The Mindset of an Entrepreneur
In order to understand the mindset of an entrepreneur, there are many factors to consider. In this review of the mindset of an entrepreneur, I will discuss the three recurring themes that I have seen from every entrepreneur that I have studied. Typically this boils down to three questions to ask yourself if you have, or for that matter, want the mindset of an entrepreneur; Who are you right now? Where are you right now? What do you want to do or to be? These three questions are paramount to long term success as, not only an entrepreneur, but as a person.
Who are you right now?
Before we start I think we should define what an Entrepreneur is. Entrepreneur is defined by Investopedia as an individual who undertakes the risk of starting an new business. There is definitely more to it than that, but that is basic understanding. Every entrepreneur prior to starting anything has asked themselves, “who am I?” What particular talents do you have that can set you apart? Maybe you work harder than anyone else, maybe you are passionate about helping others or maybe you amazing at teaching.
The mindset of an entrepreneur takes into account not just who they are, but what can they offer to others. Zig Ziglar speaks on this in in his book ‘Born to Win‘ and how if you help enough people get what they want, then you get everything you want in your life. This could be considered a law of reciprocity, but ask yourself are you giving with the expectation to receive?
Another theme within successful entrepreneurs is understanding where they are from a spiritual perspective. Tony Robbins discusses this in his book ‘Money: Master The Game‘. Every person on this earth has a desire for purpose and every successful person knows their purpose. Think about who you are spiritually, what do you do to define that higher purpose? Successful entrepreneurs also know that what they do will ultimately offer some higher purpose or at the very least make someone consider their higher purpose.
Where are you right now?
In my opinion, this section could also be title where is your focus right now? Focus is paramount to the mindset of a successful entrepreneur. This focus must be explored from every perspective. A successful entrepreneur understand their focus in every relationship; Physical, Personal, Financial and Mental.
We aren’t as concerned at this point really as to where you want to be, that is another section, but it’s important to realize where your focus is so that we can make future changes.
Your physical relationships more often than not refer to how you are treating yourself physically. Do you have an active lifestyle, do you focus on your health and do you get enough rest? Is there a physical goal that you have to lose weight or to get healthy? These are questions need to be a daily focus in the mind of a successful entrepreneur.
Personal relationships are key to every person, so taking an inventory regarding your personal relationship is very important. Every entrepreneur that I have studied specifically states that having accountability partners along with coaches or mentors has everything to do with future success. If you are struggling with having personal relationships, take inventory of this. Why are you struggling? Do people like you? Why or why not? It is not the goal of every entrepreneur to be liked by everyone, but in a general sense, be a likable person. Remember, no one wants to listen or talk to someone they don’t like.
Where you are financially is very important. Cash and finance is the life blood of every business. It is the life blood because if it’s not moving, then the business will die. Take account of where you are financially, be brutally honest. Understand if you need help, understand if you cannot manage your finances.
There is no shame is truly understanding where you are financially. This is not the time to “ignore it and hope it goes away”. There are so many organizations out there to help on credit repair, budgeting or savings.
This subject may very well be combined with spiritually, but I wanted to make it a separate section as this can be one of the more difficult items to really wrap your head around. All successful entrepreneurs go through a mindset shift. Very rarely do successful entrepreneurs act the same or have the same mindset from start to finish of a journey.
The Mindset of an entrepreneur must be positive. There is no room for a negative mindset. It’s a struggle, to be sure, but this must be the focus. Have you ever heard of “Self-fulfilling prophecy”? Well this is why every successful person focuses on those things that provide positive fulfillment. Do not dwell on anything negative. “Where attention goes, energy flows and results show.” – T. Harv Ecker
Achieving The Mindset of an Entrepreneur
Lastly, this section discusses where you want to be and how achieving the mindset of an entrepreneur requires goals and dedication. I firmly believe that you can’t actually understand where you are going, unless you know where and who you are. This is why this section is last. Successful entrepreneurs set goals.
If you are in the early stages of a new venture, you need to have quarterly goals set, at minimum. Think of this as a chart and go from the long term goal backwards. Find a goal that is so big, it almost seems impossible then work backwards. Give yourself benchmarks and then continue to get smaller in your focus until you have daily goals established. These daily goals ultimately all point to the larger goal.
For example, if you want to lose a massive amount of weight you will not accomplish that in one week or even one month, but what can you do to slowly get to that goal. If you practice daily on achieving results you will trick Fear. Fear and doubt will distract you if you allow it, but if you focus on daily achievements before you know it you will reach goals that you never thought possible.
Fear and Distractions
Mindset is extremely important in achieving your goals. We discussed briefly fear and doubt but I would encourage you read my post on distractions. Do not let distractions along with fear and doubt stop you from reaching your dreams. Read my post on distractions for additional ways to help with focus and dedication.
I would encourage you to read a book called, ‘The Compound Effect’. It will show you how daily actions toward a particular goal with allow you to attain more than you thought possible. If you want to accomplish greatness, you must start with small steps. “The journey of 1,000 miles begins with the first step” – Chinese Proverb
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