In our society, we know who entrepreneurs are, but where is the line that defines a business owner from an entrepreneur and more importantly can you become one with some kind of entrepreneur training?
Let’s explore the answers in this post…
There are all kinds of entrepreneurs, some are philanthropists, some became super successful from one business they built and others are renowned for starting numerous businesses with varying levels of success.
Let’s concentrate on how the super successful ones think and also the ones who own small or medium sized businesses like you.
Thinking a certain way is the result of a certain mindset and your mindset is created by your life influences. These influences could be people, or they could be circumstance. Both combine to create the way you think.
Your parents determine a lot of your mindset and you follow in their footsteps, perhaps more than you know.
Did you know 90% of your beliefs about life are formed and locked in at the foundation level of your unconscious mind, before you were aged 5!
That almost means you are unaware of the framework in which you think, which is what the unconscious mind creates. You won’t usually be aware of your limitations, your assumptions (that can hold you back) or habits for possibly the majority of your life.
Your beliefs form part of that mindset, which are part of your unconscious programming as to how you think. ‘Programming’ can be empowering, limiting or anything in between.
Your beliefs about how to get ahead in life, money, available time and what is a “worthwhile” use of your time are all determined by your influences from your whole life until now.
The good news is you can change your mindset to one that is more entrepreneurial, but there’s a powerful principle of success that might prevent it that is, you can’t change something that you don’t know exists.
Your mindset and your beliefs can get in the way of your success, so knowing what an entrepreneur’s mindset and thought are, then reflecting on whether you think like one, can be the beginning of a great first step to becoming a better entrepreneur.
So let’s begin talking about what an entrepreneur does and thinks like. Some of this content may be confronting, but hang in there and just go along with it. Our habits are locked in with emotional support and the thought of changing habits brings up emotional blocks that creates resistance to change. If you get feelings that are uncomfortable with any of this content, just acknowledge what triggers those feelings and come back to the subject after self reflecting on them for a while.
Let’s begin with a common reality of an entrepreneur’s thinking and dialogue.
The words, “I don’t have any time” are not ones they speak.
Have you ever had a conversation with a very wealthy person, someone worth over $10 Million to $100 Million or more?
If so, you would probably notice they aren’t in a hurry, looking to see what the time is or worrying about the passing of time. They value their own time extremely highly, yet when they make a decision about using it they don’t ‘clock-watch’. They have a very high awareness of what is a good investment of their time and reflect on the best use of it.
Entrepreneurs are always concerned about the return on investment of their time. They willingly put months into a project for success, that months or years later may result is no financial reward, yet that doesn’t really bother them. They put it down to experience.
I once met a venture capitalist in South Brisbane and had a few meetings with him over a couple of years. He talked to me about big chains of law firms in USA, what’s happening in the global economy and China with small businesses and other interesting subjects. He turned up for our first business meeting in a t-shirt and pants looking like he had just finished gardening. He was extremely down to earth with no pretentiousness.
Many people in our society are caught up in the image of looking rich, when they aren’t rich. Many multimillionaires never display their wealth. Read a book called “The Millionaire Next Door” and that’s what a lot of the book is discussing.
So, back to the venture capitalist meeting… One of our mutually interesting subjects was discussing a platform for SME businesses to operate their businesses, through an online CRM and accounting system. The venture capitalist told me about a platform his team were building.
About a year later I asked him how his online CRM program was going as I saw a strong interest in it for my clients.
Imagine being able to see how well your whole business is performing with sales, production, cash flow and management all through a Smartphone, wherever you are in the world! That’s the power available in this tool.
Well the VC told me in that meeting that the business model had fallen over and died. He just said “Oh well, that’s a couple of million dollars that didn’t amount to anything”.
Can you see how unattached to money he was by that comment?
Deepak Chopra once said, “Wealthy people don’t have the problem with money, poor people do. Wealthy people don’t think about money because they have so much of it, whereas poor people think about it all their life”. This comment reflects how entrepreneurs think.
Entrepreneurs value money and their time, but they don’t have a “scarcity” relationship to either of them. They aren’t worried about wasting them, or losing out with them as they don’t have a feeling of ‘not having enough’, which is what “scarcity thinking” perpetuates.
Entrepreneurs and self-made millionaires have exactly the same amount of time as you and I. If your thoughts are constantly “I don’t have enough time”, then your actions will be the outcome of those thoughts. In other words your thoughts begin first, then create actions that support the thoughts, so while ever you think “I don’t have enough time”, you will create this outcome, over and over forever.
We all have the same amount of time to become successful and entrepreneurs know it!
Another mindset trait of an entrepreneur is they tend to trust people, not all of them do, but most do (or they have tough contracts to enforce their will through legal processes). Trust is a very interesting word and something sadly lacking in the majority of people in our society and that includes business owners.
When you don’t have trust in your nature, you trap yourself in your business with “no time”.
That’s because you will rarely allow your staff to price your products/services, or to deal with your top A-grade customers. Without trust you also repel those advisors who could help you to achieve your goals. Lack of trust comes from fear of relationship fallout, from the past. This fear of being hurt, exposed, taken advantage of is not in the future, it’s from the past as a thought that keeps creating the future. This is a great example of mindset preventing success.
There are obviously some very trustworthy people in our society and there other people who aren’t at all. Can you accurately determine the level of trustworthiness of a person you’ve just met… rapidly? If not then how can you ever hire a great quality person who you can “trust” to deal with your best customers, or to set your prices?
Trust is a necessary mindset of an entrepreneur as they have to trust people to run their businesses 100% without them being there. Think of Richard Branson, how many companies does he own now? He obviously trusts people incredibly well, or he couldn’t be as wealthy and successful as he is.
