If you’ve ever wondered what exactly goes into a successful business, you’ve likely come up with a few of the following ideas: great products, excellent customer service, and high demand, to name a few. While these aspects all certainly contribute to a healthy, thriving business, you may be forgetting one of the most essential elements of all – your mindset!
More specifically, entrepreneurs looking to send their business’s success to new heights need to have a solid business mindset to build upon. All too often, without an entrepreneurial mindset backing their operation, business owners don’t reach their true potential.
Through coaching over 10,000 students at Drop Ship Lifestyle, I’ve seen people go on to operate seven-figure businesses without skipping a beat. Alternatively, I’ve also seen students sell themselves short; finding themselves at “square one” again. While every story is unique, the power of having a business mindset stays constant and is more often than not the deciding factor in whether an entrepreneur is successful.
Think your mindset could use an adjustment? Not sure where to begin? We’re discussing how everyone can start taking action to develop their business mindset today with five quick tips to jump-start the transformation.
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What is a Business Mindset?
The first step to overhauling your way of thinking is to understand the goal. Simply put, a business mindset is a frame of thinking where you view problems as opportunities, embrace risk and uncertainty, and take ownership of your life. In other words, business owners who have an entrepreneurial mindset are optimistic and don’t shy away from life’s challenges no matter how inconvenient or intimidating they may be.
Of course, changing the way you think is easier said than done, but it’s important to remember that you are completely capable of doing so. As you begin to change your mindset, you’ll undoubtedly encounter some discomfort along the way. But when things get tough, remember why you started! Mastering the art of an entrepreneurial mindset will open doors you’ve never thought of before; you just need the courage and commitment to begin.
5 Steps to Develop a Business Mindset
As you prepare to develop your business mindset, keep in mind the process takes time. Your brain has been trained to think in certain ways, and now you’re attempting to re-wire existing habits. While results won’t happen overnight, every effort you make is a step in the right direction and will benefit you in both your career and personal life in the long run.
To help you get started on mastering one of the cornerstones of entrepreneurial success, follow my five tips below.
1. Break Out of Your Comfort Zone
To kick off your mindset-overhaul, start by breaking out of your comfort zone as much as possible. In the business world, you’ll need to stay agile, and falling victim to personal fears will only hinder your success.
Face some of your irrational fears head-on, no matter how nominal they may be. Challenge your comfort zone by voluntarily placing yourself in what you consider to be stressful or uncomfortable situations.
For example, let’s take a look at Noah Kagan’s coffee experiment. To do this experiment,
- Visit a coffee shop of your choosing.
- Ask the cashier for 10% off your order.
- Refrain from saying anything else, no matter how uncomfortable you feel, and wait for the cashier’s response.
While you may or may not get a discounted cup of Joe (hint: there's a good chance that you will not), the value of this tip lies in challenging your comfort zone and saying “no” to those internal thoughts telling you to explain yourself or run out of the shop in embarrassment.
Do this once or twice per week. Each time you challenge yourself should get a bit easier, and eventually, you may conquer some of your phobias altogether. If you can sustain small doses of discomfort, you’ll be one step closer to changing your mindset.
2. Seek Out a Mentor Whose Business Mindset You Admire
A key point to remember along your entrepreneurial endeavors is to accept that you are never too good or experienced to learn from your peers or even a mentor. Finding a business mentor is one of the most effective steps you can take towards building your business mindset. While having a mentor traditionally means securing a relationship with someone you can turn to for questions or career advice, I like to take things a step further.
Identify someone in your life whose business ideas you admire – and get close to them. Specifically, physically get in the proximity of someone you look up to business-wise and do your best to study their actions and entrepreneurial decisions. Learn from their success and failures, and add their processes for handling each to your mental tool belt. Simply put, proximity is power and staying close to a trusted mentor will help you develop your own business mindset.
3. Reframe Failures as Learning Experiences
No one particularly enjoys revisiting past failures, but a successful business professional realizes the value in reflecting on their shortcomings. Begin by analyzing a past situation where you feel you failed or could have done better.
Rather than beating yourself up about the past, shift your thinking to pick out pieces from the scenario that you can use to better yourself. What would you do differently today? How will you approach things should you find yourself in a similar situation later on? Find the value in your past experiences and view them as opportunities to learn and improve your future.
4. Trust Your Instincts
Do your best to remind yourself of the following throughout your business mindset development: You are smart. You are qualified. You are capable.
In the business world, you’ll constantly face difficult decisions where you feel unsure of what to do. Rather than wallowing in your uncertainty, embrace your gut feeling and trust your instincts. Remember that you have the power to make decisions based on your own intelligence. While data and numbers are certainly your first resource, you don’t always need outside approval to make a move. Your capabilities are often more than sufficient.
5. Become a Producer Instead of a Consumer
Just as you should never stop learning and consuming, make sure you’re still producing and contributing your own two cents as well. It’s easy to fall into the routine of consuming, but don’t let other’s successes stifle your own potential.
Exercising your business mindset effectively means that the majority of your time should be spent producing and forwarding your successes rather than consuming what’s already available. Keep the conversation moving with your own thoughts as well to stay sharp.
Using Your Newfound Mindset
Don't let the fear or discomfort of changing your habits stop you from believing you can develop a business mindset. Remember why you started on your path to better yourself as an entrepreneur, and allow your “why” to motivate you through the process.
And if the going gets tough, remind yourself that change is yours in just five simple steps:
- Challenge your comfort zone
- Find a mentor that you trust
- Learn from your failures
- Trust your gut
- Produce more than you consume
Everyone’s path is different, but don’t lose sight of the successful professional you were meant to be! Realize your true potential and let your newly-discovered business mindset empower you throughout your career.