5 Habits You Need To Change To Develop A Business Mindset
There are a lot of aspects to being a successful entrepreneur. The mental aspect is arguably the most important. While having a good idea and a fantastic product or service is essential, if you don't have the mental fortitude, drive and mindset, then your business is going to fail.
We can help you with that. The Entourage has many years of experience assisting entrepreneurs to become mentally fit and agile, ready to take on the world. And we can help you.
Why Should You Listen To Me?
Hi, I’m Stev Lackovic. I am Head of Entrepreneurial Development at The Entourage, and I know what kind of mindset it takes to build your own business and succeed.
Through courses at The Entourage and support from my team, we can get your brain trained to think like a successful entrepreneur. You will believe you can succeed, and in doing so, you will succeed.
What is an Entrepreneurial Business Mindset?
An entrepreneurial mindset is a powerful way of thinking that drives action and behaviour.
Explain what a business mindset is. Be sure to highlight 5 qualities that people with a business mindset have if you can use an example of a famous business person.
5 behaviours that people with a business mindset have
There are many positive behaviours that you can exhibit to the world, behaviours which, as an entrepreneur, are powerful and foundational to your success.
1. Think creatively and strategically
As an entrepreneur, you want to set up yourself and your business differently from everyone else. You want to disrupt the landscape of your industry, have something no one else has seen, and everyone will want.
Not only will you need some creativity to market your business, but you’ll also have to do it in a way that succeeds. You will need a strong marketing strategy to find your target audience, speak to them, and do a better job than your competition.
It can be fun coming up with all these creative ideas to market yourself, but if the strategy is lacking, then it will be wasted.
2. Persistence in the face of adversity
It will not be easy. You will face setbacks. A brilliant marketing idea may tank. There can be supply chain issues or world events that can set prices soaring.
How you manage these issues and how you stand and survive these setbacks, can tell you a lot about yourself, and it can strengthen your belief that what you’re doing is the right thing.
If you strongly believe in your product and service, then these roadblocks you face will be merely road bumps on the way to success.
3. Never stop learning
Ask questions, and never stop learning. Discover how other businesses work and run, and how managers interact with their employees, and with their customers.
Being curious can have you learning and discovering alternate ways to achieve the same goals, or even better goals.
Ask your business coach questions, mine them for knowledge and use that knowledge to grow your business, innovate and stand out from your competition.
4. Be willing to take risks
Being an entrepreneur means sailing into deeper waters. You need to be willing to take risks to reap the rewards.
We’re not advocating huge risks that could leave you bankrupt or millions of dollars in debt. We are, however, saying that playing it safe will not make you grow, it won’t land you those amazing clients, or give you those 'AHA!' moments.
Consult with your business coach about taking risks and what risks are worth it. You don’t want to take risks that may hurt other people, for example.
5. Always look for feedback and accountability
Connected to the mindset of always learning, accepting constructive feedback from people can educate you on how you went, what you can improve, and how you can satisfy customers more.
And be accountable to someone whose opinion you consider valuable. Being accountable to a Business Coach is one thing, but being accountable to your small team of employees is another.
Feedback should always be given in a constructive way. If someone giving feedback is only criticising you and telling you what you did wrong, then it isn’t feedback that is helpful or warranted.
5 Beliefs You Need To Change To Develop A Business Mindset
Positive mindsets are great. They can help you move forward and succeed in the face of overwhelming odds. However, there are negative mindsets that can set in, sedimentary beliefs that can hamper your efforts, drag you down, and potentially have you fail.
1. If it ain't broke, don’t fix it.
Things may be running smoothly now, but always be on the lookout for innovation and the need to change. Always hunt down better ways to do something, to market things, to create things. Who knows, you could be the disruptor that can get a head start on your competition.
You could look to the Taxi industry that was hamstrung by Uber and other ride-share services. The taxi business sat pretty with their Taxi Licences, which were considered a solid investment. Once Uber and the other ride-share companies came in and disrupted the market, the value of taxi licences dropped, and many went out of business.
2. Reluctance to change
Similar to the above, if you’re resistant to change, then the world may move on without you.
Look at how industries had to pivot through COVID and lockdowns. An enormous amount of customer traffic went online, click & collect, or home delivery options exploded in popularity.
The new smart pay options, part-payment options and more, are all developments from how people have changed their shopping and buying habits. Some people don’t even carry cash with them anymore.
3. Counting the penny’s
This mindset is the polar opposite of the need to take risks. You’re so scared of spending any money, of possibly making a loss to improvise your business, that you stagnate, and you fail to invest in your business.
They say you need to spend money to make money, and it is true.
4. Focusing on the negatives
Things will always go wrong. Deliveries will be late, machinery will break, and staff will get sick. If you focus on the negatives, then this will dominate your consciousness. You will never see the good things you’ve achieved in spite of the negatives.
You’ll also start to think the world is against you, that it is all too hard. Learn to roll with the punches and handle adversity.
5. Too eager to impress
Not everyone will like you, or your business, and that’s okay. You don’t want to always give discounts just to get people to buy from you. This will result in people not valuing your product, or thinking you’re cheap.
Know who your target audience is, and impress them. Understand that people have come to your store and your website, because they like what they see. You don’t have to compromise with everyone.
Need to work on your Business Mindset? Contact our business coaches
Does any of this ring true for you? Do you need to get into a positive mindset, out of the rut of complacency, and become a truly successful entrepreneur?
The Entourage has business coaches located all over Australia. We’re ready to boost your business and boost your self-esteem and mindset.
Contact us today to find out how we can help you, and train you, to become a better business manager.
