive under pressure, but fear keeps him/her going rather than optimism. This same fear can cause setbacks, panicky or unwise decisions.
- Lets his/her ideas lie dormant until the business is bringing in more money.
- Is not willing to invest in themselves or their business. Believes DIY is the way to go.
- Stands his/her ground and does so with an overly aggressive and threatening attitude. His/her business mindset is out the window when feeling as if he/she is being taken advantage of.
It's no secret that a positive mindset and a willingness to succeed and take risks is the foundation for building and maintaining a successful business. By following the mindset of the successful entrepreneur, you'll experience the success you've been dreaming about in your life, and in your business. Start applying the successful entrepreneur mindset tips and get ready to catapult your business success in no time.