Another mindset of entrepreneurs is they don’t ‘cry about spilt milk’, which means they see every experience an opportunities.
If they “fail” to make money from a new venture they just learn from it and move on. Our society teaches people to blame someone if they make a mistake, to feel shame and guilt and regret, but entrepreneurs don’t buy into that thinking. They are more evolved in their emotional intelligence (EQ).
It’s a worthwhile subject to learn about; understanding what your Emotional Intelligence is. Look it up on Google and study it. All entrepreneurs operate with a very high EQ. Nothing really bothers them. They rarely change their emotional state of mind.
Entrepreneurs see opportunity where others see risk. An example of that is Richard Branson who saw an opportunity to start Virgin Airlines in Australia. He knew one company would go bankrupt, before he started the business here, but he started it anyway.
Sceptics would have thought, “That’s a huge risk, starting up a new business against long established Australian ones”, but entrepreneurs don’t follow the advice of their advisors all the time, they just do it!
Entrepreneurs trust themselves and their own intuition.
It’s a natural inherent ability they have.
Sometimes you can learn to develop your intuition, but to do so you need to work on improving your EQ. This is something that is very challenging for most people, but relatively easy to do if you adopt the word and value of humility into your mindset, the humility of accepting your emotions for what they are, emotions and not letting them control you, but you control them.
Entrepreneurs are doers, not talkers. They don’t talk about what they are going to do, or much about what they have done. They make plans for the future and work those plans today. Never being too “attached” to the way forward or to results when they happen. Entrepreneurs change direction quickly and don’t dwell on what could have been if they fail.
Entrepreneurs are realists or optimists but never pessimists. The easiest thing in the world to find is someone who will tell you why something won’t work. Rare are people who just assume something will work and focus all of their energy into how to achieve it.
Entrepreneurs think leverage with everything they do. They aren’t concerned with doing things themselves, they understand their true worth is thinking, solving problems, coming up with ideas and spotting opportunities. They work very little in their own businesses doing the technical work because they realise there are HUGE amounts of money to be had from ideas, implementing strategies and focusing on new marketing concepts to leverage their time.
Leverage is where you achieve get long term returns for short term effort. For example employees work and get paid, but if they don’t work they don’t get paid. As a business owner you have the ability to make money (or should we say the business does), beyond the hours you work yourself. The challenge is business owners don’t exercise that ability.
Leverage is where you put 10 hours into something but keep making money for more than 10 hours, for possibly 50 or 500 or 5,000+ hours.
Marketing is a form of leverage. By learning it yourself instead of outsourcing everything, your business benefits for years for a skill you have learned once. My most successful clients by far, were ones who took strong interest into developing one or multiple skills, such as selling (at higher prices and winning more sales), copywriting, people skills (from personal growth) or measuring (using spreadsheets).
In business learning is a pre-requisite for becoming an entrepreneur. Entrepreneurs have great intuition, so they can feel what the best answer is by trusting their guy as they say. The rest of us need to learn a skill in place of that.
A burning desire to do non-repetitious tasks is absolutely essential too, as entrepreneur rarely perform repetitious tasks, unless its making them fifty thousand dollars for a few hours work, or a few million dollars for a few hours work.
Entrepreneurs love doing something once!
When business owners are trapped by “busyness” mode – i.e. busy but not really making significant measurable progress, they can’t become entrepreneurs as their actions are hindered by their mindsets, which govern their actions.
Lastly there’s an old saying quoted by some entrepreneurs, which is,
“The deal of a lifetime comes around about once a week”
It’s a great saying because it’s so true, there are always deals to make (substantial) money, to leverage time, to accelerate progress and achieve financial success, but the average person can’t “see” them (with their mind).
Their lack of trust, or too much scepticism, or lack of humility to accept their fears (of learning, inadequacy or vulnerability) or knowledge limitations prevent them from taking advantage of the opportunities.
Opportunities are everywhere, if we slow down long enough to see them. Advising business owners to work less, so they slow down to accelerate doesn’t initially make a lot of sense, but when they get that they personally need to do less, so they learn to leverage, that’s when year after year they keep working less while their business grows to become more profitable.
You can ALWAYS grow a business, in any economic condition, because if there are still businesses trading in an industry that means there are people buying from that industry, but the amount has dropped a little. There is always work in our society, because while some are convincing themselves there’s no work a few smart ones are chasing it and winning it! Their mindset is “There is always work around if I chase it”.
From what has been discussed here are you building up a clear picture of what an entrepreneur’s mindset is all about? Can you understand the essence of who they are and their uncommon mindset?
Understanding is the first step of learning, then progress and finally success.
Listen to what you say yourself out loud or to yourself. Record your conversations if you have to, to reflect on your own thoughts and words.
Ask yourself, “What mindset do I have that stands in the way of 50% to 100% increase in my profit this year?” That is incredibly achievable for your business! 50% increase in profit each year isn’t that much. That’s my mindset because I’ve seen it being achieved so many times, and quite effortlessly!
Questions create answers. Remember, the easiest thing in the world to do is to justify (make excuses) why we aren’t successful in business. Justification is just a limiting belief explanation for failure. Until this is recognised no progress can be made.
Are you making significant and measurable personal and business progress each year?
My entrepreneurial clients do, year after year! Are you an entrepreneur?
If you feel you’re ready and willing to commit to entrepreneur training then the Academy of Business Mastery is where you need to be. This 7 month course will change the way you think forever and new thinking is always necessary if you aren’t where you want to be in life and business already.