Mindset

Shifting to an Entrepreneur Mindset

(Becoming the Entrepreneur Series – Part 3 of 3)

 

mindset_of_excellence

When becoming an entrepreneur, it’s exciting to think about being your own boss; more free-time, nobody to answer to, no paycheck caps, etc. All of that is exciting and absolutely true – just don’t neglect creating and refining habits that will get you there!

When top earning executives are interviewed, the common thread to all of their successes is attributed to one thing – shifting your mindset!

Mindset

mind-of-an-entrepreneurA mindset is defined as “a set of attitudes or opinions held by someone.” Your attitude toward your business and the behaviors you establish are what will set you on the path to success. Although you will have more freedom and nobody to “answer-to,’ this can become a quick trap if you do not develop an attitude of self-discipline and commitment.

Self-Discipline

plannerNow that you are “the boss,” it’s important to be clear on what your weekly business habits will be. Often times it’s easier to think of your calendar as the boss. When are your appointments, what are your operating hours, how much time will you commit to emails, calls, and general administrative stuff. Figure it out and put it in your calendar. Develop a practice of not just putting in your calendar appointments, actually stick to it. The more you practice the habit of honoring your time and scheduled items, the easier it will become – creating a work/life balance. If you’re looking for a great planner to get started, check out PassionPlanner.com, created by Angela Trinidad.

henry_ford_quoteCommitment

Are you simply interested in the business or are you fully committed to this business. If you’re interested, you will do whatever is convenient, make up excuses along the way, and ultimately justify why you failed. Whereas, if you’re committed, you will do whatever it takes to succeed. Commitment means letting go of the past, learning from your mistakes, and developing the beliefs and habits you need to achieve your goals. While you need a clear vision, a commitment to continuously take action regardless of any hardships and adversity encountered along the way is crucial.

“Discipline is when we give ourselves a command and we follow it.”

-Bob Proctor

successful-entrepreneur

5 Ways to Succeed as an Entrepreneur

(Becoming the Entrepreneur Series – Part 2 of 3)

It’s a fact; entrepreneurship is on the rise with 31 out of 10,000 people in the U.S. opening a new business every year. That’s approximately 530 thousand businesses are opening per month! To be an entrepreneur is very exciting and the opportunity to live a life of financial freedom and nobody to answer to. league of their own quoteHowever, with 8 out of 10 new businesses failing within the first 18 months, it’s important to have a plan before jumping head-first into the deep end. This statistic is not meant to dishearten or dissuade you from becoming an entrepreneur, it’s quite the contrary. You can quickly become part of the 20% of successful entrepreneurs by applying yourself and all the principles utilized by many successful leaders before. Remember that “it’s supposed to be hard. If it wasn’t hard, everyone would do it. The hard…is what makes it great.”

Here are five simple ways to help you succeed as an entrepreneur:

 

Find YOUR Value

value

Many entrepreneurs immediately jump in running at full-speed right out the gate. This passion and motivation is fantastic! Before exhausting all your energy, it’s important to find your value. Your value is what you bring to the industry that nobody else does. For example, let’s take a hair salon for instance. What would make this hair salon stand out as something different? Maybe it offers a complimentary chair massage for clients waiting for their appointments – anything that makes you and your business unique.

 

Know YOUR Market

business_market

The Denver-Metro area alone boasts home to more than 670 thousand people. Although you would love to serve that many customers, it’s unrealistic – and let’s face it, a large number of those people are not interested in your services or products. That’s okay! The idea here is to target those that ARE interested in what you have to offer. Again, let’s take the hair salon for our example. Knowing this salon is more of a full-service experience, with chair massages and a spa like atmosphere, they would not want to target people looking for a “quick” cut. Figure out your ideal customer age-group, interests, etc. With social media, it’s easier to determine client’s interests and narrow down your target market; you just need to do a little research.

 

Determine YOUR Business Model

business_modelAlthough it’s important to keep your thumb on the pulse of your “competitors” (similar businesses within your industry), it’s equally important to remember that your business needs to be unique. Taking your value and target market into consideration, what is your business model? Why should people come to your business instead of the other one down the street? By compiling a business model which incorporates everything from hours of operation to marketing to how you respond to customers, know how you want to conduct business. Your business model should be in alignment with why you started this business in the first place. Whether to help people or to offer a product/service that was not previously available. Once you have your business model, it’s important to use it, adjust it, and use it. This is your story, your business, make it count.

 

Communicate WITH Your Customers

When interacting with your customers, be sure to listen! Often times, we want so badly to get our product or services in the customer’s hands, that we aren’t really listening – we’re simply talking. It’s important to keep a dialogue going between you and your customers, not a monologue. A healthy business will be able and willing to shift demands and adjust their business model based on its customers. Without the customers, there is no business, plain and simple. Interact with your customers, get to know them, and create long-lasting loyal customers that truly value what you have to offer.

 

Be a LEADER

The leader’s job is to inspire and motivate. In his 1989 book “On Becoming a Leader,” Warren Bennis composed a list of the differences:

– The manager administers; the leader innovates.

– The manager is a copy; the leader is an original.

– The manager maintains; the leader develops.

– The manager focuses on systems and structure; the leader focuses on people.

– The manager relies on control; the leader inspires trust.

– The manager has a short-range view; the leader has a long-range perspective.

– The manager asks how and when; the leader asks what and why.

– The manager has his or her eye always on the bottom line; the leader’s eye is on the horizon.

– The manager imitates; the leader originates.

– The manager accepts the status quo; the leader challenges it.

– The manager is the classic good soldier; the leader is his or her own person.

– The manager does things right; the leader does the right thing.manager-leader

 

Stay Tuned for Part 3 of 3 of Becoming the Entrepreneur: Shifting to an Entrepreneur Mind-Set

“To learn we need a certain degree of confidence, not too much and not too little. If we have too little, we think we can’t learn; if we have too much, we will think we don’t have to learn.”

-Bob Proctor

Entrepreneurship

(Becoming the Entrepreneur Series – Part 1 of 3)

entrepreneur4The term entrepreneur has been thrown around a lot lately, but what does it mean exactly. By definition, entrepreneurship is the development of a business from the ground up; coming up with an idea and turning it into a profitable business.

However, while the definition of entrepreneurship is simple, the execution is much more difficult. While over 43% of American’s believe the “entrepreneurial dream” to be completely achievable, only 12% of the population is actually pursuing this dream. Stop being a believer and become an achiever!entrepreneur2

Great innovative ideas or new concepts are a great way to get started; however, your passion may belong to a business idea that already exists. That’s okay! The purpose here is to find what you are a passionate about and find a way to add value to that idea.

edible_arrangementsFor example, what would set your business apart from another of its kind? Take the fruit basket for instance. One company took an already existing idea, the fruit basket, and by combining it with the idea of floral arrangements, the company now grosses more than $195 million per year. Not too bad for fruit baskets.

Entrepreneurship entails lots of hard work. Therefore, it’s critical to ensure you’re following the right path, says Elizabeth Amini, CEO and co-founder of Anti-Aging Games LLC, and an adjunct professor at the University of Southern California’s Marshall School of Business.

entrepreneur3“If this is something you really want, then think long-term, and be persistent,” Amini said. “The vast majority of great entrepreneurs failed multiple times before they finally found the business idea that took off and brought them success.”

Stay Tuned for Part 2 of 3 of Becoming the Entrepreneur: Five Ways to Succeed as an Entrepreneur.

“A river cuts through rock, not because of its power

but its persistence.”

-Jim Watkins