As I reflect on what separate the successful business owners from all the others it’s clearly one key thing – an entrepreneur mindset. No matter what the problem small business owners face, in crisis or under regular circumstances, their mindset hugely impacts the outcome.
I can confidently say this has always been the case, but our current crisis has brought this factor to the surface in a big way. Back at the beginning of the pandemic my message was consistently – stay on the offensive and look for opportunity.
Recent webinars I’ve been conducting on the 3 reason business owners get stuck in their business. All 3 reasons stem from not having an entrepreneur mindset, but what exactly does that mean?
How an entrepreneur mindset is different
Many people believe if you own a business then you’re an entrepreneur, but that’s just not true. Entrepreneurs think differently. It’s about more than just owning a business. I have written on the topic often in the past including my posts Inventor vs Entrepreneur: Transitioning to Turn Your Vision into Reality and Business Ownership ≠ Entrepreneurship!
Much of the problem stems from the fact that most business owners were employees before they owned their business. So, they start their business and run it with the skills they used as an employee. They focus too much on the operational aspects and forget the other owner factors that influence business growth. The result is they get stuck!
Begin thinking different about your business
An entrepreneur mindset means looking at your business as an income generating asset, and building your business that way. It means building a self-sustaining business!
It does not mean, lets see if “I can do 5 more jobs this week to make more money.” It means, how can I get someone else to do 5 more jobs for me this week and take a profit for it. While it seems like a very small difference, the results of this shift in mindset will transform the success of your business.
So I ask you…do you have an entrepreneur mindset? Or, are you still thinking like an employee?
To begin shifting your mindset you need to develop different competencies. There are 5 competencies which successful entrepreneurs apply that include:
- they look at the world differently
- identify a need (problem)
- create solutions to the right problems
- generate cash flow by selling their solution
- create scalability in the delivery of these solutions
Which of these competencies do you currently lack? BGS designed the Business Growth Simplified process to help you develop these competencies. Click the Business Accelerator image to get registered to begin developing your entrepreneur mindset so we can add you to our list of success stories!